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This is not just about banks 'adjusting' to RBI’s recent 25 basis point repo rate cut, it’s a desperate bid to protect their thinning margins
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India Ratings and Research said the mega dividend will give a fillip to the central government's fiscal position, which may lead to additional spending or fiscal consolidation or a combination of both.
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The hike in rates will be due to the high credit-deposit ratio, which the banks will like to bring down, experts say
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A quality asset base and good performance by corporate and retail portfolios are expected to help the banking sector during 2024.
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The senior citizens shall enjoy an additional benefit of 50 bps in interest rate with an attractive deposit rate of up to 7.5 per cent under 200/400 days’ special scheme, as per the statement.
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Bank are expected to raise deposit interest rates due to competition while gold loans will continue to grow because of gold prices. The RBI has doubled the gold loan limit for urban cooperative banks to Rs 4 lakh
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The Reserve Bank of India has raised the repo rate, the rate at which it lends to banks, by 250 bps since May 2022.
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Transmission of policy rates by banks and NBFCs on deposits leaves significant room for improvement
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Even as the RBI has cumulatively increased repo rate by 90 bps in a little over a month and with expectation of further rate hikes, credit demand is expected to remain buoyant, bankers say.
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As the rates go down, depositors tend to lock in at longer maturities in anticipation of more cuts.
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Interest rates, both lending as well as deposits, are on their way down. However, a different trend is being seen in the case of PSBs.
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According to the new structure, for two to less than three years deposits, SBI will offer a rate of 6.25 per cent as compared to 6.75 per cent earlier, the bank said.
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The European Central Bank has adopted negative deposit rates to penalize financial institutions for parking excess funds at the central bank and encourage them to boost lending instead.
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SBI, MD - corporate banking, P Pradeep Kumar says, it has been continuously reviewing base rates and lowering deposit rates since August or September last year. "A further cut will depend on SBI's cost of funds, composition of asset portfolio, etc."
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For maturities of over a year to above five years, deposits of Rs 1 crore will attract interest of 7.25 percent from 7.5 percent earlier. While, deposits of Rs 1-5 crore will earn interest at 7 percent from 7.5 percent earlier and deposits of Rs 5 crore will have new rate of interest at 7 percent from 7.5 percent earlier.
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Bankers have said there is more room to cut deposit rates which can help bring down lending rates, but fear that competing savings instruments like PPF and tax-free bonds will limit their ability
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The central bank said the move would support the healthy development of the economy.
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With banks not cutting lending rates despite two repo rate cuts by the Reserve Bank of India in the first quarter, the central bank today said it would roll out a new method for banks to calculate their cost of funds (which would reduce the transmission period between the two events). Banks, however, said they weren't sure it was a good move.
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Even as the Reserve Bank of India has cut rates twice this year, banks have appeared to be extremely unwilling to cut lending rates, despite prodding by both the central bank and the government.
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Bank of Maharashtra has cut base rate by 15 basis points to 10.25% with effect from December.
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The commercial private sector lender expects net interest margins in the range of 3.2-3.3 percent for Q3.
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The house continues to remain positive on oil marketing companies on back of expected reforms and disinvestments. The reduction in crude prices has been an added advantage says Sinha.
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In an interview to CNBC-TV18, Ranjan Dhawan, ED, Bank of Baroda (BoB) said that there is no knee-jerk reaction to SBI's rate cut because the bank had already cut its bulk deposit rates substantially in the last one year.
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The credit growth of PNB is around 13 percent currently and is expected to touch 15 percent by the end of FY15.
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Keki Mistry, vice-chairman and chief executive officer of HDFC says in another quarter or two, credit growth will take off. Traditionally, credit offtake is highest in the fourth quarter, he adds.
