Wednesday, April 21, 1999
RBI cuts CRR, initiates structural reforms
Belying expectations of a cut in interest rates demanded by the industry and exporters, the Reserve Bank of India (RBI) on Tuesday unveiled a lacklustre money policy which seeks to provide more autonomy to banks, enhance liquidity, stabilise interest rates and reduce volatility in the money market.
Jalan disappoints exporters; no cut in rates
Despite intense pressure from the Commerce Ministry, the Reserve Bank of India (RBI) Governor Bimal Jalan decided to keep the interest rates on export finance at the same level but acknowledged that the fall in exports is an area of concern in regard to balance of payments.
RBI tightens NBFC entry norms
In a bid to tighten the entry norms for non-banking finance companies, the Reserve Bank of India (RBI) has raised the net owned fund (NOF) requirement for NBFCs to Rs 2 crore from the present level of Rs 25 lakh.
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