Headed by Reserve Bank Governor Shaktikanta Das, a meeting of the six-member Monetary Policy Committee (MPC) is scheduled for June 6-8. The decision of the 43rd meeting of the MPC would be announced on Thursday, June 8.
Both the Indian and US central banks are set to meet in the first half of June to decide on interest rates.
The MCLR-based lending rate for loan across different tenures now range between 8.35 percent to 9.35 percent.
Despite the rate hikes by Fed and US banking turmoil, FPI flows into equities have been on an upswing since March this year.
In this episode of Market Minutes, Shailaja Mohapatra talks about Bank of England's interest rate hike, vanishing recession in the UK, the biggest gainers and losers of MSCI rejig, and Q4 numbers of Asian Paints and Eicher Motors. Also, catch Sachin Jasuja of Centricity Wealthtech in Voice of the Day segment. Market Minutes is a morning podcast that puts the spotlight on hot stocks, keys data points and developing trends.
The decision on Thursday by the bank's nine-member Monetary Policy Committee to lift its main interest rate by a quarter of a percentage point to 4.5 per cent was widely anticipated in financial markets.
Core inflation is closely watched by European Central Bank policymakers, who will decide whether to continue raising interest rates to curb inflation when they meet Thursday.
Experts say once the Fed pauses, the headroom will open for the RBI to cut rates in the second half of FY24.
The housing loan outstanding at March-end 2022 was Rs 16.84 lakh crore, a growth of 12.9 per cent year-on-year.
The rising interest rate burden, which is near the pre-pandemic levels and already up 30 percent over FY22 levels, will force companies to reverse their deleveraging course this fiscal, according to an analysis by India Ratings.
It seems that the MPC took a calculated gamble to give some relief to the fledgling growth in the economy. This is a deviation from its monetary policy mandate according to which inflation control is supposed to be the priority “while supporting growth”
Mint Road has preferred to assess the lag effect of past rate hikes than pull back growth momentum
Interest-rate sensitive banking, finance, realty and auto stocks climbed after the RBI decided to hold rates.
The MPC also maintained the 'withdrawal of accommodation' stance, highlighting its readiness to act should the situation so warrant.
As it raises interest rates at the fastest pace in over 40 years, the US Fed's actions militate against US strategic interest in preventing developing countries from falling into China's sphere of influence
Small savings schemes interest rates have been hiked by 10-70 basis points for the latest quarter. But the interest rate on PPF has been left unchanged at 7.1% .
The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24.
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The state-run lender will also be raising its base rate by 70 bps to 10.10 percent.
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