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RBI holds interest rates steady, says tracking inflation and government action

Mumbai, Feb 03 (ANI): Reserve Bank of India on Tuesday held interest rates steady while boosting banks' liquidity in a bid to persuade them to lower lending rates after they failed to pass on the benefits of the last official rate cut three weeks ago. The RBI kept its policy repo rate unchanged at 7.75 percent, as expected by analysts, leaving its next reduction probably until after the government presents its annual budget at the end of this month. Instead, to prod banks to lend more and lower their lending rates, the RBI cut the statutory liquidity ratio (SLR) - the minimum portion of net deposits that banks must hold in government bonds, cash or gold - by 50 basis points to 21.5 percent from February. 7. The RBI also announced a slew of initiatives to develop markets, including allowing foreign institutional investors to re-invest government bond coupons even when their investment limits were exhausted. The RBI described the domestic economy as "subdued", regardless of the government revision of gross domestic product data, using a new formula which showed the economy grew 6.9 percent in 2013/14, instead of 4.7 percent. Feb 3, 2015
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Chennai hosts 3 day India international leather fair

Chennai, Feb 03 (ANI): The India international leather fair is drawing huge crowd of customers, traders and exhibitors to Chennai city. The three-day 30th edition of India International Leather Fair 2015 was opened for business visitors from Sunday. The exhibition showcases entire range of products - from raw material to finished products and auxiliary products such as finished leather, shoes, shoe components, leather garments, fashion accessories and leather goods. General Manager of India Trade Promotion Organisation, V Kumar said the machinery and equipments displayed by foreign participants were in great demand among Indians. The domestic leather industry provides employment to about 2.5 million people. Feb 3, 2015
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