CRR hike may not contain inflation

KOLKATA, Jan 30 (PTI): The city’s industry chambers feared that the sharp spurt in inflation in recent months may not be contained by the hike in CRR by the Reserve Bank of India on Friday.

“With the increase in CRR about Rs 36,000 crore of excess liquidity has been removed from the system, which may not ultimately be able to contain inflation at the desired rate,” Bharat Chamber of Commerce president Pavan Poddar said in his reaction.

RBI raised CRR of scheduled banks by 75 basis points from 5 per cent to 5.75 per cent in two stages in the third quarter review of the monetary policy on Friday to suck excess liquidity and control inflation.

He said RBI had sought to maintain an interest rate environment consistent with price and financial stability and keeping this in view the bank rate, repo and reverse repo rates were left unchanged.

Bengal National Chamber of Commerce and Industry criticising the RBI move said “For managing recovery from the present sluggish state, our economy desperately needs flow of liberal credit to the productive sectors.”

SEBI calls for online investor complaints

MUMBAI, Jan 30 (PTI): Market regulator SEBI on Friday directed the depositories – NSDL and CSDL – to disclose details of complaints lodged by investors against intermediaries, on their website.

The move is aimed at increasing transparency in the grievance redressal mechanism and improving the general functioning of the market by providing investors the wherewithal to make an informed choice.

“Depositories shall henceforth disclose the details of complaintslodged by beneficiary owners/ investors against depository participants in their website. The aforesaid disclosure shall also include details pertaining to arbitration and penal action action the DPs,” the a SEBI circular said.