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Analysts and economists disagree on the extent of the rate increase, even though it is almost certain that policy interest will rise. Between 25 and 50 basis points can be found in the range.
The policy watchers and economists gave a mixed reaction to the Reserve Bank of India (RBI)'s announcement of hiking policy repo rate by 50 basis points (bps) to 4.90 per cent with immediate effect.
RBI MPC has increased the prediction for inflation to 6.7%, and MPC has also decided to focus on the withdrawal of accommodation.
Rate increase follows an out-of-cycle increase last month. The RBI slashed the repo rate in March 2020 to mitigate the impact of a covid-induced lockdown,
Central bank has permitted rural cooperative banks to extend finance to commercial real estate, Das said.
RBI clarifies that no changes are expected to the current banknotes in circulation and the rumours in the media should not be considered.
RBI going for another round of rate hikes in the next week's review of monetary policy
The RBI data has shown bank credit rises by 10.82 per cent to Rs 120.46 lakh crore and deposits by 9.71 per cent to Rs 166.95 lakh crore on May 6, 2022.
The Reserve Bank of India has sold a net $20.1 billion in the spot foreign exchange market in the month of March to support slipping down rupee against the US dollar.
According to Bloomberg, India's central bank is intervening in all foreign exchange markets and will continue to do so in order to safeguard the rupee, which hit a new low on Monday.
Moody’s Investor Services' big move comes right after a 25-basis-point rise in the coronavirus period interest rates given by Federal Reserve – this increase was seen for the first time in 3 years.
In 2016-17, bank frauds reached Rs 61,229 crore, which plunged to Rs 11,583 crore in 2020-21 and again to Rs 648 crore during April-December 2021-22.
The rise in overall reserves was on account of a rise in the foreign currency assets (FCA), a vital factor of the overall reserves, the Reserve Bank of India's (RBI) weekly data published on Friday indicated.
The post-budget meeting has been slated for Monday where FM Sitharaman would be heading the board members and will be talking about declarations made in the Budget 2022-23.
The banking regulator occasionally retaliates culpable cooperative banks for several violations.
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