Spot-Fixing Scandal
BCCI chief's son-in-law arrested
Mumbai Police apprehended Gurunath Meiyappan, a key official of the Indian Premier League's (IPL) Chennai franchise, late on Friday in connection with a spot-fixing scandal that has also led to the arrest of three cricketers. Full Article
REUTERS SHOWCASE
 |
Deflated expectations
Breakingviews columnists discuss the implications of inflation being in decline globally. Video
Revenge of Markets
For months, markets have been dancing to central bankers' tune, but that may now be changing, writes James Saft. Full Article
Buy, Sell or Hold?
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
RBI's rate cut will help investment: Ahluwalia
Deputy Chairman of Planning Commission Montek Singh Ahluwalia speaks during an interview with Reuters in New Delhi July 30, 2012.
Credit: Reuters/B Mathur/Files
NEW DELHI |
NEW DELHI (Reuters) - The Reserve Bank of India's decision to cut rates will help revive investment in the economy, Montek Singh Ahluwalia, deputy Chairman of the Planning Commission said on Tuesday, adding that the economy was beginning to bottom out after a long slowdown.
The country's central bank reduced its policy interest rate by a widely expected 25 basis points on Tuesday, taking comfort from cooling inflation to make the first rate cut in nine months to support an economy headed for its slowest growth in a decade.
The RBI unexpectedly also reduced the cash reserve ratio (CRR), the share of deposits banks must keep with the central bank by 25 bps to 4.00 percent, which will infuse an additional 180 billion rupees into the banking system.
(Reporting by Manoj Kumar; Writing by Arup Roychoudhury; Editing by Frank Jack Daniel)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters