RBI
Credit Information Cos to compensate for delayed updation/rectification: RBI
Recently, the CICs were brought under the purview of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS). "It is now proposed to put in place the following measures: (i) a compensation mechanism for delayed updation/rectification of credit information reports; (ii) a provision for SMS/emailAalerts to customers whenever their credit information reports are accessed; (iii) a timeframe for inclusion of data received by CICs from Credit Institutions; and (iv) disclosures on customer complaints received by CICs," Das said.
Pre-sanctioned credit lines at banks through UPI: RBI
"It is now proposed to expand the scope of UPI by permitting operation of pre-sanctioned credit lines at banks through the UPI. This initiative will further encourage innovation," Das said. According to him, the UPI has transformed retail payments in India and its robustness has been leveraged to develop new products and features from time to time.
Unchanged repo rate comes as relief for affordable segment homebuyers
Real Estate consultant Anarock termed the unchanged Repo Rates as a boon for the Housing sector. Anuj Puri, Chairman, Anarock Group said that much against general expectations, the RBI decided to keep the repo rates unchanged at 6.5 per cent. "This is indeed good for the residential real estate market, which faces a tough road ahead amid massive layoffs by large corporates the world over
No change in repo rate, GDP projected at 6.5% for FY24
The MPC decided to keep the repo rate -- the rate at which RBI lends to the banks -- at 6.5 per cent taking into account the macroeconomic conditions. In the same vein, the RBI Governor added the war against inflation to continue till the decline in inflation rate is closer to the target -- 4 per cent.
Real estate players concerned at impact of repo rate hike on home loans and EMIs
The interest rates on home loan is now at 9.5 per cent and above owing to the hikes in repo rates in the recent past, said Ramani Sastri, Chairman and MD, Sterling Developers. "Any further increase in policy rates means that interest rates on home loans may hit an all-time high and touch almost double-digit, which could have a substantial impact on buyer sentiments and affordability," Sastri said.
After delivering 25 bps hike in repo rate, RBI to change its stance
"There will be a 25 bps increase (in repo rate) and change in stance -- to neutral. The decision won't be unanimous as last time. There will be a pause after the hike," Madan Sabnavis, Chief Economist, Bank of Baroda told IANS. The MPC is likely to change policy stance to 'neutral', with a non-committal forward guidance, said Madhavi Arora, Lead Economist, Emkay Global Financial Services.
RBI's repo rate hike decision may not be unanimous
The MPC's first meeting of FY24 is being held between Monday to Thursday. The decision on the repo rate hike will be announced on Thursday. At the recent MPC meetings, the rate hike decisions were not unanimous with two external members -- Dr. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai; and Prof. Jayanth R. Varma, Professor, Indian Institute of Management, Ahmedabad, voting against the hikes.
India's current account deficit fell to $18.2 bn in December quarter
According to balance of payment data released by the Reserve Bank of India (RBI) for the third quarter of the current financial year, underlying the lower current account deficit in the third quarter of 2022-23 was a narrowing of merchandise trade deficit to $72.7 billion from $78.3 billion in the second quarter of 2022-23, coupled with robust services and private transfer receipts.
Overseas assets of Indians rose in Dec quarter of 2022-23: RBI data
According to India's international investment position for the October-December period of the current fiscal, released by the Reserve Bank of India (RBI) on Friday, net claims of non-residents in India declined by $12 billion during October-December 2022 and stood at $374.5 billion.
Indian stock markets close FY23 on a high note
"Indian markets witnessed a smart rally today, led by the large caps and supported by small and mid-caps. Indian markets played a catch-up rally with global markets, which had witnessed two consecutive days of the strong move, while Indian markets were closed yesterday (Thursday) due to a holiday," said Naveen Kulkarni, Chief Investment Officer, Axis Securities.
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