Finance Sector

IMF commends India’s monetary policy to control inflation

IMF commends India’s monetary policy to control inflation

The International Monetary Fund (IMF) on Thursday commended India's ability to keep tight control on spending and monetary policy amid economic slump and high inflation rates.

The global financial institution said Indian authorities maintained macroeconomic and financial stability in the midst of a challenging environment.

Morgan Stanley seeks RBI’s permission to start proprietary trading

Morgan Stanley seeks RBI’s permission to start proprietary trading

Global investment banker Morgan Stanley's Indian arm has reportedly sought Indian central bank's permission to start proprietary trading in the country.

Sources familiar with the development has revealed that the Indian brokerage arm of Morgan Stanley has filed an application seeking the Reserve Bank of India's permission for staring proprietary trading under which the brokerage will be able to buy & sell securities on its own account.

HDFC MF acquires Morgan Stanley’s 8 schemes

HDFC MF acquires Morgan Stanley’s 8 schemes

HDFC Mutual Fund on Monday announced that it has acquired all the schemes of Morgan Stanley Mutual Fund in India, expanding its mutual fund customer base in the promising Asian market.

The average combined assets under management of the portfolio of eight schemes for the three-month period ended September 30, 2013 was Rs 3,290 crores. On the other hand, HDFC MF had assets of more than Rs 1 lakh crore as of September 30.

Ministries in conflict over FDI cap in drug firms

Ministries in conflict over FDI cap in drug firms

India's finance ministry is in conflict with other ministries over the issue of foreign direct investment (FDI) cap in critical drugs sector.

Requesting anonymity, a senior official from the finance ministry revealed that the finance ministry is resisting pressure from the industry ministry and the health ministry to cap foreign ownership of domestic pharmaceutical firms fearing that any such move would hurt potential foreign investments in the sector.

Chidambaram expects economy to record 5-5.5% growth in current fiscal

Chidambaram expects economy to record 5-5.5% growth in current fiscal

Union Finance Minister P. Chidambaram on Friday expressed confidence that the Indian economy would gain momentum in the second half of current financial year and record a full-year growth of between 5 per cent and 5.5 per cent.

In his address to bankers at Bancon 2013, Mr. Chidambaram said that he was confident that the Indian economy would manage to meet the government's growth estimates for the current financial year.

Opting for loan to buy a property offers some hidden benefits

Opting for loan to buy a property offers some hidden benefits

While taking a loan to buy a home is a necessity for some people, many are now taking home loans even as they can afford to buy a new home outright.

Even experts believe that taking a loan from a bank or a financial institution for buying a house/flat offers some hidden benefits.

Opting for buying a home on EMIs will allow you to invest the money in hand with some good-reputation investment vehicle that can give you a financial yield on your money that would easily set off EMIs for your home loan.

Chidambaram says he knew he was returning to a very difficult pitch

Chidambaram says he knew he was returning to a very difficult pitch

Union Finance Minister P Chidambaram on Tuesday said that he was aware of the fact that he was returning to a very difficult pitch when he took over as the finance minister in August 2012.

Responding to the BJP-led Opposition's attack over the country's bad economy situation, Mr. Chidambaram said, "When I took over on August 1(2012), I knew that I was returning to a very difficult pitch."

In the ongoing monsoon session, the Congress-led UPA government is suffering severe criticism over various economic issues, including inflation and depreciation in value of rupee.

Rupee fall is due to supply-demand imbalance in forex market: FM

Rupee fall is due to supply-demand imbalance in forex market: FM

The drastic decline in the value of rupee against the US dollar in the recent period is due to the supply-demand imbalance in the domestic foreign exchange (forex) market, Union Finance Minister P Chidambaram told Parliament on Tuesday.

Mr. Chidambaram also said that the supply-demand imbalance in the forex market was because of the combination of high current account deficit (CAD) and instability in capital flows.

Govt. bans duty-free import of flat screen TVs

Govt. bans duty-free import of flat screen TVs

As part of its ongoing efforts arrest any further fall in the value of rupee, the government of India on Monday put a ban on duty-free import of flat screen (LCD/LED/Plasma) TVs by air travellers.

The ban on the duty-free import of flat screen television set, which was previously allowed as part of free baggage allowance, will take effect from 26th of August.

FM urges state-owned lenders to cut interest rates

FM urges state-owned lenders to cut interest rates

As part of his efforts to stimulate consumer demand and provide a much-needed boost to the sluggish economy, Union Finance Minister P Chidambaram on Wednesday urged state-owned lenders to lend money at lower interest rates.

Mr. Chidambaram has long been pushing banks to lower their lending rates, but most banks kept their rates almost stable in order to attract more deposits.