RBI Rate Hike
RBI Rate Hike
Reserve Bank of India governor, Dr. Y. Venugopal Reddy formerly released the “First Quarter Review of Annual Monetary Policy” for 2008-2009 on 29th July 2008. Some highlights of the policy declaration are stated below.
Bank Rate has been kept unchanged, so has been the LAF and the Reverse Repo Rate. Repo Rate has been raised to 9% from 8.5 %. This has been a hike of 50 basis points. Cash Reserve Ratio has also been raised to 9%.This has been a 25 basis point hike. This hike will come into effect from 30th August 2008.
RBI has scaled down GDP growth projection to around 8% for the 2008 to 2009 period. This was previously pegged at the 8.0 to 8.5 % range. This estimate has been made in exclusion of the likely effects of external or domestic shocks.
The immediate after effects of this restraining monetary policy announcement was a market slump. Sensex fell by over 500 points below the 14,000 mark. Rate sensitive banking plummeted along with auto stocks and realty stocks. Reliance Industries slipped. Reliance infrastructure and ICICI Bank also suffered losses. Tata Motors, Hero Honda Motors, Maruti Suzuki India and Mahindra & Mahindra all suffered declining auto stocks. Some major companies whose realty stocks slid were Indiabulls Real Estate, Unitech and DLF.
Fundtech Asia-Pacific gets Gil Gadot as MD
Gil Gadot took over as the as new managing director of the Asia-Pacific wing of Fundtech on 29th July 2008. It may be noted that Fundtech is a leader in the banking solutions business related to global transactions. Gil Gadot is incidentally one of the co-founders of Fundtech. Mr. Gadot has been involved for long in the promotion of the company's business interests, mostly via geographical market expansion and the introduction of new products.
It may be noted that, Fundtech serves 14 countries including India, Australia, Singapore and Japan. The services provided by the company include cash management, financial supply chain management, global payments and CLS.
Bank of India posts around 78% hike in Q1net profit
Bank of India has posted a 78.28% growth in its net profit (compared to the same reference period last year) for the first quarter, which ended on 30th June 2008. The amount of net profit stood at ` 561.95 crore. This news was carried in the Times of India dated 29th July 2008.
Kotak Mahindra Bank reports around 3% hike in Q1 net profit
Kotak Mahindra Bank has reported a ` 149.84 crore worth of consolidated net profit for the Q1 period of the present FY. To be exact, the bank has registered a 2.67% hike in its net profit in comparison to the same reference period, last year. This news report appeared in the Times of India dated 29th July 2008.
Reserve Bank of India governor, Dr. Y. Venugopal Reddy formerly released the “First Quarter Review of Annual Monetary Policy” for 2008-2009 on 29th July 2008. Some highlights of the policy declaration are stated below.
Bank Rate has been kept unchanged, so has been the LAF and the Reverse Repo Rate. Repo Rate has been raised to 9% from 8.5 %. This has been a hike of 50 basis points. Cash Reserve Ratio has also been raised to 9%.This has been a 25 basis point hike. This hike will come into effect from 30th August 2008.
The immediate after effects of this restraining monetary policy announcement was a market slump. Sensex fell by over 500 points below the 14,000 mark. Rate sensitive banking plummeted along with auto stocks and realty stocks. Reliance Industries slipped. Reliance infrastructure and ICICI Bank also suffered losses. Tata Motors, Hero Honda Motors, Maruti Suzuki India and Mahindra & Mahindra all suffered declining auto stocks. Some major companies whose realty stocks slid were Indiabulls Real Estate, Unitech and DLF.
Fundtech Asia-Pacific gets Gil Gadot as MD
Gil Gadot took over as the as new managing director of the Asia-Pacific wing of Fundtech on 29th July 2008. It may be noted that Fundtech is a leader in the banking solutions business related to global transactions. Gil Gadot is incidentally one of the co-founders of Fundtech. Mr. Gadot has been involved for long in the promotion of the company's business interests, mostly via geographical market expansion and the introduction of new products.
It may be noted that, Fundtech serves 14 countries including India, Australia, Singapore and Japan. The services provided by the company include cash management, financial supply chain management, global payments and CLS.
Bank of India posts around 78% hike in Q1net profit
Bank of India has posted a 78.28% growth in its net profit (compared to the same reference period last year) for the first quarter, which ended on 30th June 2008. The amount of net profit stood at ` 561.95 crore. This news was carried in the Times of India dated 29th July 2008.
Kotak Mahindra Bank reports around 3% hike in Q1 net profit
Kotak Mahindra Bank has reported a ` 149.84 crore worth of consolidated net profit for the Q1 period of the present FY. To be exact, the bank has registered a 2.67% hike in its net profit in comparison to the same reference period, last year. This news report appeared in the Times of India dated 29th July 2008.
List of Bank Branches in India
- abhyudaya cooperative bank limited
- abu dhabi commercial bank
- ahmedabad mercantile cooperative bank
- airtel payments bank limited
- akola janata commercial cooperative bank
- allahabad bank
- almora urban cooperative bank limited
- andhra bank
- andhra pragathi grameena bank
- apna sahakari bank limited
- au small finance bank limited
- australia and new zealand banking group limited
- axis bank
- b n p paribas
- bandhan bank limited
- bank of america
- bank of baharain and kuwait bsc
- bank of baroda
- bank of ceylon
- bank of india
- bank of maharashtra
- bank of tokyo mitsubishi limited
- barclays bank
- bassein catholic cooperative bank limited
- bharat cooperative bank mumbai limited
- canara bank
- capital small finance bank limited
- catholic syrian bank limited
- central bank of india
- chinatrust commercial bank limited
- citi bank
- citizen credit cooperative bank limited
- city union bank limited
- corporation bank
- credit agricole corporate and investment bank caly
- credit suisee ag
- dcb bank limited
- dena bank
- deogiri nagari sahakari bank ltd. aurangabad
- deposit insurance and credit guarantee corporation
- deustche bank
- development bank of singapore
- dhanalakshmi bank
- doha bank
- doha bank qsc
- dombivli nagari sahakari bank limited
- equitas small finance bank limited
- esaf small finance bank limited
- export import bank of india
- federal bank
- fincare small finance bank ltd
- fino payments bank
- firstrand bank limited
- g p parsik bank
- haryana state cooperative bank
- hdfc bank
- himachal pradesh state cooperative bank ltd
- hsbc bank
- icici bank limited
- idbi bank
- idfc bank limited
- idukki district co operative bank ltd
- indian bank
- indian overseas bank
- indusind bank
- industrial and commercial bank of china limited
- industrial bank of korea
- jalgaon janata sahakari bank limited
- jammu and kashmir bank limited
- janakalyan sahakari bank limited
- janaseva sahakari bank borivli limited
- janaseva sahakari bank limited
- janata sahakari bank limited
- jp morgan bank
- kallappanna awade ichalkaranji janata sahakari ban
- kalupur commercial cooperative bank
- kalyan janata sahakari bank
- karnataka bank limited
- karnataka vikas grameena bank
- karur vysya bank
- keb hana bank
- kerala gramin bank
- kotak mahindra bank limited
- kozhikode district cooperatiave bank ltd
- laxmi vilas bank
- mahanagar cooperative bank
- maharashtra gramin bank
- maharashtra state cooperative bank
- mashreqbank psc
- mizuho bank ltd
- nagar urban co operative bank
- nagpur nagarik sahakari bank limited
- national australia bank limited
- national bank of abu dhabi pjsc
- new india cooperative bank limited
- nkgsb cooperative bank limited
- nutan nagarik sahakari bank limited
- oriental bank of commerce
- paytm payments bank ltd
- pragathi krishna gramin bank
- prathama bank
- prime cooperative bank limited
- pt bank maybank indonesia tbk
- punjab and maharshtra cooperative bank
- punjab and sind bank
- punjab national bank
- rabobank international
- rajgurunagar sahakari bank limited
- rajkot nagrik sahakari bank limited
- rbl bank limited
- reserve bank of india pad
- sahebrao deshmukh cooperative bank limited
- samarth sahakari bank ltd
- saraswat cooperative bank limited
- sber bank
- sbm bank mauritius limited
- shikshak sahakari bank limited
- shinhan bank
- shivalik mercantile co operative bank ltd
- shri chhatrapati rajashri shahu urban cooperative
- societe generale
- solapur janata sahakari bank limited
- south indian bank
- standard chartered bank
- state bank of india
- sumitomo mitsui banking corporation
- surat national cooperative bank limited
- suryoday small finance bank limited
- sutex cooperative bank limited
- syndicate bank
- tamilnad mercantile bank limited
- telangana state coop apex bank
- textile traders cooperative bank limited
- the a.p. mahesh cooperative urban bank limited
- the akola district central cooperative bank
- the andhra pradesh state cooperative bank limited
- the bank of nova scotia
- the baramati sahakari bank ltd
- the cosmos co operative bank limited
- the delhi state cooperative bank limited
- the gadchiroli district central cooperative bank l
- the greater bombay cooperative bank limited
- the gujarat state cooperative bank limited
- the hasti coop bank ltd
- the jalgaon peopels cooperative bank limited
- the kangra central cooperative bank limited
- the kangra cooperative bank limited
- the karad urban cooperative bank limited
- the karanataka state cooperative apex bank limited
- the kurmanchal nagar sahakari bank limited
- the mehsana urban cooperative bank
- the mumbai district central cooperative bank limit
- the municipal cooperative bank limited
- the nainital bank limited
- the nasik merchants cooperative bank limited
- the navnirman cooperative bank limited
- the pandharpur urban co op. bank ltd. pandharpur
- the rajasthan state cooperative bank limited
- the royal bank of scotland n v
- the seva vikas cooperative bank limited
- the shamrao vithal cooperative bank
- the sindhudurg district central coop bank ltd
- the surat district cooperative bank limited
- the surath peoples cooperative bank limited
- the tamil nadu state apex cooperative bank
- the thane bharat sahakari bank limited
- the thane district central cooperative bank limite
- the varachha cooperative bank limited
- the vishweshwar sahakari bank limited
- the west bengal state cooperative bank
- the zoroastrian cooperative bank limited
- tjsb sahakari bank limited
- tumkur grain merchants cooperative bank limited
- uco bank
- ujjivan small finance bank limited
- union bank of india
- united bank of india
- united overseas bank limited
- utkarsh small finance bank
- vasai vikas sahakari bank limited
- vijaya bank
- westpac banking corporation
- woori bank
- yes bank
- zila sahakri bank limited ghaziabad
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