Credit growth in the banking sector stood at 14.12 percent as of March 22 on a year-on-year (yoy) basis compared to the Reserve Bank of India (RBI)'s target of 16 percent for 2012-13. Similarly, bank deposits expanded 14.26 percent as of March 22 on a yoy basis, compared to the central bank's comfort level of 15 percent
Tag: interest rate
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DHFL Vysya reduces interest rate on loan
From April 1, DHFL Vysya Housing Finance decided to reduce interest rate on advances across the spectrum for new as well as existing borrowers by 20 basis points. The company is an associate of Dewan Housing Finance and operates in south India. The Bangalore-based lender is the first housing finance company to announce lending rate cut this year, Managing director R Nambirajan said. At present, the company's lowe
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Barclays Capital expects RBI to cut rates by 50 bps
Barclays Capital feels that Reserve Bank of India (RBI) may reduce policy repo rate by another 50 basis points by mid 2013 in order to support economic growth. The brokerage interpreted RBI's policy statement on March 19 as being "balanced", and not the hawkish tone that markets have interpreted
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Domestic firms raise funds via overseas bonds
So far in 2013, Indian companies raised $4 billion by issuing bonds in the international market in order to take advantage of lower interest rate compared with the domestic bond market. According analysts, India Inc may continue to tap the overseas bond market in order to meet their funding requ
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Bond issues may rise in coming days
Media reports suggest that the number of manufacturing companies issuing bonds in the local market may rise in the coming days. Industry sources feel that companies are waiting for yields on corporate
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Equipment makers see early revival of infra sector
As the Union government has recently taken policy initiative and the Reserve Bank of India (RBI) reduced interest rate, there are early signs of revival in the infrastructure sector, says the Indian Construction Equipment Manufacturers' Association.
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Indian Bank reduces interest rate on loans
In a company statement, state-run lender Indian Bank said it would reduce base rate by 0.30 per cent to 10.20 per cent from the existing 10.50 per cent, with effect from February 9, 2013. The statement also shows that the bank reduced its Benchmark Prime Lending Rate by 0.25 per cent from the existing 14.75 per cent to 14.50 per cent per annum with effect from February 9,
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RBI introduces new provisioning norms
In an official statement, Reserve Bank of India (RBI) said banks must make 3.75 percent provisioning, from March 31, 2014, for loans already restructured. The provisioning would rise further to 5 percent with effect from March 31, 2015, the statement said. The central bank also said that with effect from April 1, 2015, restructured accounts would be immediately classified as sub-standard. Non-performing asse
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SBI, HDFC Bank trim lending rates
India's largest public sector lender State Bank of India (SBI) reduced its base rate to 9.70 per cent from 9.75 per cent with effect from February 4. But the bank kept its deposit rates unchanged as it feels
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RBI mulls launch of inflation-indexed bonds
Reserve Bank of India (RBI) considers to launch inflation-indexed bonds (IIBs) in order to attract investors who buy gold for protection against inflation. RBI Governor D Subbarao informed reporters that the central bank tries to redesign IIBs after its introduction some years ago failed to attract