Aiming to control the inflation, the Reserve Bank of India has raised the interest rates on March 30. This unexpected increase in interest rates caused a drop of over 600 points in the Indian stock market on April 2 though the market recovered.
Long-term investor, such as NRIs have fully exhibited this response as they pumped nearly Rs.1 billion in months of February and March, whereas, earlier, they were sellers mainly due to high rupee-dollar rate and valuation concerns. The mutual funds have also eased off and become attractive for the investor.

Interchanging fixed rate loans to floating rates or vice versa is done to claim benefits of the change in interest rates or to protect from the interest rate changes.

Bank of China (BOC) instigated a private banking service targeting millionaires only in Beijing and Shanghai.

The clients owing financial assets valuated over US $1 million are qualified for the service offered along with the Royal Bank of Scotland that possesses a 4.4 percent stake in the bank.

“It is a bank for the top rich,” Yue Yi, GM of the bank’s retail business stated.