Petrol price raised by 70 paise/litre, diesel by 50 paise



NEW DELHI: State-run fuel retailers on Wednesday announced they would raise the price of petrol by 70 paise and diesel by 50 paise a litre, both excluding local taxes.

The revised prices will come into effect from Wednesday midnight. The actual increase at petrol pumps will be a tad higher due to the incremental increase in state levies.

This is the fifth increase in petrol price since June and rates have gone up by Rs 6.82 per litre. The retailers had on June 1 raised price by 75 paise, excluding VAT, and followed it with a Rs 2 per litre increase on June 16, a Rs 1.82 increase on June 29 and Rs 1.55 hike on July 15.
Source times of india

RBI to manage liquidity as rupee stability trumps growth



Mumbai: The Reserve Bank of India (RBI), which has taken a series of measures to support the battered rupee, said on Monday that it will continue to manage money market liquidity in order to balance financial stability, growth and inflation.

The apex bank's policy focus has shifted from reviving economic growth to defending a rupee that hit a record low of 61.21 to the dollar on July 8, when it was down more than 9 per cent since the start of the year.

"Global currency market movements in June-July 2013 have prompted a re-calibration of monetary policy," the RBI said in its a macro-economic report, a day before it is expected to leave interest rates unchanged at its monetary policy review.

"The priority for monetary policy now is to restore stability in the currency market so that macro-financial conditions remain supportive of growth," it said.

The RBI has squeezed liquidity from the money market and pushed up short-term interest rates in order to deter capital outflows, allowing the rupee to make a slight recovery, and by late Monday it was trading around 59.40 to the dollar.

"The Reserve Bank will endeavour to actively manage liquidity to reinforce monetary transmission that is consistent with the growth-inflation balance and macro-financial stability," it said.

The RBI last cut its policy repo rate by 25 basis points to 7.25 per cent in May and it left the rate on hold at its last review, in June.

The RBI reiterated its call for the government to implement measures to attract stable capital flows, saying that recent central bank steps to stem volatility in the rupee "provide at best some breathing time".

In Monday's report, the RBI's survey of professional forecasters lowered its growth forecast for the fiscal year that started in April to 5.7 per cent from 6.0 per cent in its previous survey.

The survey also foresaw a current account deficit of 4.4 per cent of gross domestic product for the current fiscal year, compared with a deficit of around $88 billion, or a record 4.8 per cent of GDP, in the last fiscal year.

The survey projected wholesale price index inflation at 5.3 per cent during the current fiscal year, lower than the 6.5 per cent forecast in its last survey.

The headline wholesale price inflation picked up for the first time in four months in June to 4.86 per cent annually, while the consumer price index also remained elevated at 9.87 per cent, a key worry for the RBI.
Source  ndtv

ATMs at all bank branches by March next year: Chidambaram


Union Finance Minister P. Chidambaram distributing free books to a school student at the inaugural of Punjab National Bank’s 5,999th branch at Tirupattur in Sivaganga district on Saturday. Photo: L. BalachandarThe HinduUnion Finance Minister P. Chidambaram distributing free books to a school student at the inaugural of Punjab National Bank’s 5,999th branch at Tirupattur in Sivaganga district on Saturday. Photo: L. Balachandar

FM inaugurates 5,999th branch of Punjab National Bank at Tirupattur

Over 1 lakh existing bank branches in the country and every other bank branch to be inaugurated hereafter would be equipped with Automated Teller Machines (ATMs) by the end of March 31, 2014, Union Finance Minister P.Chidambaram said here on Saturday.

Addressing the inaugural of the 5,999th branch of Punjab National Bank (PNB) at Tirupattur near here, he said he had issued three significant orders to the chairmen-cum-managing directors of all nationalised banks in the country and asked them to implement the orders during the current financial year.

The first order was to establish 8,000 new bank branches in every nook and cranny of the country, especially in rural areas, during the current year as against the target of 6,000 branches set during the previous years. The aim was to take banking services to the doorstep of the common man.

The second order was to establish ATMs in every bank branch so that the customers in rural pockets too could withdraw money at will without having to wait for the banking hours. He appreciated the PNB for setting up not one but three machines inside the ATM kiosk at Tirupattur branch.

While the first machine was meant to withdraw money, the other was for depositing money and the third for printing passbooks.

The third order was to disburse as much money as possible to agriculturalists in the form of crop loans and loans for purchasing farm implements.

The Finance Minister was slated to inaugurate the bank’s 6,000th branch at Alangudi and the 6,001th branch in Sivaganga on Sunday.
Source  the hindu

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