Deep Navel Show

No Shortage of candidates for AP bypolls

All-India Congress Committee (AICC) observer KB Krishnamurthy said that there was no truth in the reports that Congress leaders were not coming forward to contest the forthmcoming byelections to 18 Assembly seats and one Lok Sabha seat. 

In fact, hundreds of party workers have already submitted their applications, he said and added that there is a lot of demand for the seats. Speaking to Express after meeting chief minister N Kiran Kumar Reddy at the Secretariat here on Thursday, Krishnamurthy said he came here to discuss the strategies to be adotped for poll campaign as well as select candidates and assess party prospects.

He said candidates would be selected purely on the basis of merit, caste and region. He clarified that the AICC will not have any role in the selection of  candidates. The list submitted by the APCC would be approved by the AICC and that the Congress party will give tickets only to winning horses. 

The main agenda for the forthcoming bypolls would be the welfare schemes being implemented by the Congress government for the poor and the downtrodden. He exuded confidence that the welfare schemes will help  Congress win majority of seats.

Asserting that the chief minister is giving good administration and working for the welfare of the people, there would be no question of changing him   after the bypolls. 

Stating that the government will be stable till 2014, Krishnamurthy said that there are no differences among the senior leaders or ministers and all are working for the success of the party in the coming polls.

Ameesha Yadav B(.)(.)B Show

EMIs set to fall as RBI cuts repo rates by 50 basis points

The Reserve Bank of India (RBI) on Tuesday cut the repo rate by 50 basis points from 8.5 per cent to 8.0 per cent but did not touch the cash reserve ratio, which remains at 4.75 per cent. The cut in the repo rate is an indication that banks could reduce the interest rates on home and car loans.

Tuesday's rate cut announced by the RBI in its annual monetary policy for 2012-13 is the first one in the last three years. The reverse repo rate under the liquidity adjustment facility, determined with a spread of 100 basis points below the repo rate, stands automatically adjusted to 7.0 per cent.

In another good news for the consumers, the RBI has abolished the pre-payment penalty on home. Accepting the Damodaran Committee recommendations to abolish foreclosure charges levied by banks on prepayment of home loans, the RBI has instructed permit banks to not levy foreclosure charges/pre-payment penalties on home loans on a floating interest rate basis.

While announcing the credit policy RBI Governor D Subbarao said that the liquidity conditions were moving towards RBI's comfort zone and added that there was a need to increase fuel prices for macro economic stability.

After hiking policy rates for 13 consecutive times between March 2010 and October 2011, the regulator took a pause to support India’s falling growth momentum. On April 21, 2009; the apex bank had last reduced its key policy rates by 25 basis points. But, it cut the CRR by 125 bps so far in 2012 to ease the tight liquidity situation.

The latest rate cut move came in line with market expectation. Many felt, RBI would give equal importance to growth after a series of rate cuts to stem the rising rate of inflation. Consequently, the rate of inflation eased to 6.9 per cent in March from 10 per cent during the fiscal year. The average inflation rate in India was 7.99 per cent between 1969 and 2010.