A penalty of Rs 91 lakh has been imposed on HDFC Bank for violating certain provisions of the Banking Regulation Act, the Reserve Bank said on Friday. The penalty has been imposed on the private sector lender for deficiencies in statutory and regulatory compliance, including those related to Know Your Customer (KYC).
The Reserve Bank kept bank rate unchanged at 6 per cent, short-term borrowing (reverse repo) was kept intact 6 per cent, lending (repo) at 7.75 per cent. Cash Reserve Ratio, a statutory deposit by commercial banks with the central bank, was retained at 7.5 per cent.
RBI is likely to keep interest rates stable in the near term, revealed Moody's. It may also ease its monetary policy stance later in the year.
Markets regulator Sebi board on Wednesday approved a series of measures aimed at improving investor convenience, easing compliance norms, and deepening participation in the capital and debt markets.
Long before Vaishnavi Sharma picked up a cricket ball, she says her future as a cricketer was known to her astrologer father, Narendra Sharma.
'High taxes have kept away art collectors who will now embrace the new GST.'
'India has the potential to grow at more than 7%, with the monetary policy providing a supportive hand.'
Bankers see upward pressure on interest rates after the Reserve Bank raised two key short-term rates in the busy season credit policy of October.
With inflation moderating slightly in recent weeks, HDFC chairman, Deepak Parekh, hoped that there would be no further interest rate hikes even though there was a feeling in the market that the peaking interest rates could go up by another 0.5 per cent.
Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh on Tuesday said that interest rates may rise owing to higher inflation, but lending rates are unlikely to change in the next one month.
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'Incidentally, Prime Minister (Modi) and President Trump have also spoken on the phone on eight occasions during 2025, covering different aspects of our wide-ranging partnership'
Three laws passed in Parliament could boost central revenues, reshape GST cess flows, shift MGNREGA costs to states and create new budget headroom ahead of the 2026-2027 Union Budget, points out A K Bhattacharya.
Reserve Bank of India Governor Bimal Jalan on Wednesday said the apex bank's stance on soft interest rate environment will continue while it will remain flexible for repo rate.\n\n\n\n
Former RBI governor Raghuram Rajan on Monday said the central bank will have to raise interest rates to tame inflation and the hikes need not be considered by politicians and bureaucrats as some "anti-national" activity. Known for his frank views, Rajan also said it was important to remember that the "war against inflation" is never over. "Inflation is up in India. At some point, the RBI will have to raise rates, like the rest of the world is doing," he said in a LinkedIn post.
One of the implications of rising interest rates that deserves more attention than it gets in the current discourse is that of deteriorating credit quality.
"Clearly there is a slowdown in the number of deals. . . interest rates have gone up from eight per cent in the past to now 12 per cent and prices too have gone up but an asset bubble is not there," ICICI Bank Joint Managing Director Chanda Kochhar told PTI. She said that a correction was expected as the present slowdown was in number of deals and not so much in prices.
Asset quality stress has ballooned recently, as growth slowed and interest rates continued to rise.
The country's largest public sector lender State Bank of India on Thursday said that it does not expect the interest rates to go up in the short term.
The government is closely watching the movement of prices of five essential items -- steel, cement, sugar, wheat and rice -- besides that of oil in the global market despite inflation dropping to over a two-year low of 3.35 per cent, Finance Minister
The government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks. Interest rate on Public Provident Fund (PPF) has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) will now earn 0.9 per cent less at 5.9 per cent. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on various small savings schemes for the first quarter of the financial year 2021-22 starting from April 1 has been revised, the finance ministry said in a notification.
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Among Sensex firms, ITC, Bharti Airtel, Trent, Bajaj Finserv, Titan and Reliance Industries were the major laggards. However, UltraTech Cement, Adani Ports, Tata Motors, Bharat Electronics, Bajaj Finance and Hindustan Unilever were among the major gainers.
RBI's deregulation drive on saving interest rates has created a competitive environment.
Credit rating agency ICRA expects interest rates in the Indian economy to harden, which together with a slowdown in agriculture growth, will put pressure on industrial activity and profitability of the banking sector.
Economic growth projected at 8.5 per cent for 2007-08; Inflation to be close to 5 per cent.
Given the extremely good liquidity situation in the economy, interest rates are likely to remain stable in the next six months, K V Kamath, managing director and CEO, ICICI Bank said.
The Central Board of Trustees of the Employees Provident Fund Organisation (EPFO) today decided to retain the previous year's interest rate of 8.5 per cent for the current fiscal.
The Reserve Bank of India on Tuesday left all the key interest rates unchanged in the first quarterly review of the monetary policy.
Institute of Economic Growth has warned that rising foreign exchange demand and global interest rates may weaken the rupee and slow down forex accumulation, which is expected to touch $106 billion by March.
Consumers may not have got any respite from high interest rates, but they also need not be apprehensive about further increase with the Reserve Bank of India giving a clear signal for stable monetary policy stance.
RBI Governor has been under pressure from Finance Ministry.
IDBI Bank has hiked interest rate by 0.25 per cent on fixed deposits having maturity of 365 days and above, effective from Monday.
Analysts at Morgan Stanley have updated their outlook for the Indian markets, and they now expect the Sensex to hit the 107,000 mark by December 2026 in a bull-case scenario, translating into an upside of 26 per cent from current levels.
With the reduction, term deposits of 1-3 years will now fetch an interest rate of 5.5 per cent from the existing 6.9 per cent.
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