News That Matters

Tag: RBIs

Bank of Baroda to pass on RBI’s repo rate cut benefit to external benchmark linked loans

Bank of Baroda to pass on RBI’s repo rate cut benefit to external benchmark linked loans

Finance
Bank of Baroda said Monday that it will pass on the benefit of the latest 25-basis points (bps) repo rate cut announced by the Reserve Bank of India in its bi-monthly monetary policy. In a press release, it said that the benefit will be applicable on home, car, education, personal loans and all other retail loan products by linking all new retail loans automatically to external benchmark rate (repo). Under the repo-linked rate scheme, there will be a single rate offered for all customers whether they are salaried, self-employed or a non-resident Indian. The bank also offers an incentive to customers to maintain or improve their credit score to avail of the best rates. V.S. Khichi, Executive Director, Bank of Baroda said, "We at Bank of Baroda want to pass on the reduced external benchmark ...
Retail loan EMIs set to fall post RBI’s rate cut

Retail loan EMIs set to fall post RBI’s rate cut

Finance
The central bank's decision to reduce the benchmark interest rate on Thursday for the second bi-monthly monetary policy review in succession has now put the ball in the court of banks to see that RBI's action translates into cheaper loans for consumers. Muted growth and subdued inflation prompted the RBI on Thursday to lower its key lending rate for commercial banks by 25 basis points (bps) to 6 per cent. If the banks now decide cut interest rates in line with the RBI's policy rate cut, housing, auto, education loans would become cheaper while the EMI burden on retail consumers would fall. A state-run bank official here said there is likely to be a transmission of least 15 per cent of the RBI's cut in its repo, or short-term lending rate for commercial banks, and borrowers could look forwa...
RBI’s prompt corrective action just baby steps before weak banks leap

RBI’s prompt corrective action just baby steps before weak banks leap

Finance
The Mint Street and North Block are in a tug of war on the Prompt Corrective Action (PCA) framework for weak banks. The finance ministry wants to soften the restrictions on banks under PCA. RBI, which imposes them, is resisting it. There could be more to this than meets the eye. “There is an assertion being made in some circles that imposition of the PCA has starved the Indian economy of credit. There is little factual basis for this assertion, either for the overall economy or at sectoral level… There is also a call for more lending by PCA banks to large industries where the overall credit growth remains muted,” Reserve Bank of India deputy governor Viral Acharya said earlier this month. The government was demanding dilution of restrictions, such as prohibition on lendi...
MLB: Derek Dietrich's 3 RBIs lead Miami Marlins over Cincinnati Reds

MLB: Derek Dietrich's 3 RBIs lead Miami Marlins over Cincinnati Reds

Sports
MIAMI -- Derek Dietrich hit a solo homer and drove in three runs, and rookie left-hander Chris O'Grady pitched seven scoreless innings to lead the Miami Marlins to a 4-1 win over the Cincinnati Reds on Thursday night at Marlins Park. The Marlins (47-53) won for the fifth time in their past seven games. The Reds (41-61) have lost four games in a row and 12 of their past 14. Cincinnati has lost six consecutive games at Marlins Park. Dietrich has eight RBIs in the past two games after driving in a career-high five on Wednesday when the Marlins set a franchise record with 22 runs in a blowout of the Rangers at Texas. O'Grady (2-1) allowed five hits, including four singles, and two walks, lowering his ERA from 5.40 to 3.68. He struck out five while earning his second major league win and his fi...