Micro financing a boon for women weavers in OrissaSeptember 23rd, 2009 NAYAGARH - Micro financing by a voluntary organisation, 'Adhikar', is helping women weavers in Golabai village in Orissa's Nayagarh district to become self-reliant and weave their own destiny away from the clutches of moneylenders. Earlier, these women weavers had to take loans from the moneylenders to buy raw material, and they also used to work on a daily wage basis.
Reserve Bank engaged in keeping inflation lowAugust 31st, 2009 NEW DELHI - Reserve Bank of India's Deputy Governor K C Chakrabarty on Monday said the bank is faced with the challenging task of keeping inflation in check, when food price inflation has already reached around 10 percent. "The food price inflation is already around 10 percent.
Power Finance may slash interest rates by 25 bpsJuly 2nd, 2009 KOLKATA - State-owned Power Finance Corp Ltd (PFC) may cut its lending rate by 25 basis points to 11.5 percent keeping in view the fall of interest rates, a company official said here Thursday. "We may reduce our rates and align it with present market levels," said M.K.
Allahabad Bank not likely to cut rates soonJune 24th, 2009 KOLKATA - State-run Allahabad Bank is unlikely to cut either interest rates or deposit rates soon, a top bank official said here Wednesday. There is a demand that interest rates should be made affordable but there are other factors that need to be taken into account, the bank's chairman and managing director K.R.
Finance minister asks banks to cut interest ratesJune 11th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Wednesday pushed for commercial banks to cut interest rates, saying the measures announced by the central bank to ease their burden were not getting adequately reflected. Between September 2008 and April 2009, RBI reduced the key policy rates and also reduced the CRR (cash reserve ratio) and SLR (statutory liquidity ratio) requirements for banks," Mukherjee told heads of public sector banks here.
SBI cuts interest rates for new SME loansApril 11th, 2009 MUMBAI - The State Bank of India has slashed interest rates for new small and medium enterprise loans besides announcing several measures to improve credit flows to the segment. India's bigger lender cut the lending rates for new SME loans up to 5 lakh rupees to eight per cent, and 10 percent for loans upto 5-25 lakhs.
World's first flying micro-robot is bornApril 9th, 2009 TORONTO - Canadian researchers have developed the world's first flying micro-robot that can manipulate objects, particularly during surgeries, for micro-scale applications. The invention provides researchers with more control over micro-scale manipulation, allowing them to move and place tiny objects with far greater precision, said Waterloo University - where an engineering research team developed the device.
Punjab National Bank rules out further cut in interest ratesMarch 27th, 2009 NEW DELHI - The state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits. 'The Reserve Bank of India (RBI) is not reducing interest on savings bank deposits.
HDFC reduces lending rate from WednesdayMarch 25th, 2009 NEW DELHI - Housing finance company HDFC Tuesday announced a reduction in its retail prime lending rates (RPLR) by 50 basis points (bps) from March 25. This is the second time in three months that HDFC has reduced its RPLR.
Election Commission to deploy micro-observers in BiharMarch 16th, 2009 PATNA - The Election Commission will deploy micro-observers at all polling booths in Bihar to maintain constant vigil during voting for the general elections next month, an official said here Monday. 'The election commission has decided to deploy micro-observers on static duty at all booths in Bihar for the first time,' home secretary Afzal Amanullah told IANS.
Interest rates should be reduced further: Kamal NathFebruary 9th, 2009 NEW DELHI - Interest rates for the Indian corporate sector were still 'very high' and must be reduced, Commerce Minister Kamal Nath said here Tuesday. 'This is under the domain of the RBI (Reserve Bank of India) but my own view is that interest rates are very high and the interest rate should be reduced,' Kamal Nath told reporters ahead of the interim budget Feb 16.
RBI missed opportunity to cut rates: India Inc.January 26th, 2009 NEW DELHI - India Inc. Tuesday expressed disappointment over the central bank's decision to maintain status quo on key rates, and said the Industry needed cash at 'relaxed' interest rates.
High interest rates, cash crunch delay infrastructure projects: CIIJanuary 24th, 2009 NEW DELHI - High interest rates and credit crunch have delayed several infrastructure projects by up to six months, said a survey by the Confederation of Indian Industry (CII), released here Sunday. According to the Infrastructure Outlook Survey, around 85 percent of the respondents have expressed concern over the delay in financial closure of infrastructure projects being implemented by them.
ICICI Bank, LIC Housing cut home loan ratesDecember 30th, 2008 MUMBAI - Two more lending institutions - ICICI Bank and LIC Housing - Wednesday cut their interest rates on home loans by up to 75 basis points (bps). While LIC Housing Finance cut rates for existing home loan borrowers by 75 bps effective Thursday, ICICI cut rates by 50 bps with immediate effect.
Housing bank expects finance firms to reduce ratesDecember 29th, 2008 KOLKATA - India's apex housing finance institution, the National Housing Bank (NHB), expects housing finance companies to reduce lending rates, a top company official said here Tuesday. 'As we have reduced rates, we expect housing finance companies to reduce rates and pass on the benefits to consumers,' NHB chairman and managing director S.
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