After the inflation rate moved up to a nine-month high to 5.11%, RBI governor YV Reddy stated that India’s monetary plan has already included the rising food and fuel prices.
According to the data, the annual wholesale price inflation rate touched 5.11% in the week ended March 1, and the prices have gone up by 5.01% during the last week.
It is projected that inflation will go up in the coming weeks. Mr. Reddy had recently expressed his worry over increasing food and energy prices.
The central bank wishes to keep inflation around 5% during the 2007/08 fiscal year ending March 31.
By April 2009, the customers will be capable of withdrawing money from ATM without paying any charge.
The Reserve Bank of India has directed the commercial banks to let customers’ free use of Automated Teller Machines (ATMs) for all transactions from 1 April 2009.
According to an RBI announcement, the customers can also use ATMs of other banks for balance enquiries free of cost.
The RBI has also asked banks to put a limit on the fees charged for using ATMs of other banks to Rs 20 for each transaction from March 31, 2008, and eradicate the same from April 2009.
In the sub prime crisis, ICICI Bank has lost $264 million (Rs 1056 crore) till Jan 2008, because of its exposure to credit derivates and investments out of the country.
In a written reply to a query in Parliament, Pawan Kumar Bansal, Minister of state for finance stated that the country’s largest private banking institution had reported the market-to-market (MTM) loss following the sub prime mortgage crisis
The bank also cleared that the investment losses as a result of unfolding global subprime crisis could erase around 9% of this year’s profit.
governor YV Reddy stated that India’s monetary plan has already included the rising food and fuel prices.
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Jan 2008, because of its exposure to credit derivates and investments out of the country.
anytime, anywher
