Front-loaded rate hikes reduce need for action later, says RBI deputy governor Patra

– Advertisement – MUMBAI: Reserve Bank of India deputy governor Michael Patra said that the front-loading of interest rate hikes to tame inflation will reduce the need for subsequent increases. In the near term, however, he said the inflation trajectory depends on geopolitical developments, global commodity prices, and global financial market developments. “Our role has … Read more

Axis Bank hikes MCLR by 5 bps across tenors, follows other lenders

– Advertisement – Axis Bank has increased its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across tenors from August 18. The private lender revised its lending rate after the central bank’s monetary policy committee (MPC) on August 5 increased benchmark policy rates by 50 bps earlier this … Read more

Now, IDBI Bank too hikes deposit rates to fund strong loan demand

– Advertisement – At a time when banks are looking to aggressively increase mobilisation of deposits to fund demand for loans, IDBI Bank has increased interest rates on term deposits. The lender is offering a peak rate of 6.7 per cent to senior citizens for a select period under a new scheme. … Read more

MPC minutes suggest further repo rate hikes to tackle rising inflation

– Advertisement – The minutes of the monetary policy committee (MPC) deliberation for the August monetary policy review indicated more interest rate hikes in the coming months as the retail inflation remained elevated, even as panel members noted that it may have peaked. The six-member monetary policy committee of the Reserve Bank … Read more

2022 Housing sales to breach pre-Covid levels despite rate hikes: Industry

– Advertisement – India’s residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, … Read more

Rate hikes won’t lead to stress: Axis CEO

– Advertisement – Axis Bank MD & CEO Amitabh Chaudhry had announced a GPS (growth, profitability, sustainability) strategy in March 2019, a year after taking charge. Covid disrupted that strategy even as the bank was still dealing with asset quality issues on the retail side, forcing the lender to be more conservative. In an interview … Read more

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