Tag: Rbi

High-interest rates for vehicle loans due to RBI's move will be an additional blow.

While the news to hike repo rate by 40 basis points (bps) by the Reserve Bank of India (RBI) is likely to impact a variety of sectors, the automotive sector in particular is worried.

The move came just ahead of the Federal Reserve's policy decision, with analysts expecting a similar move by the US central bank as well as the focus shifts to combating runaway price rise, exacerbated by geopolitical tensions.

This is the first-rate hike since August 2018 and the first instance of the MPC making an unscheduled increase in the repo rate (the rate at which banks borrow from the RBI).

As data suggest, its business is largely driven by agent based model (90 per cent plus), hence a larger digital on boarding of its network will be needed to pursue growth ahead.

The directions, which will come into effect from July 1, will cover the general and conduct regulations relating to credit, debit and co-branded cards.

The Reserve Bank of India (RBI) retained its key lending rate during the first monetary policy review of FY23.

It has also slashed its growth forecast for the present fiscal to 7.2 per cent from 7.8 per cent in February.

Recognising the importance of the housing sector and its multiplier effects, it has been decided to extend the applicability of these guidelines till March 31, 2023, he said.

It is proposed to enable customer authorisation through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks, a statement on Developmental and Regulatory Policies said.

RBI Governor Shaktikanta Das said the real GDP growth is projected at 16.2 per cent in Q1FY23, at 6.2 per cent in Q2; at 4.1 per cent in Q3 and Q4 at 4 per cent, assuming that crude oil (Indian basket) price is at $100 per barrel during 2022-23.

The apex bank kept the benchmark interest rate -- repo, at which it lends short-term money to banks -- unchanged at 4 per cent.

MPC has decided to keep benchmark repurchase (repo) rate at 4 per cent, Das said while announcing the bi-monthly monetary policy review.

Earlier this month, CPI inflation came in at an eight-month high of 6.1 per cent YoY in February 2022.

India's foreign exchange reserves rose by $394 million during the week ended March 4. The Reserve Bank of India's forex reserves rose to $631.920 billion from $631.527 billion reported for February 25.