Gujarat asks Reserve Bank for state-specific credit policy

October 14th, 2009 NEW DELHI - With double digit industrial output figures, India's central bank may raise rates in the first half of next year and cash reserve ratios at the end of this month, says the research arm of global rating agency Moody's. "With industrial output set to expand at a solid pace, the case for tighter monetary policy appears stronger than it did earlier this year," said Nikhilesh Bhattacharyya, associate economist at Moody's Economy.com.

October 13th, 2009 BofA to charge annual fees on rewards credit cardsNEW YORK — Bank of America Corp. is sending notices to a limited number of customers that it will start charging an annual fee for some of its rewards credit cards starting next year.

September 9th, 2009 GANDHINAGAR - The Gujarat government has decided to establish a department of climate change to attract more renewable energy generation projects to the state. A senior official in the chief minister's office here said Wednesday the Gujarat government has already implemented its solar and wind energy policy and will prepare a biomass energy policy now.

August 11th, 2009 NEW DELHI - Cautioning the loan seekers to be wary of dubious entities, the Reserve Bank of India (RBI) on Tuesday asked public to verify the credentials of loan providers before dealing with them. Several loan-related entities lure people by issuing advertisements in newspapers offering personal loans, loans against property and other loans, at a very low rate of interest, the central bank noted.

July 28th, 2009 MUMBAI - Following are the highlights of the first quarterly update of India's monetary policy for this fiscal, unveiled by Reserve Bank of India Governor D. Subbarao here Tuesday: * Bank rate retained at 6 percent * Repo rate unchanged at 4.75 percent * Reverse repo rate unchanged at 3.25 percent * Cash reserve ratio unchanged at 5 percent * Statutory liquidity ratio unchanged at 24 percent * Inflation forecast hiked to 5 percent from 4 percent * Negative inflation only a statistical phenomenon * Balance between liquidity and inflation main concern * India's growth now forecast at 6 percent with upward bias * More scope for cutting rates by commercial banks * Money supply may grow 18 percent this fiscal * Policy will ensure enough commercial credit

June 30th, 2009 GANDHINAGAR - Despite the global economic slowdown, Gujarat achieved a high growth rate of 12.79 in 2008-09, state Finance Minister Vajubhai Vala said here Tuesday. Announcing the annual state budget for 2009-10, Vala told the state assembly: "The five-year plan outlay for Gujarat was Rs.23,275 crore and despite implementing the sixth pay commission recommendations coupled with the slowdown woes, Gujarat achieved a growth rate of 12.79 percent." The 2009-10 budget has a surplus of Rs.47.75 crore.

June 19th, 2009 MUMBAI - The board of State Bank of India (SBI) has approved the acquisition of associate State Bank of Indore, the country's largest lender said Friday. "SBI has informed BSE (Bombay Stock Exchange) that the central board of the bank at its meeting held on June 19, has approved a proposal for acquisition of State Bank of Indore by State Bank of India, subject to approval by the Reserve Bank of India and the government of India," SBI said in a regulatory statement.

June 15th, 2009 KOLKATA - The city-based Allahabad Bank is looking at a credit and deposit growth of 18 percent in the current fiscal, a top bank official said here Monday. "The growth estimates are based on RBI (Reserve Bank of India) guidelines.

June 4th, 2009 NEW DELHI - Commerce and Industry Minister Anand Sharma has said that the ministry will ask the Ministry of Finance for more relief measures for exporters. "We will be making specific recommendations to the fiance ministry, sector specific as well as policy measures to give stimulus to the industries, as I mentioned earlier...I am repeating it, labour intensive sectors, also intensive for exporters and to make Indian products globally competitive, what we are exporting," Sharma said.

May 19th, 2009 AHMEDABAD - The Indian Meteorological Department (IMD) is set to launch a Gujarat-specific weather information website June 1, an official said Tuesday. The website, which was long sought by the Gujarat government considering the state's 1,600 km-long coastline and the increasing maritime activity.

May 11th, 2009 KOLKATA - Gujarat NRE Minerals, the Australian subsidiary of metallurgical coal producer Gujarat NRE Coke, has secured a $50-million long-term bank loan facility with its parent standing as the guarantor, a company release said Monday. 'The facility was obtained to support and sustain mine developments that are in progress at the NRE No.1 Colliery and NRE Wongawilli Colliery (in Australia),' the statement said.

April 20th, 2009 MUMBAI - The Reserve Bank of India (RBI) will present the annual review of its monetary policy here Tuesday, even as stakeholders saw the central bank leaving key rates untouched and an overall status quo on the measures. RBI Governor D.

February 15th, 2009 NEW DELHI - With no announcement of any major policy changes in its interim budget for the financial year 2009-10, the pressure of providing stimulus to the economy will fall on the Reserve Bank of India (RBI), according to global investment banking and securities firm Goldman Sachs. 'The Finance Minister's (FM) speech was more a statement of achievements in the past five years, and merely extended spending and revenue plans for FY10,' the firm's chief economist Tushar Poddar said.

January 5th, 2009 GANDHINAGAR - Gujarat Chief Minister Narendra Modi Tuesday urged Prime Minister Manmohan Singh to announce a 'relief package' for the diamond industry, which was hit hard by the slowdown. In the representation to the prime minister, Modi said the state's diamond industry had made great contributions in terms of revenue income to the Indian government by exporting polished diamonds.

January 4th, 2009 AHMEDABAD - Gujarat is aiming to achieve an annual industrial growth of 14.5 to 15 percent for the next five years, Minister of State for Industry and Energy Saurabh Patel said Monday. 'The Planning Commission has set a growth target of 11.2 percent for Gujarat in the next five years.