No impact of rupee slide on banks: SBI chief - Andhravilas - Telugu cinema news | Telugu cinema | Telugu Movies | Telugu cinema reviews | telugu movie reviews | Tollywood | Telugu Movies Gossips | Telugu Movie schedules | Telugu Cinema | Telugu Movies | India News | World News | Bollywood | Telugu Movie Songs | Gossips







andhravilas.com
   Home   |   Gallery     |  Movie Schedules   |  Bollywood   |  Kollywood   |  Tamil Movies Gallery   |   Videos    |  Gifts to India
Bollywood Movie Reviews News 2013 Calendar Politics National Business Sports AP News Wallpapers
 
Andhravilas.com  |  Andhravilas.com  |  Andhravilas.com  |  Andhravilas.com  |  Andhravilas.com  |  Andhravilas.com  |  Andhravilas.com
News Andhravilas.com
Andhra Pradesh News
National News
International News
Politics News
Business News
Sports News
Health News
Education News
Art-Culture News
Science-Tech News
Religion News
Diaspora News
Online Insurance
Visitors(USA)
Visitors(Outside USA)
New Immigrants
Students
Non-US Residents
Individual Medical
Our Sites
Omsainath.org


Back to News Page

Share/Save/Bookmark

No impact of rupee slide on banks: SBI chief

Bangalore, May 28 - The rupee's slide against the dollar had no impact on Indian banking operations though profitability of importers would be affected, State Bank of India (SBI) chairman and managing director Pratip Chaudhary said Monday.

"There is no impact of a falling rupee on banks but it (slide) would strain the profitability of our importing customers, while exporting customers will have an advantage," Chaudhary told reporters on the margins of a bank function here.

At the same time, despite currency volatility, the bank has seen higher remittances from non-resident Indians (NRIs) in their accounts to benefit from the conversion from dollar to rupee.

Owing to external and internal factors, the Indian rupee has weakened by 23 percent during the last five months, hitting a record low of Rs.56.40 May 23 but recovered slightly to trade in the Rs.54.80-Rs.55.50 range subsequently. It was trading at Rs.55.26 Monday.

Noting that further cut in interest rate would depend on government borrowings this fiscal (2012-13), the chairman said banks were borrowing at 8.5 percent (from the RBI) and lending (primary rate) to the corporate sector at nine percent and above as the government borrowings was at eight percent currently.

"Lowering of interest rate is largely determined by the rate at which the government borrows from the central bank. If the RBI cuts rates further, banks will be in a position to lower lending rate," Chaudhury said after donating a Rs.8.40-lakh school bus to Angavikalara Ashakirana Trustat Davangere, about 260km from here, as a gift from the bank's regional office.

The Reserve Bank of India (RBI) April 17 reduced key rates such as repo (repurchase) rate 50 basis points (0.5 percent) to 8 percent from 8.5 percent, resulting in the reverse repurchase rate decreasing to 7 percent from 7.5 percent for this fiscal (FY 2013).

The repo rate is the interest the central bank levies on short-term borrowings by commercial banks. The reverse repo rate is the interest on short-term lending. A cut in these rates rate reduces the cost of accessing funds for lending institutions.

As the SBI's base lending rate was at 10 percent, lowest among state-run banks, it did not lower it further after the RBI's rate cut.

"We have, however, reduced interest rates on loans for education and purchase of cars and to small and medium enterprises (SMEs)," Chaudhury added.



-IANS


More News....
Page 1 of 8 Next


- Environment ministry eases clearance norms for coal mine expansion
- Research analysts to be registered, rules SEBI
- REC to fund Rs.20,000 crore of power projects in Telangana
- Toshiba wins major order in Malaysia for 2,000 MW ultra-super-critical steam turbine
- Canadian companies look to expand partnerships with India in renewable energy
- Hyderbad metro cost escalates by Rs.2,500-Rs.3,000 crore
- Power failure cripples Mumbai, supply still not normal
- After SpiceJet, IndiGo enters fare war
- Sensex closes above 27,000-mark (Roundup)
- Under fire, Badal government amends sand mining rules
- GSM rural subscribers at 303.10 mn in July: COAI
- Blackouts, load-shedding hits parts of Mumbai
- Seven-ministry sponsored meet on minerals, metallurgy opens Thursday
- India can scale new heights with innovations, better standards: Nadir Godrej
- Tata Motors bags order for 2,700 buses
- Bharti Airtel launches music streaming app Wynk
- Sensex, Nifty touch record highs (Third Lead)
- GMR Infra signs MoU with Japan Bank for International Cooperation
- India Inc lauds Modi's Japan visit
- Private non-financial firms' sales contracted in 2013-14: RBI
- Sensex crosses 27,000-mark
- RBI revises Basel III norms, cuts capital maturity to 5 years
- Bajaj Auto's August sales up eight percent
- Sensex, Nifty hit record highs Tuesday
- UBI terms Kingfisher, Mallya wilful defaulters; airline protests




Page 1 of 8 Next


Telugu Movies Photo Gallery
Aagadu Movie Latest Wallpapers
Boochamma Boochodu Press Meet
Bullet Rani Movie Stills
Hansika
Lakshmi Rai
Regina Stills
Sri Nilayam Trailer Launch
Neha Deshpande
Sri Nilayam Trailer Launch
Santhosham Awards 1
Tamil Movies Photo Gallery
Nila Nagar Movie Stills
Oru Pakka Kadhai Launch
Thiruttu VCD Movie Press Meet
Thiruttu VCD Movie Stills
Aranmanai Movie Stills
Hansika
Lakshmi Rai
Regina Stills
Aadama Jaichomada Audio Launch
Aranmanai Audio Launch
Yuddanapudi Telugu Serials
Priaysakhi
Secretary
Pelli Pillalu Jeevitham
Premasimhasanam
Jeevana Satyalu




Andhravilas
Site Designed & Developed by www.Suryapet.org |ęCopyrights reserved Suryapet.org.