can v expect cut in home loan interest?
raj On Mon, Oct 6, 2008 at 4:45 PM, ekam ber <[EMAIL PROTECTED]> wrote: > The Reserve Bank of India [Get > Quote<http://money.rediff.com/money/jsp/quote_process.jsp?query=bank+of+india> > ] on Monday cut the Cash Reserve Ratio (CRR) rate by 0.5 per cent to 8.5 > per cent. > > The central bank's move will infuse Rs 20,000 crore (Rs 200 billion) into > the markets. > > The RBI said in a statement: 'On a review of the current liquidity > situation in the context of global and domestic developments, it has been > decided to reduce the Cash Reserve Ratio (CRR) by 50 basis points to 8.5 per > cent of net demand and time liabilities (NDTL) from its current level of 9.0 > per cent of NDTL.' > > 'The change will come into effect from the fortnight beginning October 11, > 2008. As a result of this reduction in the CRR, an amount of about Rs 20,000 > crore would be released into the system. This measure is ad hoc, temporary > in nature and will be reviewed on a continuous basis in the light of the > evolving liquidity conditions,' the statement added. > > 'It may be recalled that on September 16, 2008, the Reserve Bank announced > several measures to alleviate the pressures on domestic financial markets > brought on by external developments in response to the > bankruptcy/sell-out/restructuring of some of the world's largest financial > institutions,' the statement said. > > 'Since then, there has been a sharp deterioration in the global financial > environment with the number of troubled financial institutions rising, stock > markets weakening and money markets strained. Central banks across the world > have stepped up their liquidity operations, including coordinated actions, > and some have banned/limited short selling of financial stocks,' the RBI > said. > > 'These new developments have impacted domestic money and forex markets with > a marked increase in volatility and a sharp squeeze on market liquidity as > reflected in the movements in overnight interest rates and the high recourse > to the LAF,' the RBI statement said. > > The Reserve Bank also said that the 'overall stance of monetary policy in > 2008-09 accords high priority to price stability, well-anchored inflation > expectations and orderly conditions in financial markets while being > conducive to continuation of the growth momentum, as set out in the Annual > Policy Statement and reiterated in the First Quarter Review of July 2008. > The overriding priority for monetary policy is to eschew any further > intensification of inflationary pressures and to firmly anchor inflation > expectations.' > > http://www.rediff.com/money/2008/oct/06rbi.htm > > In an ant colony dew is a flood > > > > > > > > > > --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
