Saturday, 10 March 2012

Current CRR (Cash Reserve Ratio)

Current CRR (Cash Reserve Ratio)

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Current CRR (Cash Reserve Ratio)

Posted: 09 Mar 2012 09:11 PM PST


The Cash Reserve Ratio is the amount of funds that the banks are bound to keep with Reserve bank of India, with reference to the demand and time liabilities (NDTL) to ensure the liquidity and solvency of the Banks. Please note that earlier RBI was empowered to fix RBI between 3-20% by notification. However, from 2006 onwards the RBI is empowered to fix the CRR on its discretion without any ceiling. The CRR is maintained fortnightly average basis.

The RBI ahead of Credit Policy review and Union Budget, cut the Cash Reserve Ratio (CRR) by 75 basis points to 4.75 % effective March 10, 2012. The CRR stood at 5.5% earlier. The CRR cut will inject Rs 48,000 crore of liquidity into the banking system. CRR cut will ensure smooth flow of credit.

CRR has been cut to inject permanent primary liquidity into the system. This is the second CRR cut by the central bank this year; it cut the CRR by 0.50 % in its third quarter review in January 2012. In order to mitigate tight liquidity conditions, the cash reserve ratio was reduced by 50 basis points in the Third Quarter Review (TQR) of January 2012.

In spite of these measures, the liquidity deficit has remained large on account of both structural and frictional factors. Further, the liquidity deficit is expected to increase significantly during the second week of March due to advance tax outflows and the usual front loading of cash balances by banks with the Reserve Bank. The Reserve Bank will provide its assessment of the macro-economic situation in its Mid-Quarter Review to be published on March 15, 2012.

“Chintan” an Indian NGO selected for U.S. award

Posted: 09 Mar 2012 03:29 PM PST


clip_image002"Chintan", an Indian NGO has been selected for America's first Innovation Award for the Empowerment of Women and Girls. The award funded by the Rockefeller Foundation via the Secretary's International Fund for Women and Girls. The Secretary's Innovation Award is given to 'Chintan' in support of its work to reduce ecological footprints and increase environmental justice amongst the informal sector through green jobs, advocacy and organising.

image

Founder of Chintan:

Ms Bharati Chaturvedi

    

About Chintan's domain of work:

Chintan implements grassroots work on the ground, which includes solid waste handling, plastics recycling, training and organising wastepickers and eliminating child labour from recycling. Chintan also undertakes research and advocacy, locally and internationally. The work of  Bharati Chaturvedi, its founder, has been on solid waste management and recycling. Bharati is part of various Indian government committees for policy making. She writes a column for the Hindustan Times and she is the recipient of the 2009 Johns Hopkins Alumni "Knowledge for the World Awards.

Citi Group's CEO Vikram Pandit gets $15 million package for 2011

Posted: 09 Mar 2012 03:27 PM PST


clip_image002Citigroup's India-born CEO Vikram Pandit received nearly $15 million (about Rs 75 crore) as his compensation for 2011, as he got his first cash bonus in about four years at the global banking giant. Soon after taking charge in December 2007, Pandit had also decided to forego his cash bonus at the bank. Pandit had pledged in 2009 to receive an annual salary of one dollar until the struggling Citigroup returned to sustained profitability. Massive losses during the financial crisis had forced the bank to take $45 billion in US government bailout funds. Citigroup reported an earnings of $11.1 billion in 2011, besides the bank has had posted eight consecutive quarters of profitability. In 2010, The bank's net income was $10.6 billion in 2010 against a loss of $1.6 billion in the previous year. Pandit led Citi's return to profitability and has positioned the company for future growth. He has led Citi as it has achieved well-managed risk and controlled growth. Citi reduced its exposure to European markets significantly throughout 2011.

“Mamoni Scheme” in Assam to reduce Maternal Mortality Ratio

Posted: 09 Mar 2012 03:26 PM PST


In order to reduce the Maternal Mortality Ratio, MMR in Assam, NRHM has introduced "Mamoni Scheme" in Assam. Assam has recorded 381 MMR against per lakh live birth as per Annual Health Surver,2010-11. Lack of nutritious food during pregnancy can lead to anaemia and other vitamin and mineral deficiency related diseases, which obstruct the development of the foetus.

The Scheme:

"Mamoni" is a scheme to encourage pregnant women to undergo three ante-natal checkups which identify danger signs during pregnancy and offer proper treatment. Under the scheme, every pregnant woman will receive a booklet on tips of safe motherhood and new born care. After this, the pregnant women are provided with an amount of 1000 rupees in the second and third ante-natal check-ups for expenses related to nutritional food and supplements.

In 2011, more than 2 lakh 40 thousand women received the first instalment and around 2 lakh, 12 thousand pregnant women received the third instalment.

Ivory Coast PM & cabinet resign

Posted: 09 Mar 2012 03:25 PM PST


The PM of Ivory Coast, Guillaume Soro and his Cabinet resigned. Mr. Soro held that he could no longer exercise his executive powers. His departure is expected toimage pave the way for the formation of a broader coalition government after Parliamentary elections in 2011. It will allow the President Alassane Ouattara to appoint a PM from the party of the former President Henri Konan Bedie which came second to Mr. Ouattara's party.

Back-grounder:

Mr Ouattara's election victory was disputed by Laurent Gbagbo, his rival who had been President since 2000 and was unwilling to surrender power. The power struggle triggered a bloody four-month conflict which ended in April 2011 with Gbagbo's capture. Gbagbo is currently in jail awaiting trial at the International Criminal Court in The Hague where he faces war crimes charges.

Dravid - The Great “Wall” of Indian Cricket retires from International Cricket

Posted: 09 Mar 2012 03:22 PM PST


clip_image002Rahul Dravid declared retirement from international Cricket. Dravid ended his Test career with 13,288 runs in 164 matches with 36 hundreds and 63 half centuries at an average of 52.31. The 270 against Pakistan is Dravid's highest score. He scored 10,889 runs from 344 ODIs with 12 centuries and 83 half centuries at an average of 39.16. He captained India in 25 Tests and 79 ODIs. Dravid also holds the world record of highest Test catches -- 210. The 39-year-old Dravid became the first of the three ageing greats of Indian cricket, besides Sachin Tendulkar and VVS Laxman, to retire in the aftermath of India's disastrous Test tour of Australia. Dravid was synonymous with "Wall" of Indian Cricket.

AAHAR-2012 Food & Hospitality Fair

Posted: 09 Mar 2012 03:20 PM PST


AAHAR 2012 - the 27th International Food and Hospitality Fair to commence from March 12, 2012.

The theme of the the fair this year is 'Indian Food Basket- A Seal of Quality.'clip_image002

The fair to feature 565 exhibitors and 72 foreign exhibitors from 19 countries including Argentina, Canada, Pakistan and China. Of these, Pakistan, Japan, Malaysia and Poland are participating in the fair for the first time.

The range of products on display will be various food items including beverages, food processing, packaging, mill machinery and other equipment. Ms Menon informed that the fair will be open for business class from 12th to 15th of March. The fair will be open for general public for four hours on the concluding day on the 16th of this month.

RBI cuts CRR by 75 bps to 4.75%

Posted: 09 Mar 2012 03:11 PM PST


The RBI ahead of Credit Policy review and Union Budget, cut the Cash Reserve Ratio (CRR) by 75 basis points to 4.75 % effective March 10, 2012. The CRR stood at 5.5% earlier. The CRR cut will inject Rs 48,000 crore of liquidity into the banking system. CRR cut will ensure smooth flow of credit.

CRR has been cut to inject permanent primary liquidity into the system. This is the second CRR cut by the central bank this year; it cut the CRR by 0.50 % in its third quarter review in January 2012. In order to mitigate tight liquidity conditions, the cash reserve ratio was reduced by 50 basis points in the Third Quarter Review (TQR) of January 2012.

In spite of these measures, the liquidity deficit has remained large on account of both structural and frictional factors. Further, the liquidity deficit is expected to increase significantly during the second week of March due to advance tax outflows and the usual front loading of cash balances by banks with the Reserve Bank. The Reserve Bank will provide its assessment of the macro-economic situation in its Mid-Quarter Review to be published on March 15, 2012.

Prakash Singh Badal: Punjab’s CM

Posted: 09 Mar 2012 03:09 PM PST


For a record 5th time Prakash Singh Badal will be sworn in as Punjab Chief Minister. He was elected leader of the Shiromani Akali Dal Legislature Party. A joint image meeting of Shiromani Akali Dal and BJP Legislators will be held at Chandigarh and the alliance will stake its claim later to form the new government. SAD - BJP combine has won the Assembly elections with a comfortable 68 seats in the 117 member assembly. Governor Shivraj Patil dissolved the 13th Punjab Assembly to pave the way for the formation of the 14th Assembly.

Manohar Parrikar: Goa’s Chief Minister

Posted: 09 Mar 2012 03:06 PM PST


Manohar Parrikar, who led BJP's emphatic win in assembly polls with majority of its own for the first time took oath as CM of Goa. For the first time in the historyimage of Goa, the swearing-in was held in an open ground, instead of at the Raj Bhavan.

Goa Governor, K. Sankaranarayanan, administered the oath. The BJP-led alliance, with the support of 26 legislators--three from MGP and two independents--had staked claim to form the government on March 6 after it swept the assembly polls, toppling the Congress-NCP. 56-year-old Parrikar had earlier been the chief minister twice at the head of coalitions but could never complete his five-year tenure.
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