New Delhi, Oct 15 (ANI): The Reserve Bank and the government today agreed to take measures immediately to infuse liquidity into the system.

"RBI Governor D Subbarao will work out the details of the measures agreed upon between the government and the central bank," said Finance Minister P. Chidambaram.

I expect to be able to make a statement later in the afternoon, he added.

RBI Governor D Subbarao last evening called on Prime Minister Dr. Manmohan Singh. P. Chidambaram was present at the meeting.

The Prime Minister reviewed the financial situation, with particular reference to the liquidity position. The developments in, and measures taken by, other countries, were also reviewed.

During the meeting, the Finance Minister said that it was felt that inter-bank lending still remains constrained and it is necessary to overcome these constraints.

The meeting also observed that the banks were able to access only Rs.3,500 crore from the special window of Rs.20,000 crore opened by RBI for providing liquidity to mutual funds;

The meeting also took note of the fact that the banks were able to access only Rs.3,500 crore from the special window of Rs.20,000 crore opened by RBI for providing liquidity to mutual funds.

The meeting noted that is important to ensure that credit flows to borrowers within the sanctioned limits of term loans and of working capital; and that it is also important to enhance the credit limits where borrowers require more credit.

The meeting also observed that the inter-bank call rate was between 9 and 9.1 per cent on Tuesday and the bank accessed approximately Rs 62,500 crore through liquidity Adjustment Facilities. (ANI)

New Delhi/Mumbai, Oct 15 (ANI): India pumped liquidity into its markets and took measures aimed at helping its 106 billion dollars mutual-funds industry as its rupee and stocks rallied after governments worldwide moved to restore confidence in the financial sector.

Reserve Bank of India (RBI) Governor Duvvuri Subbarao who met Finance Minister P. Chidambaram here said market situation was under control but did not comment on what more measures might come.

Subbarao later met Prime Minister Dr. Manmohan Singh along with P. Chidambaram but did not make comment further.

Subbarao spoke after markets closed. But they mostly reacted positively to the steps, with the partially convertible rupee closing up 0.4 per cent at 48.04/06 per dollar and the main share index ended up 1.5 per cent, building on a 7.4 per cent gain the previous session.

India's financial markets were badly shaken last week as the global financial crisis spread, with stocks falling almost 16 per cent, the rupee hitting a record low and overnight lending rates leaping to 23 per cent.

The RBI cut the amount of funds banks must keep in reserve on Saturday, releasing more than 12 billion dollars into the banking system, and on Tuesday it injected 13 billion dollars via its daily overnight money market operations and introduced a temporary funding window for mutual funds.

The RBI conducted a special 15-day repo-auction on Tuesday to meet the liquidity needs of mutual funds, whose investors have pulled money out to pay tax bills and due to the global financial markets turmoil.

In the auction, which was to banks specifically for lending on to funds, saw only 35 billion rupees taken up against 200 billion rupees on offer. Meanwhile, all leading industrial lobby asked the Central Government to raise the tax on exports of iron ore, a key demand of steel firms facing falling margins, to increase supplies and help lower prices.

"ASSOCHAM and other chambers have already requested the Finance Ministry to withdraw those things because those were done at the time when steel prices were very-very high and so those measures were taken. But today there's a need to withdraw those measures," said Sajjan Jindal, president, the Associated Chambers of Commerce and Industry.

Leading steel makers have asked for the tax to be lifted to 35 per cent from 15 per cent as they try to reduce input costs at a time when the government has leaned on them for months not to raise prices as it fights double-digit inflation. (ANI)

Mumbai, Oct 15 (ANI): A day after its partnership with the Kingfisher Airlines, Jet Airways is expected to lay off more than 600 cabin crews and customer care executives today, in a bid to "rationalize" its operations.

According to sources, the unconfirmed staff workers are being laid off on a 30-day compensation package.

The move came after Jet Airways and Kingfisher Airlines formed alliance that will help both carriers to significantly rationalize and reduce costs and provide improved standards of service and a wider choice of air travel options to consumers with immediate effect.

The two airlines will be able to rationalize their operations and derive the maximum synergies, thereby offering the best possible fares for the benefit of the consumers.

The alliance will also enable a stabilization of the Indian aviation industry in the larger public interest for the benefit of the customer during the current downturn of the world economies.

The partnership will bring together two of India's largest carriers with innumerable benefits in terms of cost savings, revenue improvement and an unprecedented network.

Over the past six months, the Indian Aviation Industry has suffered due to high fuel prices, back-breaking taxation, excessive airport charges and over-capacity.(ANI)

New Delhi, October 14 (ANI/Business Wire India): TripAdvisor(r), the world's largest travel community, today announced a list of top 10 budget accommodations in India, according to TripAdvisor editors and traveler popularity. The list includes hotels, guest houses as well as B and B properties that cater to the budget conscious leisure travelers, with rooms available for below or close to Rs. 1000/- per night.

TripAdvisor, which launched in August of this year, already attracts more than 500,000 Indian travelers every month, making the site one of India's leading destinations for comprehensive travel information. These budget properties indicate the preferences of the large Indian travel community and reiterate their choices for economical lodging and boarding in India.

"These hotels are great for families as well as easy on the wallet," said Sharat Dhall, Managing Director of TripAdvisor India. "With inflation reaching double digits, it's always nice to be able to save some money where you can, and yet be able to enjoy the holiday season."

-- Hotel Pearl Palace, Jaipur (Avg. nightly rate: INR 713/-)

Centrally located in the land of Forts and Palaces, Pearl Palace is a first-class budget priced, government approved 2-star hotel, located in the heart of historic Pink City Jaipur in the state of Rajasthan.

According to a TripAdvisor member, "Fantastic value for money, this small hotel really deserves it no.1 rating. I relied entirely on other TripAdvisor reviews in selecting this hotel and I'm glad I did."

-- Hotel Mother Tree, Kochi (Avg. nightly rate: INR 950/-)

A good budget option in Fort Cochin, Hotel Mother Tree is new and the rooms are spotless. The bathroom is modern with hot water around the clock and the B and B has a reputation for offering above average hospitality and service.

"Mother Tree is a great little hotel, clean and charming, very well located in Fort Kochi.he rooms, although a little bit on the small side for one of them, are spotlessly clean and colorful, the bed is comfortable, and did I mention there was hot water and mosquito repellent?" said a TripAdvisor member.

-- Sunder Palace Guest House, Jaipur (Avg. nightly rate: INR 808/-)

Centrally located, the rooms are spacious and clean and the property is family-run.

A TripAdvisor member said, "Me and my friend stayed in Sunder palace for 2 nights and it was just amazing. After spending 3 nights in non convenient hotels in Delhi and Agra, Sunder palace was just an oasis!"

-- Royal Guest House, Bharatpur (Avg. nightly rate: INR 428/-)

A brand new guesthouse, it is a quiet and small place, with just five guest rooms. Located close to the park it is spotlessly clean and offers the option of a private kitchen as well.

"Nowhere did we receive as warm a welcome as we received at the Royal Guest House. The accommodation was simple but very clean, excellent aircon in our room and a good shower." - said a TripAdvisor traveler.

-- Inn Seventh Heaven, Pushkar (Avg. nightly rate: INR 903/-)

A small, cozy casual restored Haveli home set in the heart of Pushkar but miles away from it too. A perfect complement to the ancient riotous religious old village that is Pushkar, the haveli is very beautifully decorated with paintings, fountain, charming plants and vines, wooden carved furniture.

According to a TripAdvisor member, "The best that can happen in India is to spend some days in this hotel. Beautiful building, clean as you can't believe. The staff is great, young and smart. Here nobody will make any pressure or will try to cheat you. Good taste of music and good food."

-- Leelu's Home stay, Kochi (Avg. nightly rate: INR 760/-)

A recently renovated Victorian house with all modern amenities in the fabulous neighborhood of Fort Cochin. Five well-appointed double guest rooms feature attached bathrooms and offer clean, comfortable and affordable accommodation, combined with a friendly family atmosphere.

"I had the wonderful experience of staying at Leelu's home stay during my recent trip to Cochin, India. The home stay has spacious bedrooms and bathrooms, extremely clean and the host Leelu was very helpful. She gave me great tips for local sight seeing and managed to arrange discounted tickets. I would definitely recommend to all travelers looking to stay in Cochin."- mentioned a TripAdvisor traveler.

-- Dekeling Hotel, Darjeeling (Avg. nightly rate: INR 903/-)

Centrally situated (10 minutes walk from the train station and 5 minutes from Chowrasta) it is clean, warm and comfortable. Travelers can ask for hot water on demand and hot water bottles at night.

According to a TripAdvisor member, "Being first time travellers to Darjeeling our stay at Dekeling was a wonderful experience. We were a group of 6 girls and this place was just like home. The staff are wonderful and the place quiet and charming."

-- Alidia Beach Cottages, Baga, Goa (Avg. nightly rate: INR 618/-)

A rare piece of quiet in the otherwise throbbing world of Baga, this convivial place has beautifully kept rooms and cottages fronting onto the beach. The suite has an ocean view and a rooftop balcony at the top of a cast iron spiral staircase that could comfortably host forty of your closest friends.

"We stayed at Alidia during a week in Baga and had a lovely experience in our AC suite room. It was nothing fancy, but comfortable, clean and pleasant. The pool is cute, the staff friendly and the location - just a quick walk to the main drag of Baga Beach - unbeatable! Highly recommended." - commented one TripAdvisor member.

-- Tamarind, Goa (Avg. nightly rate: INR 808/-)

Situated some two and a half km from Anjuna and Vagator beaches, The Tamarind has been in existence since 1987 and is described by many visitors as an oasis, providing comfort and personalized service. Stone built, this hotel is for animal lovers and the owner has four pet dogs, whimsically named Basil, Parsley, Ginger and Thyme.

According to a TripAdvisor member, "The Tamarind is an excellent place to stay if you want peace and quiet. The staff is very friendly and the place is very tranquil. There is no fridge or coffee making facility but so what! If you want the 5 star experiences then I think you have to pay a bit more than the very reasonable Tamarind."

-- Thomas Inn, Kochi (Avg. nightly rate: INR 1093/-)

A beautiful oasis in Cochin City, the rooms are safe, clean and maintained by the host family. Rooms and family suite has private entry, cable TV, broadband internet access along with en-suite bath rooms with running cold and hot water. Guests share common facilities such as a self-catering kitchen with fridge, microwave, utensils, washing machine and iron etc.

"Thomas and his wife are the perfect hosts, full of excellent advice and superb cooks! The accommodation was spotlessly clean and had everything we could need. Each morning Thomas served beautifully prepared breakfasts - different every day so we could sample many lovely dishes." - mentioned a member of TripAdvisor. (ANI)