VIVA “The Pinnacle” Economy Banks borrowed 52.6 billion rupees under MSF on November 6 •Banks borrowed 52.6 billion rupees ($844.03 million) from the Reserve Bank of Indias marginal standing facility (MSF) window on Nov. 6, higher than the 5.6 billion rupees on Nov. 5. RBI opens doors to M&As for foreign banks in India • Reserve Bank of India Governor Raghuram Rajan threw open the doors for mergers and acquisitions in the banking space as he delivered on the promised level-playing field for foreign banks such as Citigroup and HSBC. India likely to become 3rd largest economy by 2030: Report • India is likely to become the third largest economy by 2030 behind China and the USA, a Standard Chartered report said while projecting that the world is in the midst of an economic super-cycle. A super-cycle is a period of historically high global growth, lasting a generation or more, driven by opening up of new markets, increasing trade, high rates of investment, urbanisation and technological innovation. Capital Market SBI hikes base rate by 20 BPS as cost of funds shoots up •State Bank of IndiaBSE -0.57 % raised its minimum lending rate, reflecting the ground realities of rising lending and borrowing costs and making the government-ordered low-cost funding for homes and cars purchase a four- week wonder. Issue TDS certificates on time to customers: RBI to banks •The Reserve Bank in a notification said that it has been brought to its notice that some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing their income-tax returns. The matter has been examined and with a view to protect interest of the depositors and for rendering better customer service, banks are advised to provide to their customers from whose income tax has been deducted at source, TDS Certificate in Form 16A, the RBI said. International U.S. Stocks Advance Toward Records Amid Fed Stimulus Speculation •U.S. stocks advanced, sending the Dow Jones Industrial Average to a record close, as Federal Reserve officials said economic weakness warrants continued stimulus and investors await data this week on jobs and growth. Greenspan Says Yellen Was His Guide to Economics Research at Fed •Former Federal Reserve Chairman Alan Greenspan said that Janet Yellen would be a “great” chief of the central bank and that he relied on her to explain the newest academic research in economics while the two served together. Draghi Weighs Whether Rate Cuts Too Valuable as ECB Meets •Mario Draghi must decide whether it’s time to use up one of his remaining interest-rate cuts.Inflation in the euro area has slowed to less than half the European Central Bank’s target and unemployment is the highest since the currency bloc was founded in 1999. While that boosts the case for action to shore up the region’s recovery, the ECB President has only two quarter-point reductions left before reaching zero. Currency Rupee down to 1-month low on private oil firms demand •The rupee hit session low of 62.58, its lowest since October 2, on sluggish domestic equities and demand from private oil companies, traders say. The pair last traded at 62.54/55, up from Wednesdays close of 62.39/40. The INR has broken the range of last one month and that should bring it to around 62.80, said a trader with a state-owned bank. Commodity Gold gains from 2-week low on weak dollar •Gold today climbed from a two- week low as the dollar weakened and investors weighed when US stimulus may slow. Gold rose by 0.4 per cent to $1,317.66 an ounce and silver by 1.1 per cent to $21.94 an ounce, after reaching 21.56 dollar yesterday, the lowest since October 17.
Posted on: Thu, 07 Nov 2013 05:05:43 +0000
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