State Bank of India does not levy any charge for non-maintenance of a minimum balance in basic savings account.
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
'People know if inflation is not within the tolerance band, then action will be taken so they do not expect inflation to rise above that.'
Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward.
India Inc on Tuesday expressed disappointment over the Reserve Bank increasing the key rate by 0.25 per cent and hoped that banks would refrain from hiking lending rates as such a move will scuttle economic recovery.
As it stands, there does not seem to be a threat to prices.
Achieving inflation target of 4 per cent, recovery after remonetisation and hardening profile of oil prices are some of the risks which the RBI is watching closely, says Gaurav Kapur.
Deputy governors Subir Gokarn, Usha Thorat and Shyamala Gopinath will get additional portfolios, which were until now under K C Chakrabarty, RBI said in a statement today. The central bank did not give any reason for the reshuffle and said the changes will be effective tomorrow.
The Reserve Bank of India kept interest rates unchanged at 8.0 percent on Tuesday as widely expected, staying focused on containing inflation while adopting a more dovish tone in response to the government's call for help to revive economic growth.
RBI may revise remuneration for banks.
The US Federal Reserve has said economic activity is improving while deciding to continue with the near-zero interest rate regime to bolster the economy.
RBI may go for a 25-basis point cut at its February policy meet.
A CRR cut will help banks to reduce lending rates.
Rajan also said the outlook for agriculture is subdued, in view of both rabi and kharif prospects being hit by monsoon vagaries.
They have also called for giving cash to the poor, so that demand is generated in the economy.
Earlier, the RBI had imposed similar restrictions on commercial banks and NBFCs.
Will RBI chief have the final say, in the form of a veto
With the widespread use of new technologies, inter-connectedness and dependency, newer risks, threats and vulnerabilities have emerged.
RBI has, since January, cut its policy rate four times.
RBI is scheduled to announce mid-quarter review of monetary policy for 2013-14 on June 17.
RBI's out-of-turn rate cut has surprise few economists.
Wholesale price-based inflation eased to a nine-month low of 4.68 per cent in February, while retail inflation slowed to a 25-month low of 8.1 per cent.
The RBI guv said global economy is actually recovering, though slowly
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
The Reserve Bank of India had taken steps to tighten liquidity in a bid to curb volatility in the forex market after the rupee fell to a record low of 61.21 to the dollar on July 8.
Are we adopting an idea whose time has come and gone? My feeling is, yes, says ex-banker C Joseph Chacko in the fourth article of the series on inflation targeting.
The market direction will be guided by corporate earnings, especially the oil & gas companies, since they were responsible for earnings disappointment in the past quarter as well.
Mortgage lender HDFC Ltd on Wednesday announced an increase in its benchmark lending rate by 5 basis points (bps), a move that will make loans dearer for both existing and new borrowers. This is the third hike effected by HDFC in the last one month. "HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from June 1, 2022," the housing finance company said in a statement.
'Election years tend to see high government expenditure on unproductive schemes, though that money sloshing around can boost private consumption.' 'Again, it can mean higher inflation,' explains Devangshu Datta.
SBI was the biggest loser in the Sensex pack, shedding 2.40 per cent, followed by Yes Bank, Bharti Airtel, L&T, Sun Pharma, M&M, ICICI Bank, ONGC, RIL, Asian Paints, Vedanta and HUL, which lost up to 2.37 per cent.
Encouraged by foreign exchange reserves touching record levels, the Reserve Bank on Tuesday doubled the annual overseas investment ceiling for individuals to $2,50,000.
According to D&B, food price levels might witness a rebound as foodgrain production is estimated to have declined during 2014-15.
For the first time in 21 years, the Reserve Bank of India (RBI) will revise norms for investment portfolios of commercial banks to reflect changes in global standards on valuation and measurement, and progress in the domestic market. This could pave the way for banks to transition to the new accounting standards (Ind-AS). The outstanding investment portfolio of commercial banks was at Rs 45.84 trillion as of November 19 this year.
The RBI expects CPI inflation to fall from 5.8% in Jan '16 to 4.8% in Jan-Mar '17.
The message from the Reserve Bank of India is clear; interest rates are headed up.
Financials ended mixed despite the status-quo on key rates by the RBI. SBI, ICICI Bank and Axis Bank ended up 0.4-2.5% each.
In a move that may put pressure on housing and other consumer loans, Reserve Bank of India on Tuesday hiked its short term lending and borrowing rates by 0.25 per cent.
In a move that may put pressure on housing and other consumer loans, Reserve Bank of India on Tuesday hiked its short term lending and borrowing rates by 0.25 per cent.
If this turns into reality, India's gross domestic product (GDP) growth will be the lowest since 2012-13, which could severely hit job creation and income growth in the near term.
Banks normally park almost 27 per cent of their funds in government securitie.
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