The Reserve Bank of India-led Monetary Policy Committee (MPC) may ease India's key lending rates or repurchase rates by 25 basis points in August policy meet supported by significant moderation in India retail inflation, while investors will eye upon the guidance of the central bank to gauge upon the further rate action this fiscal year. The Monetary Policy Committee may vote to ease interest rates by 25 basis points taking the repo rate to 6 per cent in the third bi-monthly monetary policy meet, TickerNews poll of 22 economists showed.
Plan and Policy
Plan & Policy
The NDA government will launch a pension scheme for senior citizens with a guaranteed 8 per cent interest. It could well become a flagship plan similar to the Ujjwala gas connection for poor.
Finance minister Arun Jaitley will launch the pension scheme on Friday in which the elderly will get monthly 8 per cent fixed rate of interest on their savings. It can be purchased offline as well as online through the Life Insurance Corporation (LIC) of India.
The LIC has been given the sole privilege to operate this scheme, the finance ministry said in a statement.
The Reserve Bank of India (RBI) may soon get a new liquidity management tool, the standing deposit facility (SDF), to better manage the surplus liquidity available in the banking system.
As on March 31, SBI had 3.27 crore internet banking customers and nearly 2 crore mobile banking customers.
According to sources, integrated farming, which is one of thrust areas recommended by a committee under Ashok Dalwai, special secretary in the Union agriculture ministry, will be the key to successful implementation of the programme.
Rejection of claims, including those filed before the end of the waiting period, is 1.5 per cent in digital policies, whereas it is 4 to 5 per cent in offline policies, finds insurance aggregator Policybazaar.
The directive, Irdai said, seeks to protect the interest of policyholders.
Forex market sentiment was hit by hawkish remarks from a Fed official who advocated a rate hike this year.
Despite a strong start, the home currency succumbed to intense dollar pressure in late afternoon deals amid firming greenback overseas trend.