|
The current Exchange Rate varies quite a lot from as low (recently) as 67 Indian rupees to the :£1 (GBP) to as much at 78 Indian rupees - Indian rupee is symbolised as IRS as UK Sterling is GBP and US Dollars are USD.
Large ammounts of rupees are referred to by unique denominations in India, as.lakhs and/or crores, A lakh is 100,000 rupees. A Crore is 10,000,000 rupees.
However in India, you will also see the much more common
1 lakh (100,000) written as 1,00,000 and
a crore as 1,00,00,000 not 10,000,000
particularly associated with lakhs and crores of Indian Rupees. But it can also be used in other measurements (typically numbers of people!).
This is comparable to British and American slang which is dotted with ‘grand’ or ‘k’ for 1000 etc.
It’s not accurate but you can think of 1 lahk (1,00,000 Indian Rupees) as about £1250 GBP. For a universal currency converter click here
There are four basic financial organisation types in India
- Commercial banks offering funds transfer, deposit acceptance, loans and support for private and company expenditure etc. and include.
- Public sector banks (about 90% of banking business at the last count)
- Private sector banks
- Foreign banks
- Cooperative institutions such as Urban cooperative banks, State cooperative banks and Central cooperative banks
- Financial institutions such as the All-India financial institutions (AIFIs)
- Non-banking financial companies
- Capital market intermediaries
Indian banks are generally strong and well organised given that retail banking has a vast geographical spread and a clientele from rural to internationalized corporate. The RBI (Reserve Bank of India) is an autonomous body with strong reserves and independence to support a policy to manage volatility in the Rupee. The fixed exchange rate is not fixed and varies considerable again Sterling, Dollar and Euro.
For a useful list of banks click here
|
