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RBI hikes Interest on NRI Deposits
Wednesday, September 17, 2008

The global market crisis is affecting the Indian market too. The Reserve Bank of India (RBI) stepped in with measures to support the rupee - which has been battered to almost 47 against the dollar - and supply cash in the money market. The move will increase dollar supply and lower banks' borrowing cost in the overnight call money market. RBI has hiked the maximum interest that banks can pay on NRI deposits by 50 basis points for dollar as well as rupee deposits.

India's largest private sector bank in terms of net profit ICICI Bank plunged 4.58% to Rs 564.25 on reports the bank will have to take a hit of $28 million on account of the additional provisioning that ICICI Bank's UK subsidiary will have to make after Lehman Brothers Holdings, the fourth-largest investment bank filing for bankruptcy. Foreign institutional investors (FIIs) were net equity sellers worth Rs 1303.41 crore while mutual funds bought shares worth Rs 612.36 crore according to provisional data on NSE. FIIs were net buyers of Rs 1053.14 crore in the futures & options segment.

 

 

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