Dr. D. Subbarao, Governor, Reserve Bank of India, is the 22nd Governor of the RBI. Prior to this appointment, Dr. Subbarao was the Finance Secretary in the Ministry of Finance,. Dr. Subbarao has earlier been Secretary to the Prime Minister's Economic Advisory Council (2005-2007), lead economist in the World Bank (1999-2004), Finance Secretary to the Government of Andhra Pradesh (1993-98) and Joint Secretary in the Department of Economic Affairs, Ministry of Finance, Government of India (1988-1993). Dr. Subbarao has wide experience in public finance. In the World Bank, he worked on issues of public finance in countries of Africa and East Asia. Born on August 11, 1949, Dr. Subbarao holds a B.Sc (Hons) in Physics from the Indian Institute of Technology, Kharagpur and M.Sc in Physics from the Indian Institute of Technology, Kanpur. Dr. Subbarao also holds an MS degree in Economics from Ohio State University. He was a Humphrey fellow at MIT during 1982-83. He has a Ph.D. in Economics with thesis on fiscal reforms at the sub-national level. Dr. Subbarao was a topper in the All India Civil Service examination for entry into Indian Administrative Services and Indian Foreign Services in 1972. He was one of the first IITians to join the civil service.
The Reserve Bank of India (RBI) was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.
Friday, October 30, 2009
Saturday, October 10, 2009
Syndicate Bank cuts housing and auto loans
MUMBAI: A day after country's largest private lender ICICI Bank reduced auto loan rates, Syndicate Bank today slashed interest rate on housing and vehicle loans for a limited period up to March 2010.
Under the scheme, the bank will provide housing loans at 8.25 per cent for the first two years on loans up to Rs 30 lakh and 9.25 per cent for loans above Rs 30 lakh, Syndicate Bank said in a statement.
The prime lending rate (PLR) of bank stands at 12 per cent. Home loan is available at PLR minus up to 2.5 per cent.
For vehicles loan under Synd Vahan scheme, customers can avail loan for four wheeler at 9 per cent for the first year and second and third year customers have to pay 9.5 per cent, it said.
Interest rate after third year would be prime lending rate (PLR) minus one per cent subject to a maximum of 10.5 per cent, it said.
Currently, four wheeler loan is available at PLR which is 12 per cent.
ICICI Bank, yesterday, reduced auto loan interest rates by 50 basis points to 10.75 per cent
Under the scheme, the bank will provide housing loans at 8.25 per cent for the first two years on loans up to Rs 30 lakh and 9.25 per cent for loans above Rs 30 lakh, Syndicate Bank said in a statement.
The prime lending rate (PLR) of bank stands at 12 per cent. Home loan is available at PLR minus up to 2.5 per cent.
For vehicles loan under Synd Vahan scheme, customers can avail loan for four wheeler at 9 per cent for the first year and second and third year customers have to pay 9.5 per cent, it said.
Interest rate after third year would be prime lending rate (PLR) minus one per cent subject to a maximum of 10.5 per cent, it said.
Currently, four wheeler loan is available at PLR which is 12 per cent.
ICICI Bank, yesterday, reduced auto loan interest rates by 50 basis points to 10.75 per cent
Thursday, October 8, 2009
Jaguar reports loan from Indian bank
LONDON — Troubled carmaker Jaguar Land Rover on Wednesday said it had secured a loan of 175 million pounds (189 million euros, 278 million dollars) from the State Bank of India.
"Jaguar Land Rover today announces a loan of 175 million pounds sanctioned by the State Bank of India," the group said in a statement.
Indian-owned JLR added that it had secured a total of 500 million pounds of loans so far this year.
"We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business," said JLR chief financial officer Kenneth Gregor.
India's Tata Motors bought Jaguar Land Rover for 2.3 billion dollars last year but is struggling amid a downturn for the global car sector.
Over the past year, JLR has slashed production, axed 2,500 jobs, frozen pay and cancelled bonuses in response to the economic crisis.
The company last month said it would close a British factory over the next decade as part of a wider restructuring drive.
"Jaguar Land Rover today announces a loan of 175 million pounds sanctioned by the State Bank of India," the group said in a statement.
Indian-owned JLR added that it had secured a total of 500 million pounds of loans so far this year.
"We are pleased our funding plans are progressing and appreciate the confidence shown by our banking partners in our business," said JLR chief financial officer Kenneth Gregor.
India's Tata Motors bought Jaguar Land Rover for 2.3 billion dollars last year but is struggling amid a downturn for the global car sector.
Over the past year, JLR has slashed production, axed 2,500 jobs, frozen pay and cancelled bonuses in response to the economic crisis.
The company last month said it would close a British factory over the next decade as part of a wider restructuring drive.
Wednesday, October 7, 2009
ICICI Bank allots equity shares
ICICI Bank has announced that the bank has allotted 31,998 equity shares of face value of Rs 10 each on 22 September 2009 under the Employees Stock Option Scheme, 2000 (ESOS).
Sunday, October 4, 2009
IMF wants the worldwide banking industry to pay
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The International Monetary Fund (IMF) has today supported calls for an international bank tax, otherwise known as a "Tobin tax". While on the face of it this may seem like an opportunistic move by the IMF, there may be grounds for this particular idea when you consider the billions upon billions of pounds which the IMF has paid out over the last two years to support industries and economies which have been flattened by the recession.
As we know, while there has been government influence with regards to the worldwide economic downturn, many governments around the world have laid the blame fairly and squarely at the door of the worldwide banking industry. While this in itself is a debatable fact, as governments ultimately control the flow of credit into economies, there is no doubt that the IMF (via its many contributors) has paid out enormous amounts of money to various rescue plans.
If even a small percentage of the proposed changes to the worldwide banking sector actually reach the regulatory stage then the worldwide banking industry we will see tomorrow will be very different to the worldwide banking industry we see today. However, reining in the power of the worldwide banking sector will not happen overnight and no doubt we will see various legal challenges in the weeks, months and years ahead. This is a battle which could go on for many years to come
The International Monetary Fund (IMF) has today supported calls for an international bank tax, otherwise known as a "Tobin tax". While on the face of it this may seem like an opportunistic move by the IMF, there may be grounds for this particular idea when you consider the billions upon billions of pounds which the IMF has paid out over the last two years to support industries and economies which have been flattened by the recession.
As we know, while there has been government influence with regards to the worldwide economic downturn, many governments around the world have laid the blame fairly and squarely at the door of the worldwide banking industry. While this in itself is a debatable fact, as governments ultimately control the flow of credit into economies, there is no doubt that the IMF (via its many contributors) has paid out enormous amounts of money to various rescue plans.
If even a small percentage of the proposed changes to the worldwide banking sector actually reach the regulatory stage then the worldwide banking industry we will see tomorrow will be very different to the worldwide banking industry we see today. However, reining in the power of the worldwide banking sector will not happen overnight and no doubt we will see various legal challenges in the weeks, months and years ahead. This is a battle which could go on for many years to come
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