Interest rate sensitive stocks gain ground post decision
The Reserve Bank of India favours further reduction in lending rates and interest rate spreads of commercial banks, especially for small scale and agriculture sectors.
With the revision, term deposit between 180-210 days less than Rs 1 crore (Rs 10 million) would now earn 7 per cent against existing 6.80 per cent, SBI said in a statement.
Interest rates will continue to be stable with a little downward bias," SBI chairman A K Purwar said. \n\n
A day after the Reserve Bank of India announced a cut in bank rate, State Bank of India has reduced its prime lending rates and interest on domestic term deposits by 0.25 per cent across all maturities with effect from May 5.
Indian money, foreign exchange, bond and stock markets are closed on Monday for Ambedkar Jayanti.
After making a larger-than-expected cut of 50 basis points on September 29, Rajan urged the federal government to do its bit to accelerate growth through structural reforms.
The monetary authority said it was worried on three fronts with regard to inflation as well as the economy.
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Steps announced by new RBI Governor Raghuram Rajan could attract $10 billion of forex inflows in the next three months and this could be a material near-term positive for the rupee, which has lost 20 per cent since January, the London-based banking and financial services company said.
On July 15, the Reserve Bank put in place measures to restore stability in the foreign exchange market, including raising the Marginal Standing Facility and bank rates to 10.25 per cent and restricting access by way of repos to Rs 75,000 crore (Rs 750 billion).
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The cap on FDI in retail has been totally removed, while the limit in insurance sector has been enhanced to 46 per cent.
The Reserve Bank of India said on Tuesday it has raised the limit for short-term advances to state governments by nearly 19 per cent to Rs 71.70 billion from Rs 60.35 billion.
Questioning the bullet train in view of the investment needed in Indian Railways is similar to saying that India needed to invest in primary education rather than in IITs, says Shreekant Sambrani.
Bandra-Worli sea link has still not been able to make money for MMRDA in spite of steep toll for car owners.
With the 50 bps rate cut now more banks are expected to reduce their base rate.
He assured the startups that both the banking system and the government will make the resources available to them
The central bank will auction Rs 220,00 crore (Rs 220 billion) of government cash management bills every Monday, it said in a statement, without specifying for how many weeks the sales would last.
Market breadth depicted gains with 1,476 advances over 1,403 declines on the BSE. 140 stocks remained unchanged.
The banking sector in India is reeling under Rs 8 lakh crore of non performing assets (NPAs) or bad loans, of which PSU banks alone account for over Rs 6 lakh crore.
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
CRR remains unchanged at 4%; first repo rate cut since May 2013.
Gold prices are already moving fast to the key level of Rs 30,000 per 10 gms
Markets under pressure; IT financials grab spotlight.
A referendum will be held on Thursday, June 23, to decide whether Britain should exit (Britain's exit, hence the term Brexit) or remain in the European Union.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
The manifesto, on the lines of the party's promise in Delhi in 2015, also says the AAP government will set up Aam Aadmi canteens at sub-division and district levels where one time meal will be available for Rs 5, and reduce the power tariff to half for usages up to 400 unit.
After Raghuram Rajan leaves, the world for the succeeding RBI governors will be distinctly different.
The Supreme Court has dismissed the appeal of ACC Cement, ruling that if a product is manufactured by one firm and sold by another with the latter's brand name, that sale would attract sales tax, not the first transaction.
The RBI's reluctance to cut rates should be seen as a case of inability in the face of inflation.
RBI had previously cut repo rate by 0.25% each in January and March.
Chaos in Parliament threw a spanner in the government's efforts to revive the economy and kick-start reforms.
The Reserve Bank of India cut its repo rate by 25 basis points to 6.50 per cent.
This is a terrible situation for a growing economy to be in, and the central bank would be expected to act to correct the situation.
Auto sector has nothing to look forward to in the Budget.
This is the lowest investment grade rating.
Increase in taxes on luxury cars will not have any effect on the demand
Within two weeks of the speech, the prime minister flagged off the Pradhan Mantri Jan Dhan Yojana, and the day was marked by announcing its outcome on the very first day of its implementation.
The CBI is probing whether the former IRDA chief J Hari Narayan had misused his discretionary powers to favour Reliance General Insurance Company, which has admitted that the extra amount collected by it way of premium was not Rs 1.07 crore, as originally believed, but 20 times as much, report Paranjoy Guha Thakurta and Pranati B Mehra.
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