“It came as a surprise because it’s between the two MPCs (Monetary Policy Committee meetings). But the US Fed had been saying it all the while,” Sitharaman said in her first reaction to the RBI rate hike.
The RBI action is indicative of the fact that there would be more such action taken over time depending on the evolving inflationary situation.
The repo rate was hiked by 40 basis points (bps) to 4.40 per cent in a bid to contain inflation, which has remained stubbornly above the target zone of 6 per cent for the last three months.
Shaktikanta Das's statement announcing the MPC's decision follows an unscheduled meeting of the committee with all six members unanimously voting for a rate hike while maintaining the accommodative stance.
The decision was announced by RBI Governor Shaktikanta Das after an off-cycle meeting of the rate-setting panel - Monetary Policy Committee (MPC).
The company said on Monday in a statement that it was now valued at $1 billion making it the 100th unicorn in India.
Its board has recommended a dividend of Rs 30 per share for the year ended March 2022 as against Rs 23 per equity in FY21. During 2021-22, individual approvals and disbursements grew by 38 per cent and 37 per cent, respectively, compared to the previous year.
Interest rates are set to go up with the RBI now hinting at withdrawing the accommodative monetary policy to rein in inflation. While the RBI retained the Repo rate at 4 per cent in the last policy review, policy rates are likely to go up in the coming months.
Bank holidays in May 2022: Banks will be shut on these days this month.
Depending on the level of distress, the government and the financial institutions can decide on an appropriate package of support instead of the current practice of doling out distress package to all the farmers across the board.
ICICI Bank said that anyone can avail of the benefits of its digital solutions by simply downloading the new version of the InstaBIZ app, or at the lender’s corporate internet banking platform.
It's the start of the new financial year, and there is no better time than now to rectify your mistakes and streamline your investments by adopting simple habits to make your investments disciplined.
Best FD Interest Rates with 1-Year Tenure in 2022: Here are the fixed deposit (FD) interest rates from the top four banks in India. Read below to find out the best interest rates.
Home loans witnessed 40 per cent growth in originations (value) during festive season from Rs 138,544 crore in FY19 to Rs 193,227 crore in FY22, and 21 per cent growth in originations (volume) from 6.7 lakh accounts in FY19 to 8.1 lakh accounts in FY22.
ADIA is also the primary investor in the alternative investment funds managed by HDFC Capital. Set up in 2016, HDFC Capital is the investment manager to HDFC Capital Affordable Real Estate Funds 1, 2 & 3.
In the case of borrowers where aggregate exposure of the banking system is Rs 5 crore or more but less than Rs 50 crore, there is no restriction on opening of current accounts by the lending banks, the RBI said.
Pointing out that unless there's going to be a global approach at regulating and understanding of the technology on cryptocurrencies there is a risk of money laundering.
Poonawalla Fincorp said that this partnership is a step towards building strong partnership with partners who have demonstrated distribution at scale, risk management capabilities along with their technology prowess. It provides complete end to end digital consumer loans across the country.
The bank’s net interest income (NII) — the difference between interest earned and interest expended — increased 10.2 per cent to Rs 18,872.7 crore in Q4FY22 as against Rs 17,120.2 crore, with credit growth of nearly 21 per cent and 16.8 per cent rise in deposits on-year.
By way of comparison, commercial banks including PSU banks and private sector banks reported NPAs of just 3.99 per cent of their total advances as of December 2021, the SLBC figures show.
The benchmark one-year tenor MLCR will rise to 7.35 per cent The bank has approved the review of marginal cost of funds based lending rate (MCLR) with effect from April 12, 2022, BoB said in a regulatory filing.
A credit score is a three-digit number that tells the lender about your creditworthiness basis your credit history. Your creditworthiness tells the lender about your potential to take a loan and repay it.
The accused has been identified as Alankar Khare, a loan officer of Kotak Mahindra Bank.
Unified Payment Interface recently crossed $1-trillion mark in transaction values for FY22
The operative rate has gone up by 40 bps with the institutionalisation of the Standing Deposit Facility for the withdrawal of ultra-comfortable liquidity.