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RBI's forward interventions to be capped at $2.7 billion
The Union finance ministry has capped the Reserve Bank of India's (RBI) forward operations at around 10% of India's forex reserves. This was revealed by finance secretary Montek Singh Ahluwalia, while speaking at a seminar in Mumbai. Financial experts, however, predicted that capping of the RBI's forward operations may fuel speculative attacks on the rupee.
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Rifampicin makers file price review plea with centre, NPPA
Lupin Chemicals, Gujarat Themis Biosyn Ltd (GTBL) and Ciba CKD have filed review applications with the Union ministry of chemicals and fertilisers and the National Pharmaceutical Pricing Authority (NPPA) against the recent reduction in prices of rifampicin. The review applications came in the wake of the government's move to file a caveat in the Bombay high court, thus pre-empting the producers from taking legal recourse.
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Industrial growth likely to improve soon: Montek
Union finance secretary Montek Singh Ahluwalia yesterday stated that the depressed state of the capital market was only a temporary phase and predicted that the scenario will improve shortly. Ahluwalia, who was speaking at a seminar in Mumbai, further added that India's financial woes were further aggravated by the recent South-East Asian currency crisis.
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SBI chairman seeks sanctions against weak intermediaries
State Bank of India chairman MS Verma has called for sanctions against weak financial intermediaries. While speaking at a meet organised by Ficci in Mumbai, Verma said that unviable financial institutions should be allowed to fail. He further added that the South-East Asian crisis was triggered by the inept regulation of the financial systems of the affected countries.
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