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Monday, June 25, 2012

Govt To Announce Steps To Improve Economy
Expressing concern over signs of weakness in the Indian economy, finance minister Pranab Mukherjee has said the government is set to announce certain measures from today to improve market conditions in consultations with the Reserve Bank. He said the department of economic affairs had consulted with RBI governor D Subbarao about the measures to be taken in this regard.

"We will be able to take certain measures to be announced on Monday which will improve the market condition," Pranab Mukherjee said.

Yes Bank Seeks To Strengthen ‘Technology Edge’
Yes Bank, a private sector Bank, has appointed two senior level executives in its ‘Technology Solutions Group’ to further strengthen its technology edge and help maintain the Bank’s overall growth trajectory. These appointments come at a critical phase of the Bank’s lifecycle as it is on the verge of completing two and a half years of Version 2.0, aimed at accelerated growth and evolving as a full service bank. Thus, Amit Sethi will join as Senior President and Chief Information Officer (CIO) and Venkat Krishnan V will joins as Group Executive Vice President & Chief Technology Officer (CTO).

India's Forex Reserves Grow To $289 Billion
India's foreign exchange reserves (forex) grew by $2 billion to $289.39 billion for the week ended June 15, official data showed. The forex recovered in the week ended June 8 when it grew by $1.52 billion to $287.37 billion after falling for five straight weeks. The reserves had plunged by $2.40 billion to $285.85 billion for the week ended June 1, apparently due to the Reserve Bank of India (RBI) selling dollars to defend the rupee.

The reserves had also declined by $1.74 billion and $1.80 billion respectively in the previous two weeks of June 1. The RBI was believed to have been selling dollars during these weeks to curb the slide in the rupee's value which incidentally hit a new low Friday at Rs.57.12 against $1.

Earlier, the partially convertible rupee slumped to a record low of 56.52 against the US dollar on May 31.
Business Desk with inputs from agencies.

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