Reserve Bank of India
| March 31, 2024, 9:33 a.m.
Bank of India Raises Lending Rate, Loans to Become Costlier
Bank of India has decided to raise its lending rates by 10 basis points, making loans, including retail ones, more expensive for borrowers. The adjustment in lending rates precedes the upcoming monetary policy announcement by the Reserve Bank of India. Effective from April 1, the new rate hike will increase the repo-based lending rate to 9.35 per cent. Additionally, Indian Bank has also raised its lending rates by 5 basis points, with the new rates set to be effective from April 3.
Read More.| March 31, 2024, 9:21 a.m.
Reserve Bank Mulls Establishment of DIGITA to Combat Cyber Fraud
The Reserve Bank of India (RBI) is considering the creation of a Digital India Trust Agency (DIGITA) to counter the proliferation of illegal lending apps and combat cyber fraud. DIGITA would be responsible for verifying digital lending apps and maintaining a public register of verified apps. Apps without DIGITA's verification would be deemed unauthorized for law enforcement purposes, bolstering efforts to curb financial crimes in the digital domain. The move comes amid a surge in fraudulent activities in the digital lending sector, with Google also taking action to remove unauthorized digital lending apps from its app store.
Read More.| March 31, 2024, 9:15 a.m.
RBI's Monetary Policy Decision and Global Trends to Influence Investor Sentiment
The upcoming Reserve Bank of India's (RBI) interest rate decision, along with macroeconomic data and global trends, will shape investor sentiment in the week ahead. Markets are hopeful of continuing the positive momentum after a strong finish to FY24. Factors such as the RBI's Monetary Policy Committee meeting, auto sales data, rupee-dollar trends, crude oil prices, and foreign investment activity will be closely monitored. Additionally, US economic data and Federal Reserve Chairman Jerome Powell's speech will impact market sentiment. Despite anticipated volatility, market outlook remains positive, driven by domestic and global economic indicators.
Read More.| March 23, 2024, 5:28 a.m.
RBI Central Board Reviews Economic Situation, Approves Budget for 2024-25
The Reserve Bank of India's Central Board of Directors, chaired by Governor Shaktikanta Das, convened in Nagpur to assess the global and domestic economic landscape. The Board addressed challenges stemming from geopolitical tensions and financial market volatility. Additionally, discussions encompassed the Reserve Bank's initiatives in digital payments and consumer education during the fiscal year 2023-24. Notably, the Board approved the Bank's budget for the upcoming fiscal year 2024-25.
Read More.Stories
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Budget 2024 Key Highlights: Fiscal deficit target for 2024-25 at 5.1% of GDP; no changes to income tax slabs
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