Top economy news of the day

India Infoline News Service | Mumbai |

Global ratings agency Standard & Poor’s said an increasing focus by India Inc on lowering debt was likely to improve their credit profiles

The Reserve Bank of India has recommended that the government dissociate itself from the selection process involved in picking the heads of state-run banks. The central bank has also suggested that top executives of public sector banks be selected from a wider pool that includes private sector candidates, rather than be confined to those from the state-run lenders. (ET)

The domestic IT services business is expected to grow 9-12% in the fiscal 2014-15, said president, National Association of Software and Services Companies. (BS)

Global ratings agency Standard & Poor’s said an increasing focus by India Inc on lowering debt was likely to improve their credit profiles. (BS)

The banking system’s deposit growth continues to be higher than the growth in credit, owing to slow economic growth. Reserve Bank of India data show for the fortnight ended March 7; credit grew 14.65% year-on-year, while deposits rose 15.55%. (BS)
 

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