Retirement fund body EPFO on Thursday lowered the interest rate on Provident Fund deposits to 8.5 per cent for the current financial year, Labour Minister Santosh Gangwar said on Thursday.
Foreign Portfolio Investors (FPIs) remained in a selling mode in January, withdrawing nearly Rs 36,000 crore (about $3.97 billion) as global uncertainties persisted. Meanwhile, a higher securities transaction tax (STT) proposed in the Union Budget may weigh on overseas investor participation in the near future.
The government should lower the interest rates in the long term to increase supply as a move to check inflation, which touched a three year high of 7 per cent last week, Bharti Group chairman and managing director Sunil Bharti Mittal said.
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The Reserve Bank on Friday eased money supply further by cutting key policy rates and ratios - decisions that would among other things infuse Rs 20,000 crore (Rs 200 billion) into the banking system.
Meanwhile, ICICI Bank chairman KV Kamath, however, said he expects interest rates to go up only towards of the end of this year.
Repo rate may well end 2013 at 8 per cent, where it had begun the year.
Data reveals a disturbing trend of Indian worker deaths abroad, particularly in Gulf nations, alongside numerous complaints of exploitation and labour rights violations.
Housing sales fell 1 per cent last year to over 3.48 lakh units across eight major cities, with demand stagnating amid an average price rise of up to 19 per cent, according to Knight Frank. In a virtual press conference on Wednesday, real estate consultant Knight Frank India noted that the decline in interest rates on home loans, strong economic growth and lower inflation were some of the key factors that helped in sustaining the housing demand during the 2025 calendar year despite fears of an impending correction.
The Reserve Bank is likely to hike interest rates marginally in the fourth quarter of this fiscal to give a signal to the market, a top financial sector expert said.
The Reserve Bank of India (RBI) kept its key policy repo rate unchanged at 8.0 percent on Tuesday, as widely expected, while expressing concerns about risks to its target to bring consumer inflation down to 6 percent by January 2016.
'Where in the world you get 12.5 per cent return of interest?'
Bank of Baroda's subsidiary Bobcards Ltd will slash the interest rate on its credit cards to lowest ever level of 1.49 per cent per month, a move that will trigger off another rate cut war among banks and card issuers.
Finance Ministry and Reserve Bank of India on Thursday sought to play down their differences in perception on interest rates.
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In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings including PPF and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
LIC Housing Finance on Thursday slashed interest rates for new housing loan customers, intensifying the war for cornering a major pie of the now reviving home loan market.
'New investors should enter gradually and stay cautious.' 'Silver is a structural multi-year story, but timing matters in a high-volatility metal.'
Deposit rates stood at 8-9.50 per cent, compared to 6.25-8 per cent as on August 18, 2006, the report for the month of August stated.
Institute of Economic Growth on Friday said domestic interest rates are set to rise in the short term due to surging inflation and hike in international rates.
Initially, these futures contracts would be based on 10-year government bond yield, which should be settled by physical delivery. Recently, an RBI-appointed technical panel recommended introduction of futures contracts, suggesting that as market evolves, exchanges may consider introducing contracts on various other government securities and had sought public comments.
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Millions of small savers and PPF account holders will earn less on their post office savings schemes, with the government deciding to reduce interest rates on them marginally by 0.10 per cent.
"Any payment above EMIs is considered as payments towards the principal and would result in shorter tenure. This, in turn, will lower the total interest amount you pay on your home loan."
Bankers, who spoke to PTI, point to the above indicators and aver the Reserve Bank of India is unlikely to hike reverse repo and repo rates this month.
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Many fear that in practice if banks make their customers pay to hold their money, it might lead to a situation where consumers hold on to cash.
'India's ties with Israel have to do with defence and general technology.' 'The war changes nothing in what India and Israel hope to get from the relationship.' 'It's not as though India will get significantly more benefits from Iran if India abandons Israel at this time.'
He feels that RBI could be waiting for a period or an opportune movement when there could be sustained reduction.
Expressing dissatisfaction over the RBI decision to keep interest rates unchanged, India Inc today said rate cuts were needed to make the industry invest more and drive economic growth.
The government on Tuesday said it is not in favour of regulating interest rates charged by micro-finance institutions but emphasised that there should be transparency in amount they charge from the borrowers.
Banks see interest rates staying at the current elevated levels for now.
The core dilemma remains: Why provide further stimulus to an economy that is already booming at an 8 per cent growth rate? asks Rajeswari Sengupta.
Ahead of Reserve Bank of India's 's slack season Credit and Monetary Policy, Life Insurance Corporation, one of the biggest players in the financial sector
The Reserve Bank of India fears that rising current account deficit in the United States could adversely impact interest rates and inflation globally and India could not be an exception.
While bankers and experts expect the lending rate to fall by about one percentage point in the near-term, the Prime Minister's Economic Advisory Council has strongly pitched for rate cut by the RBI in its monetary policy review later in the month.
