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| MINT STREET
MOVES |
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| IN
STEP: RBI governor YV Reddy (centre) flanked by deputies
KJ Udeshi and Rakesh Mohan arrives to announce the RBI
Annual Policy in Mumbai |
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GDP growth projected at 6.5-7.0 per cent
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Inflation rate projected at around 5.0 per cent
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Sustained pick-up in non-food credit since September
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Flow of resources to commercial sector higher than last year’s
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Govt borrowing programme in 2003-04 completed at much lower
cost
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Reduction in interest rates in money and government securities
markets in 2003-04.
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Public sector banks reduce BPLR in fiscal 2003-04
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MSS is additional tool for active liquidity management
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RBI sees broadening global economic recovery
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Exports in US dollar terms up 17.1 per cent, imports up 25.3
per cent
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Large capital flows was most distinguishable feature of external
developments in 2003-04
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Country’s position among top performers in terms of GDP
growth expected to continue
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Inflationary situation calls for close watch
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Risk-based supervision extended to more banks
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Fresh licences to UCBs only after comprehensive policy
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Waiver of service charges on banks for electronic funds transfer
and electronic clearing services.
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Banks must maintain capital charge for market risk in phased
manner
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Banks to draw roadmap for migration to Basel II |
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| FRONT PAGE |
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| Reddy Blends Caution With Optimism |
 The policy makes a forthright statement that it is essential to pursue fiscal consolidation promptly. It emphasises that excess holdings of securities by banks far exceeds the annual borrowing programme. Full story |
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Inflation Seen At 5% For 2004-05 |
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The RBI has now admitted that there was an overhang of problems on account of oil prices and large domestic liquidity, partly reflecting global liquidity. The RBI has also said that.... Full story |
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A Fresh Thrust To Growth |
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The RBI’s annual policy for 2004-05 has given a fresh thrust to growth and development with its focus on infrastructure, hospitals, education, agriculture, small and medium-sized.... Full story |
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