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Speaking to CNBC-TV18 Gagan Banga, VC & MD, Indiabulls Housing Finance, said that tier II and tier-III cities, outskirts of major cities will be covered under the new scheme announced by the PM in his speech on the new year eve.
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Arun Tiwari, CMD, Union Bank of India said confidence of getting cash whenever needed will return back for people in a month or so. He said RBI is now in a better position to supply currency.
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Speaking to CNBC-TV18 the state-owner bank's CFO Anshula Kant said the MCLR has been on a decline over the last few months considering weak credit offtake and fund inflows. She sees possibility of a steeper reduction in MCLR going forward.
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This once the monetary policy won't surprise. A 25 basis point (bps) cut in the repo rate appears a given. For one, the governor himself told CNBC at Jackson Hole that he is "still in accomodation mode," and that he is "not done" with cutting rates.
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Charan Singh, ED, UCO Bank said the restructured portfolio of the institution is seeing a gradual reduction and retail credit is growing at 15 percent.
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Public sector Indian Bank has decided to cut its base rate for loans by 0.30 percentage point or 30 bps with effect from June 8.
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Speaking to CNBC-TV18, P Pradeep Kumar, MD, SBI said the decision to cut base rates or not will be taken by asset liability management committee (ALCO). He said SBI has already lowered deposit rates.
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In an interview to CNBC-TV18, N Seshadri, executive director, Bank of India said that the public sector lender has already factored in a 25 bps repo rate cut in the upcoming monetary policy this month.
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Winding up the exercise of scrutiny of mines allotted to PSUs which failed to develop coal mines within stipulated timeframe, the Inter-Ministerial panel on coal blocks today recommended de-allocation of three more blocks.
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Interest rates on retail offerings including home, auto, education and personal loans are likely to see some moderation. Some banks have already slashed their interest rates while others are planning to reduce. Borrowers, who are already burdened with the high rate of inflation, will now find some ease in interest repayments.
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SBI chairman Pratip Chaudhuri said the benefit of SLR cut can be passed on to the retail sector as large long term loan proposals are very few across banks and working capital demand from corporate houses is low.
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The rupee slumped to fresh record low of 57.92 after RBI measures to stem the currency slide failed to enthuse investors but it managed to recover some ground and closed 14 paise higher at 57.01 in a day of huge volatility.
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MD Mallya, chairman and managing director, Bank of Baroda told CNBC-TV18, they would take a decision on lending rate cut by tomorrow.
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Three banks including ICICI Bank, Punjab National Bank and Bank of Maharashtra (BoM) on Thursday slashed their lending and deposit rates to the tune of 25-10 basis points. Many more banks including State Bank of India, Central Bank of India Corporation Bank, Indian Overseas Bank and IndusInd Bank are likely to follow the suit soon.
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To help banks tide over liquidity shocks, the RBI today came out with draft Basel III guidelines under which lenders will have to maintain a minimum amount of assets that can be encashed fast, and set up mechanisms to monitor risks.
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Reserve Bank's decision to raise key rates for the third time in the current fiscal would make home, auto and corporate loans expensive by up to 50 basis points, burning another hole in the pocket of the consumer already burdened with high inflation.
