The rupee is expected to remain under pressure in the near term, given the strengthening of the dollar against major global currencies and widening of the trade deficit.
The industry urged the central bank to consider a rate even before the next monetary policy review on July 30.
Application deadline may be extended but no leeway on priority-sector targets.
The index went below the crucial 50 mark.
SBI Research has projected the Indian economy to grow at 7.5 per cent in 2022-23, an upward revision of 20 basis points from its earlier estimate. As per official data, the economy grew by 8.7 per cent in FY22, net adding Rs 11.8 lakh crore in the year to Rs 147 lakh crore, the report said, adding this was however only 1.5 per cent higher than the pre-pandemic year of FY20. "Given the high inflation and the subsequent upcoming rate hikes, we believe that real GDP will incrementally increase by Rs 11.1 lakh crore in FY23. "This still translates into a real GDP growth of 7.5 per cent for FY23, up by 20 basis points over our previous forecast," SBI chief economist Soumyakanti Ghosh said in a note on Thursday.
PS banks need to pull up their socks to improve cash flows.
The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
Vedanta Limited (Vedanta) helping its parent and group holding company Vedanta Resources to deleverage its balance sheet has started to strain its balance sheet. Vedanta's gross debt (consolidated) was up 24.3 per cent year-on-year (YoY) in FY23 and reached a six-year high of Rs 66,628 crore by the end of March. Similarly, its net debt went up 20.3 per cent YoY to Rs 45,706 crore at the end of FY23, up from Rs 38,228 crore a year ago; it was the highest since FY20.
The central bank has lowered its policy rate twice so far in 2015.
Chances of a rate cut in April improve if core inflation continues to ease, growth falling below the projected 7.2% for FY19 and if the global trade slowdown exacerbates.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
India Inc has pitched for rate cut to boost economic activities.
Probably 35 bps. There could be even an encore in February 2023 to take the policy rate to 6.5% before the financial year ends, predicts Tamal Bandyopadhyay.
The Reserve Bank of India (RBI) on Friday decided to leave the benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cuts in the future if need arises to support the economy hit by the Covid-19 pandemic.
Though valuations have moderated, they are still above average.
Customers who possess gold jewellery but are either being denied a personal loan or are being asked for a high interest rate due to their poor credit profile may consider a gold loan.
In mid-March this year, the finance ministry asked state-run banks to review their gold loan portfolio for the two-year period between January 1, 2022, and January 31, 2024. This business had grown at a fast clip. Reserve Bank of India (RBI) data has it that it grew 15 per cent to Rs 1 trillion in FY24. Now, in recent times, any kind of exuberance in financial services has seen the authorities swoop down - be it pushing the lines on governance or unsecured credit.
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The repo rate continues to be at 8 per cent while the cash reserve ratio has also been retained at 4 per cent despite inflation based on the Wholesale Price Index coming down to a 5-year low of 1.77 per cent in October.
Real estate loans could become NPAs for banks.
Business houses expect rate cut in next RBI policy.
The government's ambitious gold deposit scheme can succeed only if depositors are paid a higher interest rate.
CreditSights has dialed back on its language on debt levels at richest Indian Gautam Adani's group but has maintained that the group's leverage is elevated. In a new note published after discussions with the group's management, CreditSights, a Fitch group firm, said it "has discovered calculation errors" in its recent debt report on two Adani Group companies but these did not change its investment recommendations. On August 23, CreditSights stated that the Adani group was "deeply over-leveraged" and may "in the worst-case scenario" spiral into a debt trap and possibly a default.
Bajaj Finance was the biggest loser in the Sensex pack, tanking up to 8 per cent, followed by Hero MotoCorp, IndusInd Bank, Maruti and HCL Tech. Axis Bank, ITC, NTPC and M&M were among the top gainers.
RBI is closely monitoring monsoon.
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
The repo rate, at which RBI lends to the banking system, will be at 7.5%
SBI was the top gainer in the Sensex pack, rallying over 10 per cent, followed by Kotak Bank, Dr Reddy's, UltraTech Cement, ITC and HDFC Bank. On the other hand, Axis Bank, Bharti Airtel, ICICI Bank, Maruti and HCL Tech were among the laggards.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
BSE Sensex on Monday closed nearly 34 points higher at 26,350.17 with gains in realty, power, FMCG and oil & gas stocks amid sustained buying by domestic institutional investors.
Corporate houses believe RBI must cut rates to boost investment in the system.
A reading below 50 means contraction in the sector.
On the individual front, housing loan rebate on self-occupied property was increased from Rs 1,50,000 to Rs 2,00,000.
RBI likely to cut rate early next year.
Market breadth turned negative with 1,779 declines over 884 advances on the BSE
The Reserve Bank is unlikely to lower the interest rates.
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
Investors' confidence has been revived in recent weeks on the likelihood the elections will usher in a new government.
Nifty saw the biggest weekly gain since the first week of September and comfortably maintained its crucial 8250 levels in today's session
