The rate cut ends a 14-month period where rates were held steady. This duration is longer than three of the last six Fed "hold" periods but falls short of the 15-month pause before the 2007-2009 financial crisis.
The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but that also made borrowing painfully expensive for American consumers.
The market faced broad-based selling pressure across sectors, with financial, IT, and energy stocks among the top laggards. However, select FMCG and pharmaceutical stocks showed resilience, offering some support to the market.
Indian gold futures also hit a record high on Monday and squeezed demand in the world's second-biggest consumer of the metal, said dealers. Gold prices across the world have been boosted due to growing rate-cut expectations, central bank purchases and geopolitical tensions.
Congress leader Rahul Gandhi alleged that the small saving rates would be reduced soon after elections.
The HDFC Bank has reduced the marginal cost of funds-based lending rates (MCLR) on loans across tenors by 20 basis points with immediate effect. Following the reduction, MCLRs of the bank will range from 7.10 per cent to 7.65 per cent.
From Monday, daily balance of over Rs 1 lakh will earn 4 per cent interest as against the 4.50 per cent earlier, while those under that threshold will earn 3.50 per cent, the bank said.
Former Union Finance Minister P. Chidambaram has slammed the government for reducing the interest rates on small savings and PPF and said it may be "technically correct but it's wrong time" as the country is amid lockdown due to fear of Covid-19 and people have no way of income.
In view of the falling interest rate scenario and surplus liquidity, SBI realigns its interest rate on Term Deposits with effect from August 26, 2019, SBI said in a statement.
India's one of the largest private lenders HDFC Bank has revised its home loan interest rates, right after SBI and RBI slashed their MCLR rate and repo rate respectively. This change has come into effect from August 14, 2019. With this reduction in interest rates, home loan EMIs at HDFC Bank has become cheaper. Among all who are willing to apply for a home loan, salaried women would enjoy most benefits.
In a report on the forecast for global monetary policy actions and resulting economic impact, the London-based global information provider said RBI is likely to tighten its monetary policy stance in early-to-mid 2020.
New Delhi: Matching its competitor HDFC Ltd, State Bank of India today announced a cut in home loan rate by up to 0.25 per cent, providing relief to new borrowers.The cut in interest rate on
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