10-15-2008, 08:12 PM
<b>India Cuts Cash Reserve Ratio, Pledges Funds to Banks </b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Oct. 15 (Bloomberg) -- India cut the amount of deposits lenders need to set aside as reserves and said it will provide funds for banks to tackle a global credit crunch that threatens to plunge the world into a recession.
The Reserve Bank of India reduced its cash reserve ratio to 6.5 percent from 7.5 percent, the second cut in a week, according to a statement in Mumbai. The move will add 400 billion rupees ($8.2 billion) into the financial system. India accelerated loan payments to banks and doubled the overseas investment limit in corporate bonds to shore up the rupee from near a record low.
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They are tanking. All 401K money is out of India now.
1 USD = Oct 15 <b>48.885 </b>
The Reserve Bank of India reduced its cash reserve ratio to 6.5 percent from 7.5 percent, the second cut in a week, according to a statement in Mumbai. The move will add 400 billion rupees ($8.2 billion) into the financial system. India accelerated loan payments to banks and doubled the overseas investment limit in corporate bonds to shore up the rupee from near a record low.
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They are tanking. All 401K money is out of India now.
1 USD = Oct 15 <b>48.885 </b>