SBI, PNB increase FD interest rates; Check how much return you will get
June 14, 2022 15:40 ISTSBI and PNB announced to hike FD interest rate days after the RBI ramped up efforts to control excess liquidity from the banking system.
SBI and PNB announced to hike FD interest rate days after the RBI ramped up efforts to control excess liquidity from the banking system.
Last month in an unscheduled policy announcement, the Reserve Bank of India (RBI) raised rates by 40 basis points to 4.4 per cent, and subsequently to 4.9 per cent last week.
Core CPI also moderated in May to 6.09 per cent compared to 6.97 per cent in April, as per the SBI's research report 'Ecowrap'. "In recent times, there have been commentaries that have questioned whether RBI has been behind the curve in controlling inflation.
Cryptos and other virtual digital assets are unregulated in India and are considered extremely risky.
RBI Governor Shaktikanta Das on Wednesday said that the decision is aimed to further augment customer convenience and leverage the benefits available under the framework.
UPI payment via credit card: Till now, only debit cards connected to savings bank accounts and current accounts are allowed to link up to the UPI platform.
The 30-share BSE benchmark dropped 214.85 points or 0.39 per cent to settle at 54,892.49. The broader NSE Nifty declined 60.10 points or 0.37 per cent to finish at 16,356.25.
RBI's decision to hike the repo rate sets the stage clear for banks, housing finance companies and other lenders to hike the interest rate on all kinds of loans including home and auto.
RBI will remain focused on orderly completion of the government's borrowing programme.
UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboarded on the platform, RBI Governor Shaktikanta Das said.
RBI Governor Shaktikanta Das said the upside risk to inflation persists and the recent spike in tomato prices would fuel food inflation.
RBI's decision to raise the interest rate is aimed at doubling down the fight to contain inflation that has surged in the last couple of months.
RBI had in May hiked the repo rate by 40 basis points (bps) to 4.40 per cent amidst rising inflation concerns. This was the first hike after August 2018.
There were reports earlier that the Reserve Bank is considering changes to the existing currency and banknotes by replacing the face of Mahatma Gandhi with that of others.
The retail inflation, which RBI factors in while arriving at its monetary policy, galloped for a seventh straight month to touch an 8-year high of 7.79 per cent in April, mainly on account of surging commodity prices.
The upward revision in interest rates by HDFC, PNB and ICICI Bank follow an off-cycle rate increase by the Reserve Bank in May.
RBI said that the registrations of five NBFCs were cancelled for violating norms related to outsourcing and fair practices code in their digital lending operations.
In addition to agencies nominated by the RBI and by DGFT, Qualified Jewellers as approved by International Financial Services Centers Authority were permitted to import gold in January.
RBI Governor Shaktikanta Das said that there will be some hike but how much I will not be able to tell now... to say that 5.15 (per cent) may not be very accurate.
RBI said that the National Payments Corporation of India (NPCI) has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
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