Indian Rupee Symbol

Indian Rupee gets a symbol. Congratulations 2 all Indian around world. India joined list of countries whose currencies have a unique identity.

Indian Rupee Symbol

Banking to cover 100% Guj homes by April

Good Morning friends, Word is going towards worst financial condition. I read something which I like to share here. Banking to cover 100% Gujarat homes by April. It’s something being a Gujarati I take proud Each citizen of Gujarat is contributing towards the progress of state economy. Read the news I read at timesofindia website.

 

By April 15, not a single household covered under the last census in Gujarat will be left without a bank account. The state is all set to 

achieve 100 per cent financial inclusion with banks providing banking facilities to each household.

 

Sources said Gujarat will be the fourth state, and the most populous one, to achieve 100 per cent financial inclusion after Kerala, Himachal Pradesh and Delhi.

 

Banks in Gujarat have so far opened 95.63 lakh banks accounts, covering 97 per cent households with basic banking service. Out of 26 districts, households in 24 districts have already been fully covered by banks. Ahmedabad and Surat are the two districts where coverage stands at 96 per cent as of now.

 

“We are striving to achieve 100 per cent target before the middle of April,” said Mukesh Kumar Jain, general manger, Dena Bank, and convenor of State Level Bankers’ Committee (SLBC).

 

There are in all 5,672 branches of banks in the state covering the population of just over five crore.

 

Based on the 2001 census, there were over 96.91 household, of which 53.45 lakh household were not covered under banking facilities. “All banks together have covered almost all the households under a drive launched in January 2006,” Jain added.

 

In November 2005, the Reserve Bank of India had announced a series of measures to include poorest of poor in the banking net and to free them from the clutches of unscrupulous money-lenders. Convenor banks of the SLBCs were given the responsibility of reaching 100 per cent financial inclusion.

 

The objective of the financial inclusion is to give benefits of all kind banking service to the people at affordable cost by opening bank accounts. Banking sources said that postal saving accounts are also covered under the drive.

New Year Look Good for All

Good Morning friends,

Diwali vacation is over for businessman and routine started. Yesterday was the first working as as it iwas Labh Pacham. Fifth day of the New Year. Traditionally, from New Year day till fourth day, business remains closed. It’s on fifth day majority businessmen open their business. Some also go on seventh day. Majority of people go with fifth day.

We also open our business yesterday.

 

Things look good this new year. If I talk about India, BSE Stock index Sensex crosses 10000 again. It was below 8000 before diwali. In one week it added 2000+ points. It’s good sign. On other side, government also taking good actions like reducing CRR to 5.5 is really a good step towards adding more liquidity to the banks.

 

New Year looks good as on today. One more positive sign is that today Finance Minister P Chidambaram will meet a panel of bankers today, to review the current economic situation. He is likely to tell the public sector banks to bring down interest rates in order to boost flow of credit to the industry. Let’s see how it work out and help the industry as well as individual.

Sensex plunges below 8,000 mark for first time in three years

Indian stock markets crashed on Monday, with the benchmark Sensex plunging below the psychological 8,000 level in afternoon trading.

Tracking weak global trend, the benchmark Sensex lost over 750 points to hit an over three-year low of 7,939 in afternoon trade on fresh selling by funds.

At 12:52 p.m., the 30-share index, which fell by nearly 2,000 points in the past three sessions, slid by another 762.05 points or 8.76 percent at 7,939.02, a level last seen on November 2, 2005.

The wide-based National Stock Exchange’s Nifty also dipped below 2,400 points level and lost 255.50 points, or 9.89 percent, at 2328.50.

Selling pressure gathered momentum on the domestic stock markets largely due to meltdown in other Asian bourses, traders said.

Major losers, which pulled the Sensex down, were Grasim Industries, HDFC Ltd, State Bank of India, Larsen and Toubro, Tata Power and Wipro.

Bucking the trend, the country’s leading realty firm Unitech Ltd, which witnessed a free-fall in its share and plunged by over 51 percent on Friday, staged strong comeback after the company said it is seeking a probe by government and market regulator SEBI into its scrip’s fall.

DLF Ltd, country’s biggest realty developer company, also regained strength on emergence of low level buying and traded nearly three percent higher at Rs 213.90.

Meanwhile, Hong Kong’s Hang Seng index was down 5.17 percent, Nikkei shed 0.59 percent, while South Korean shares were down four percent in early trade. (ANI)

guaranteedblinds, premierinns, Termco, yahoo

India Inc expects further cut in repo rate: Assocham -1

‘The survey suggests that reasonable liquidity has already been infused into financial system as thousands of India Inc’s applications are pending with banks for sourcing loans. This fear psychosis needs to be removed from banking system with constant monitoring from the RBI on banks extending loans,’ the survey report said.

According to the report, 54 CEOs expected a 100-basis-point cut, while 27 CEOs said the RBI would slash it by 50 basis points.

Of the total respondents, 63 percent maintained that the repo rate at eight percent was still at higher level when compared to the rest of the world.

They said a further rate cut would boost the industrial growth and help foster employment prospects.

‘The industrial growth this fiscal has been a worrying factor for the economy. The industrial growth as shown by the Index of Industrial Production for August has slowed down to 1.3 percent, one of the worst performances on record,’ the report said.

The central banks across the world have taken unprecedented actions by cutting their key interest rates to significantly lower levels to deal with financial crisis. The RBI has followed suit with a 250-basis-point cut in the cash reserve ratio and a 100-basis-point cut in the repo rate. 

 

ref: guaranteedblinds, premierinns, lifequotecenter, yahoo

Sensex crashes 1,088 pts

Good Evening Friends,

 

Thursday at Dow Jones it was crashing day. Dow Jones fall down and enter below 9000.  Thursday down dow was reflected in Indian stock market. I just read news that sensex crashes 1,088 pts. I don’t know where this is going to stop? How invester going to survive in stock market?

The Bombay Stock Exchange (BSE) benchmark Sensex on Friday tumbled by nearly 10 per cent to 10,239.76 in opening trade.

The 30-share index, which had nearly lost 1,730 points in the past five straight sessions, plunged by 1,088.60 points, or 9.8 percent, little away from hitting the lower level circuit of 10 per cent, fixed by authorities.

The National Stock Exchange (NSE) index Nifty moved down by 314.70 points, or 9 per cent to 3,198.95 with all the heavy-weight stocks trading in negative zone.

Infosys Technologies fell by Rs 54.35 at Rs 1,200 despite better quarterly earnings.

Besides, other losers were Reliance Industries, Reliance Infra, RCom, ICICI Bank, State Bank of India, Bharti Airtel, Satyam Computers, Tata Consultancy, Wipro, BHEL, Larsen and Toubro, Grasim Industries, HDFC Ltd and ACC.

News from yahoo India