Bankers rule out rate cuts as RBI keeps key rates unchanged

Bankers on Wednesday ruled out a reduction in interest rates even as the Reserve Bank kept key policy rates on hold. Bank of India Chairperson V R Iyer said there was no room for cutting lending and deposit rates at the moment. “Inflation is very high and there is hardly any scope for us to reduce the interest rate on ... Read More »

RBI’s new PIN rule boosts sales of payment solution companies

Companies that help in processing card payments look set to benefit from rising demand for portable card swipe machines after the Reserve Bank of India (RBI) adopted new rules to prevent fraud and enhance security. Merchants in India usually swipe cards through a reader to generate receipts that customers sign, but the new rule, effective December 1, adds another layer ... Read More »

RBI chief Raghuram Rajan maintains status quo; inflation to determine rate hike

RBI Governor Raghuram Rajan Photot: Reuters In a surprise relief to borrowers, Reserve Bank on Wednesday left key policy rates unchanged but said it will hike interest rates if inflation does not subside in line with the expected declining trend. “If inflation in food and fuel do not fall, RBI will act on off policy date,” RBI Governor Raghuram Rajan ... Read More »

RBI surprises everyone, keeps repo rate unchanged at 7.75 per cent

Reserve Bank of India (RBI) surprised everyone by keeping rates unchanged on Wednesday in the mid-quarter review of the monetary policy despite high inflation levels citing the prospect of easing retail prices and its concerns about the weak domestic economy. Highlights of RBI policy review -RBI keeps key policy rate, cash reserve ratio unchanged -Repo rate unchanged at 7.75 pc; ... Read More »

RBI may hike rates as inflation control remains priority

Reserve Bank of India (RBI) Governor Raghuram Rajan is likely to hike the key policy interest rate by at least 0.25 per cent in the mid-quarter review of the monetary policy to tame high inflation levels , economic analysts said on Tuesday. “We are expecting 25 basis points hike in repo rate by the RBI and the subsequent adjustments in ... Read More »

Wilful defaulters may have to pay higher rates, warns RBI

Concerned over rising bad loans, the Reserve Bank of India on Wednesday said it could consider making future borrowings more expensive for willful defaulters. Speaking at the Delhi Economic Conclave, RBI Governor Raghuram Rajan said the central bank will come out with a discussion paper next week with regard to distressed borrowers and rising NPAs. “For wilful defaulters or a ... Read More »

Commercial vehicles loan stress hit new peak in Q2: India Ratings

India Ratings has said stressed assets in the commercial vehicles (CV) loan books of lenders hit a new high of 3 per cent in September quarter due to the lingering slowdown. The agency cautioned that the asset quality stress will continue at least for the next two quarters. “Delinquencies of CV loans rose to 3 per cent in the September ... Read More »

Best Loan Buys

RELATED How to calculate the EMI on your loan Canara Bank cuts fixed deposit rates by up to 1 pc Are you scouting for a loan to buy a house, a car or for your child’s education? Given here are the best deals on offer from public and private sector lenders. (All rates updated till 13 October 2013; Data provided ... Read More »

Canara Bank cuts fixed deposit rates by up to 1 pc

RELATED PNB raises fixed deposit rates by 0.50% Borrowers face the heat as short-term rates under pressure State-owned Canara Bank on Tuesday lowered fixed deposit rates by up to 1 per cent on select maturities. The bank has slashed the interest rate by 1 per cent on maturities of 61-90 days to 7.75 per cent from 8.75 per cent earlier. ... Read More »

Punching PIN must for debit card transactions from Dec 1

Debit card holders will from Sunday be required to punch in their PIN numbers every time they use the card, a move aimed at minimising frauds. In June, the Reserve Bank of India had extended the deadline for the implementation of mandatory PIN punching at Point-of-Sales (PoS) and merchant outlets till November 30 following representation of banks. “Our back-end system ... Read More »