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Banking wrap: RBI MPC minutes signal more rate cuts; PMC Bank raises withdrawal limit

By Moneycontrol News

Reserve Bank of India (RBI) Governor Shaktikanta Das said there is a need to watch fiscal deficit, after recent measures taken to revive investment raised concerns over the Centre's ability to meet this year’s target.

The minutes of the policy review meeting released this week also signalled room for further rate cuts as all members emphasized on the need to support growth amid benign inflation.

RBI MPC minutes: Shaktikanta Das says need to watch government's fiscal deficit

While the continuing slowdown needs efforts to revive private consumption and demand, there is also a need to be watchful of the fiscal situation, RBI Governor Shaktikanta Das said. However, the government has indicated that it would maintain the fiscal deficit, Das said, as per the minutes of the Monetary Policy Committee (MPC) meeting, released on October 18.

PMC Bank crisis: RBI raises withdrawal limit to Rs 40,000

RBI increased the cash withdrawal limit for depositors of Punjab and Maharashtra Cooperative (PMC) Bank to Rs 40,000 on October 14. This includes the limit of Rs 25,000 allowed earlier.

Explainer | How companies 'shop' for favourable ratings and mislead investors

Credit Rating Agencies (CRAs) in India have come under fire for failing to warn investors about major defaults that rocked the banking system in recent years. An underlying trend could be the high customer churn rate that CRAs are facing currently.

HDFC Bank Q2 profit jumps 27% to Rs 6,345 cr, asset quality stable

Country's second largest private sector lender HDFC Bank, on October 19, reported a healthy 26.75 percent year-on-year (YoY) growth in profit for the quarter that ended on September 2019 with stable asset quality.

Profit after tax for the quarter increased to Rs 6,345 crore against Rs 5,005.73 crore earned in the same period last year. The growth was driven by average asset growth of 15 percent and a core net interest margin for the quarter of 4.2 percent.

Union Bank of India sanctions loans of Rs 3,000-4,000 crore since “loan mela” kick off

State-run lender, Union Bank of India has sanctioned loans worth Rs 3,000-4,000 crore in the first phase of government’s credit outreach programme, Managing Director Rajkiran Rai G said, adding that the numbers are expected to go up going forward.

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