First Quarter Review of the Annual Monetary Policy for 2007-08
Dr. Y Venugopal Reddy, Governor, Reserve Bank of India submitted the First Quarter Review of the Annual Monetary Policy for the Year 2007-08. The highlights of the report are:
| Growth in housing loans | 24.6% | |
| Growth in real estate loans | 69.8% |
| Inflation, as on 14th July, 2007 | 4.4% | 5.9% in March 2007 | |
| RBI’s net foreign currency assets | Rs.72, 947 crore (April to June 2007) | Rs.30,663 crore (April to June 2006) | |
| BSE Sensex (1978-79=100) | 15,795 on July24, 2007 | 13,072 (March 31, 2007) | |
| Net capital flows | USD 44.9 billion in 2006-07 | USD 24.3 billion in 2006-07 | |
| Inward FDI | USD 8.4 billion in 2006-07 | USD 23.4 billion in 2005-06 | |
| NRI Deposits | USD 3.9 billion in 2006-07 | USD 2.8 billion in 2005 – 06 | |
| Foreign Exchange Reserves | USD 222.0 billion on July 20, 2007 | – | |
| FII inflows | USD 8.4 bet. April to July 13, 2007 | USD 2.0 in 2006-07 | |
| Gross FDI inflows | USD 1.6 billion (April 2007) | Rs. 0.6 billion (March end 2006) |
| Exchange Rate | June 30, 2007 | March 31, 2007 | |
| Against the US dollar | Rs.40.70 | Rs.43.59 | |
| Against the euro | Rs.55.12 | Rs.58.14 | |
| Against the pound sterling | Rs.81.76 | Rs.58.14 | |
| Against the Japanese yen | Rs.33.04 per 100 yen | Rs.36.89 per 100 yen |
Key Bank Rates
- Bank Rate stays at 6%
- Repo Rate stays at 7.75%
- Reverse Repo Rate 6%
Cash Reserve Ratio by 50 basis points to 7%, w.e.f. August 4, 2007
| Interest Rates of Banks | July 2007 | March 2007 |
| Deposits of above one-year maturity (public sector banks) | 7.25-9.60 % | 7.25-9.50 % |
| Deposits of 1 to 3 years maturity (private sector banks) | 6.75-10.25 % | 6.75-9.75 % |
| Deposits above 3 years maturity (private sector banks | 7.50-10.00 % | 7.75-9.60 % |
| Deposits of 1 to 3 years maturity (foreign banks) | 3.50-9.50 % | 2.50-9.50 % |
Photo: Rashtrapati Bhavan ,Delhi 01 by Harvinder Chandigarh, licensed under CC BY-SA 4.0, via Wikimedia Commons.
