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Bank credit growth slows to 10.24%, deposits at 9.73%

Bank credit growth slows to 10.24%, deposits at 9.73%

Finance
MUMBAI: Bank credit and deposits growth slowed to 10.24 percent and 9.73 percent to Rs 96.80 lakh crore and Rs 127.80 lakh crore, respectively, in the fortnight to August 30, show the latest RBI data. In the year-ago fortnight, advances were at Rs 87.80 lakh crore while deposits stood at Rs 116.46 lakh crore. In the previous fortnight to August 16, advances grew 11.64 percent to Rs 96.82 lakh crore and deposits by 10.15 percent to Rs 126.80 lakh crore. In July, the non-food bank credit rose 11.4 percent on year-on-year basis from 10.6 percent in July 2018. Advances to the services sector decelerated to 15.2 percent in the month from 23 percent in the year-ago month. Credit to agriculture & allied activities rose 6.8 percent compared with an increase of 6.6 percent in the same month las...
Bank of England: No-deal Brexit not as bad as we thought

Bank of England: No-deal Brexit not as bad as we thought

Business
The negative impact of a no-deal Brexit will not be as severe as originally thought because of improved planning by the government, businesses and the financial sector, the Bank of England has said.Governor Mark Carney told the Treasury select committee that the Bank now believes GDP will fall by 5.5% in the worst-case scenario following a no-deal Brexit - less than the 8% contraction it predicted in last November. The Bank's revised assessment of the possible scenarios also says unemployment could increase by 7% and inflation may peak at 5.25% if the UK leaves the European Union without a deal. Image: Unemployment could increase by 7%, according to the Bank While he warned that there would still be an economic impact, with food bills...
Bank employees stage protest against Centre’s decision to merge PSU banks

Bank employees stage protest against Centre’s decision to merge PSU banks

Finance
Chennai: Members of the All India Bank Employees' Association on Saturday staged a protest here against the Centre's decision to merge 10 public sector banks into four entities. Employees of all public and private sector banks wore black badges to work as a mark of protest to the government's decision. The Association's General Secretary, C H Venkatachalam said the government's move was "ill timed" and needs a review. A rally opposing it was also planned by the Association, Venkatachalam told PTI. He alleged the merger of public sector banks would mean closure of six banks. The BJP government at the Centre had on Friday unveiled a mega plan to merge 10 public sector banks into four, to create fewer and stronger global-sized bankers as it looks to revive economic growth. Finance Minister Ni...
PNB, Allahabad Bank launch loan products linked to repo rate

PNB, Allahabad Bank launch loan products linked to repo rate

Finance
NEW DELHI: Leading state-owned lender Punjab National Bank and Allahabad Bank on Tuesday announced linking of their retail loans with the Reserve Bank's repo rate, which will make loans cheaper. Punjab National Bank launched PNB Advantage, a retail lending scheme linked with the repo rate effective Tuesday. "In the new schemes rate of interest will be 0.25 per cent less than the existing applicable rates based on MCLR. The new rates will vary from 8.25 per cent to 8.35 per cent for housing loan borrowers and 8.65 per cent for car loan borrowers," PNB said in a statement. Existing customers of the bank will also have an option to switch over to new Repo Linked Lending Rates (RLLR) with minimal charges, it said. Allahabad Bank said it has benchmarked its loans up to Rs 75 lakh with the exter...
Punjab & Sind Bank cuts MCLR by up to 20 basis points

Punjab & Sind Bank cuts MCLR by up to 20 basis points

Finance
New Delhi: State-owned Punjab & Sind Bank (PSB) on Saturday said it has lowered its marginal cost of funds based lending rate (MCLR) by up to 0.20 per cent for various tenors. "Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for different tenors and the same will be effective from 16.08.2019," Punjab & Sind Bank (PSB) said in a regulatory filing. The public sector bank has lowered the benchmark one-year MCLR to 8.50 per cent from 8.70 per cent earlier. Most of the consumer loans such as personal, auto and home are priced on the basis of the one-year MCLR. PSB has lowered MCLR on overnight, one-month, three-month and six-month duration loans by 0.15 per cent to 8.20 per cent, 8.30 per cent, 8.40 per cent and 8.50 per cent, respectively. It also reduced MCLR...