Shares slumped 26%, following an even more severe tumble Tuesday, after it revealed that depositors withdrew more than $100 billion last month after the collapse of Silicon Valley Bank and Signature Bank.
The fresh hike in repo rate is likely to have a market-wide impact on borrowers as existing EMIs, as well as new loans, are set to become costlier. The rate hike has given momentum to rising FD interest rates.
The RBI first issued directions to the cooperative bank on May 3, 2019, freezing deposit withdrawals at Rs 1,000 per account holder
The merger could take up to 18 months to be completed and after that depositors will be offered HDFC Bank’s deposit rates
India fared well below developed economies as well as its BRICS peers
However, the cap for withdrawal was increased to Rs 10,000 from Rs 1,000 on September 26.
Experts believe that the timing of the FRDI Act is inappropriate and there needs to be further discussion.
As many as 60 lakh individuals and firms have made large deposits totalling an astonishing Rs 7 lakh crore in old notes, top government officials said today while warning that every penny of tax will be extracted as the black money does not become white by merely putting it in banks.
The Serious Fraud Investigation Office (SFIO) today told the Supreme Court that 23 states and Union territories have enacted special laws, the Protection of Interest of Depositors (in Financial Establishments) Act, to protect depositors and were empowered to take action against any scheme promising "abnormal return".
State Bank of India's decision to raise base rates comes on the back of increased costs of funds, its chairperson Arundhati Bhattacharya tells CNBC-TV18 in an interview.
The Sarada chit fund scam in West Bengal resulted in the erosion of life savings of many, leading some to commit suicide. In view of this, RBI alerted depositors about certain cutomary safeguards. The central bank wants you to take note of some amber alerts...