Since February, RBI has cut its interest rate by 135 basis points. Yet, bank lending rates for new loans have not fallen by much while interest rates on many existing loans have actually gone up. What explains this?
According to the minutes of the MPC meeting, RBI Governor Shaktikanta Das said the government has also initiated several measures in recent months, which, together with monetary easing by the Reserve Bank, are gradually expected to work their way through the real economy.
The slide in the headline IIP numbers has been triggered by a contraction in manufacturing and electricity, alongside a record contraction in the production of capital goods — reflective of the weak investment climate.
The PMC scam went undetected for around 11 years despite the RBI requiring all regulated entities — including cooperative banks — to submit details of transactions and accounts to it since February 2016.
The bank’s board and shareholders approved setting off accumulated losses of Rs 7,360.29 crore as of March 31, 2019, against the balance lying in share premium account and revenue reserve account of bank as on date of set-off, the bank said.
Ex-PepsiCo CEO Indra Nooyi is reportedly among the frontrunners for the post of World Bank CEO. US President Donald Trump is considering multiple candidates to nominate for the post and Nooyi's name is reportedly being considered.
The Reserve Bank of India on Monday announced that limits placed on cash withdrawals from ATMs stand withdrawn from Feb 1. However, the weekly withdrawal limit of Rs 24,000 will continue. The central bank also said that all limits on current account and overdraft accounts stand withdrawn with immediate effect. The RBI, however, allowed the banks […]
In a sharp u-turn by the Reserve Bank of India, the restrictions imposed on bank deposits exceeding Rs 5,000 in old notes have now been withdrawn by the central bank. In a circular issued to banks, the RBI said it was revoking the restrictions after reviewing the case. Facing severe criticism over the decision, the […]