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June 2014

RBI: base rate for non-bank micro finance companies 10.09 percent for quarter starting July

June 30, 2014 by sknlakshmi

The average base lending rate for non-bank micro finance companies to arrive at the interest rates they can charge to borrowers will be 10.09 percent for the quarter starting July 1, the Reserve Bank of India said on Monday.

The RBI had said in February that it will advise the average of the base rates of five largest banks to the non-bank micro finance institutions on the last working day of the quarter.

Sensex up 1.25 pct, posts best qtr since Sept 2009

June 30, 2014 by sknlakshmi

The BSE Sensex rose 1.25 percent on Monday as investors bought shares in recent outperformers such as State Bank of India, allowing the broader index to post its best quarterly gain since July-September 2009.

The Sensex rose 13.52 percent in the quarter concluded on Monday, making it the best performer in Asia-Pacific, in a rally spurred by hopes the election of Narendra Modi as India's prime minister would spur a period of economic reforms. Modi swept to power in May and the index rose to a record high on June 11.

April-May fiscal deficit at $40.05 billion

June 30, 2014 by sknlakshmi

India's fiscal deficit in the first two months of the 2014/15 financial year touched 2,408.37 billion rupees ($40.05 bln), or 45.6 percent of the full-year target, government data showed on Monday.

The deficit was 33.3 percent during the comparable period in the previous fiscal year.

Net tax receipts were at 286.51 billion rupees in the first two months of the current fiscal year to March 2014, while total expenditure was about 2.8 trillion rupees.

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