Interest rate cut only after RBI policy review: Yes Bank

“Deposit rates will remain unchanged as these are for long-term benefit,” said Yes Bank MD, Rana Kapoor

Private sector lender Yes Bank said it will cut interest rates if the Reserve Bank of India (RBI) decides to further ease the liquidity situation at the monetary policy review next month. “We are discussing... we will definitely consider it (rate cut) once we see a visible and more focused shift in bringing CRR down in the monetary policy,” Yes Bank managing director and CEO Rana Kapoor told reporters.

He said, however, deposit rates will remain unchanged as these are “for long-term benefit”.

Mr Kapoor added, “There is an overall expectation that the monetary policy next month should relax CRR. I think there is a built-in expectation of 0.5% reduction in CRR, accompanied by OMO (open market operations) interventions to ease the liquidity pressures.”

The central bank in its last policy review reduced Cash Reserve Ratio (CRR), the amount the banks are required to maintain with the central bank, by 0.5% to 5.5% to release Rs32,000 crore of primary liquidity into the system. The RBI is expected to take more steps in its policy review on 15 March 2012 to ease the liquidity situation to promote economic growth which is expected to moderate to 6.9% in the current fiscal from 8.4% a year ago.

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DoT asks Idea, Vodafone to provide info on mobile Internet users

The security agencies have long been asking the operators to set up a system which allows identification of individual user based on the information of IP address, date and time

New Delhi: The Department of Telecom (DoT) has asked telecom operators Idea Cellular and Vodafone to provide to the Intelligence Bureau (IB) identification of subscribers using Internet on their mobile phones, reports PTI.

DoT officials said instructions have been issued to Idea and Vodafone to provide the requisite information to the IB at the earliest.

The security agency had sought details of some mobile numbers by providing the corresponding IP addresses to Vodafone but the telecom operator failed to respond.

DoT has also instructed other operators to put in place a suitable mechanism that would allow the security agencies to uniquely identify the individual user based on the information provided by them.

The security agencies have long been asking the operators to set up a system which allows identification of individual user based on the information of IP address, date and time.

The IB had earlier also raised objections regarding the practice of mobile operators using network address translation (NAT) device wherein a single IP address is used for many connections, they said.

The IB had said that in the absence of user-identifying logging mechanism at the NAT, despite IP address, date and time stamps, service providers are unable to pinpoint the exact target of a particular communication over the Internet.

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ABB India’s annual revenues up 17%

ABB India’s board of directors recommended a dividend of Rs3 per share

ABB India achieved revenue of Rs7,370 crore in 2011 against Rs6,287 crore in the previous year, an increase of 17%. It developed various products and solutions for the Indian market aimed at improving grid reliability and energy efficiency. It intensified measures to improve both customer engagement and internal operational efficiencies.

“ABB in India is back on the growth path,” said Bazmi Hussain, MD, ABB India, “Our actions to increase competitiveness in early 2011 have started to deliver and will continue to do so. In addition to our ongoing focus on the traditional core business of power and automation ABB sees significant growth opportunities in new market segments such as solar, energy efficiency, smart grids and cyber security.”

Profit after tax for 2011 rose 192% to Rs184.5 crore from Rs63.2 crore in the previous year. Rising input costs, tight liquidity situation, forex volatility and low price realisation as witnessed in some sectors may continue to put pressure on margins.

The board of directors has recommended a dividend of Rs3 per share.

In late morning trade, ABB India was trading at Rs837.80 per share on the Bombay Stock Exchange, 4.35% down from the previous close.

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