CRR cut by 0.25 per cent, repo rate unchanged

New Delhi: The Reserve Bank of India (RBI) on Monday cut the cash reserve ratio by 25 basis points to 4.5 per cent, increasing liquidity flow into the economy. However, it left the key bank rate and the repo rate unchanged, saying inflation risks as well as growth risks persist and the primary focus of monetary policy is fighting inflation, a move that many called conservative.

"In the current circumstances, lowering policy rates will only aggravate inflationary impulses without necessarily stimulating growth," RBI governor D. Subbarao wrote in the monetary policy review.

CRR cut by 0.25 per cent, repo rate unchanged

New Delhi: The Reserve Bank of India (RBI) took the government’s reforms rendition a note higher today by cutting its key cash reserve ratio from 4.75 per cent to 4.5 per cent to increase liquidity flow into the economy.

The CRR stipulates the minimum proportion of deposits that banks must hold with the central bank. When the RBI increases the CRR, banks have fewer funds to lend or invest since they have to park more money with the RBI.

After the government announced a hike in the price of diesel and followed it up with some big-ticket reforms late last week, India Inc. has been clamoring for a rate cut from the central bank. Amid slowing growth and downgrades from global investment banks—some even threatening a downgrade to junk status—the RBI has steadfastly said controlling inflation is its key priority.

"Controlling inflation is the top most priority of the central bank," Chakrabarty told students of a city college in New Delhi on Friday, 14 September 2012, when inflation numbers for August were released by the government.

After falling a bit in the previous month, inflation rose to 7.55 per cent in August, driven by higher prices of potatoes, wheat and pulses which rose due to poor monsoons.

The spike in August's Wholesale Price Index was also driven by a rise in the prices of manufactured items, further whittling down the efforts of the monetary authority to batten down inflation.

Chakrabarty admitted that the nearly two-year-old rate hikes to combat inflation have had an impact on growth, driven by slowing investments. "We agree that investment has slowed down due to higher interest rate."

In its previous policy review end-July, the RBI left interest rates unchanged for the second time since June, in line with expectations, while cutting its growth forecast and lifting its inflation outlook as economic conditions deteriorated.

However, it cut the statutory liquidity ratio (SLR, the amount that commercial banks have to maintain in liquid assets, such as gold or cash) to 23 per cent from 24 per cent, effective August 11.

"In the current circumstances, lowering policy rates will only aggravate inflationary impulses without necessarily stimulating growth," RBI governor D. Subbarao wrote in the previous monetary policy review, adding the central bank's primary focus remains inflation control.

चंडीगढ़ : 26 लाख में खरीदा कार का पसंदीदा नंबर...

चंडीगढ़: किसी कार का नंबर 0001 होना स्टेटस सिम्बल माना जाता रहा है, और पिछले एक-दो दशकों से लगभग सभी वाहन पंजीकरण विभाग कारों के इन फैन्सी रजिस्ट्रेशन नंबरों को प्रीमियम नंबरों के तौर पर बेचने लगे हैं... इस तरह नंबरों को बेचे जाने से विभागों, या यूं कहिए, राज्य सरकारों को काफी कमाई भी होती है, लेकिन चंडीगढ़ में हाल ही में पिछले सभी रिकॉर्ड तोड़ते हुए CH-01-AP सीरीज़ का वीआईपी रजिस्ट्रेशन नंबर 0001 नीलामी में 26 लाख रुपये में खरीदा गया है।

शहर के सेक्टर-44 में रहने वाले अमरजीत सिंह ने इस नंबर को अपनी मर्सिडीज़ कार के लिए खरीदा है, जबकि इसके लिए रिज़र्व प्राइस केवल 25 हज़ार रुपये था। अमरजीत सिंह ज़मींदार हैं, और पंजाब में ही खेती करवाया करते हैं।

चंडीगढ़ में इससे पहले जून महीने में भी एक व्यक्ति ने अपनी कार के लिए CH-01-AN सीरीज़ का 0001 नंबर 17 लाख रुपये की बोली लगाकर खरीदा था। इस माह में चंडीगढ़ के वाहन रजिस्ट्रेशन विभाग को बोली के जरिये बेचे गए नंबरों से 69 लाख रुपये की कमाई हुई है।

मुंबई में 9 मंज़िला इमारत में लगी आग

मुंबई: मुंबई में एक नौ मंजिल इमारत में आग लग गई है। मौके पर दमकल विभाग की आठ गाड़ियां मौके पर पहुंच गई हैं। यह आग ताड़देव इलाके में स्थित एवरेस्ट बिल्डिंग में लगी है। यह आग करीब 5.30 बजे लगने की बात कही जा रही है।

बिल्डिंग सबसे ऊपरी मंजिल में आग लगी है।

Fire in residential building in South Mumbai

Mumbai: The ninth floor of an apartment building in South Mumbai named the Everest is on fire. 

Most residents have been evacuated. However, 12 people are reported to be trapped in the fire at the building.

The ground floor of the building has shops.  Eight fire engines and eight water tankers are fighting the flames.