English हिन्दी
Connect with us

Latest business news

RBI hikes repo rate and bank rate by 50 basis points, a look at the key announcements

Repo refers to the interest rate at which the central bank lends short-term funds to banks.

Published

on

Reserve Bank of India

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) hiked the repo rate by 50 basis points to 5.4 percent with immediate effect. The RBI took this decision as part of its ongoing attempts to control inflation, which recently reached a multi-year high.

RBI Governor Shaktikanta Das announced the August bi-monthly monetary policy on Friday. Apart from the hike in repo rates, the bank rate has also been increased by 50 basis points to 5.65 percent, the standing deposit facility (SDF) has also been raised by 50 basis points to 5.15 percent, MSF also rose by 50 basis points to 5.65 percent.

Repo refers to the interest rate at which the central bank lends short-term funds to banks. Changes in this rate are frequently passed on to the broader banking sector. The bank rate is the rate charged by the central bank for lending funds to commercial banks. 

Read Also: Congress plans to gherao PM residence, Delhi Police denies permission

The 10-year government bond yield increased by 10 basis points to 7.25 percent after RBI Governor Shaktikanta Das stated that further monetary accommodation is necessary due to the inflationary situation.

While announcing the policy, Das said MPC remains focused on the withdrawal of accommodation to ensure inflation remains within target going forward, while supporting growth.

The RBI has increased interest rates for the third consecutive time. The repo rate was increased by 50 basis points to 4.9 percent by the RBI’s MPC in its last monetary policy review in June. After a 40 basis point off-cycle monetary policy increase in May, it was the second increase in a month.

India is expected to be the fastest growing economy in FY23, according to RBI Governor Shaktikanta Das. The external debt-to-GDP ratio decreased from 21.2 percent in March 2021 to 19.9 percent in March 2022.

Defamation case: Gaurav Taneja requests his followers to refrain from using unsavory language against accused journalist

Bihar: At least 8 dead, several ill after consuming spurious liquor in Saran district

Latest business news

Indian business magnate Rakesh Jhunjhunwala passes away at 62 due to cardiac arrest

He is survived by his wife, Rekha Jhunjhunwala, who is also an investor, and three children.

Published

on

Indian businessman Rakesh Jhunjhunwala passes away at 62 due to cardiac arrest

Indian business magnate Rakesh Jhunjhunwala passed away today at a Mumbai hospital. The 62-year-old billionaire died due to a cardiac arrest.

Known as the Big Bull of India, Jhunjhunwala was the founder of the newest airline Akasa Air. He was rushed to the Breach Candy Hospital at around 6.45 am after he suffered a cardiac arrest, however, doctors declared him dead on arrival.

According to the reports, Jhunjhunwala was not keeping well for the past few days. He was discharged from the same hospital two-three weeks ago after being treated for kidney-related problems.

He was also known as India’s Warren Buffett. He was reported to have a net worth of around $5.5 billion. He is survived by his wife, Rekha Jhunjhunwala, who is also an investor, and three children.

Continue Reading

Latest business news

Bank holidays in August 2022: Banks to remain closed for 18 days, check complete list here

Notably, the online banking service will not be affected. It will work round the clock. So, bank customers are advised to link their accounts online.

Published

on

Bank holidays in August 2022

With July coming to an end, it’s time to look for bank holidays in August. In the upcoming month, the banks will be closed for 18 days, including weekends. So, if you are planning to head to a bank in the month of August, then you must go through the list of bank holidays to avoid any inconvenience.

Both private and public banks will be closed for 18 days. The banks for festivities will be closed for twelve days while the remaining six days include the second and fourth Saturdays and Sundays.

August will witness a number of regional festivals. From Muharram, Raksha Bandhan, Independence Day, Janmashtami to Teej, here are the days when the bank will be closed in July. However, these holidays will not be applicable in all states, it will vary from state to state. As for Patriot’s Day, banks will only be closed in Imphal and not in other states.

Notably, the online banking service will not be affected. It will work round the clock. So, bank customers are advised to link their accounts online.

Read Also: Rahul Gandhi raises questions over 30 deaths due to illicit liquor in Gujarat, a dry state

Bank Holidays in August 2022

August 1: Drukpa Tshe-zi — Gangtok

August 7: First Sunday

August 8: Muharram (Ashoora) — Jammu, Srinagar

August 9: Muharram (Ashoora) — Agartala, Ahmedabad, Aizawl, Belapur, Bengaluru, Bhopal, Chennai, Hyderabad, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Raipur and Ranchi.

August 11: Raksha Bandhan — Ahmedadabad, Bhopal, Dehradun, Jaipur, and Shimla

August 12: Raksha Bandhan — Kanpur, and Lucknow

August 13: Second Saturday + Patriot’s Day in Imphal

August 14: Second Sunday

August 15: Independence Day — All over India

August 16: Parsi New Year (Shahenshahi) — Belapur, Mumbai, and Nagpur

August 18: Janmashtami — Bhubaneswar, Dehradun, Kanpur and Lucknow

August 19: Janmashtami (Shravan Vad-8)/ Krishna Jayanthi — Ahmedabad, Bhopal, Chandigarh, Chennai, Gangtok, Jaipur, Jammu, Patna, Raipur, Ranchi, Shillong and Shimla.

August 20: Sri Krishna Ashtami — Hyderabad

August 21: Third Sunday

August 27: Fourth Saturday

August 28: Fourth Sunday

August 29: Tithi of Srimanta Sankardeva — Guwahati

August 31: Samvatsari (Chaturthi Paksha)/Ganesh Chaturthi/ Varasiddhi Vinayaka Vrata/ Vinayakar Chathurthi —  Ahmedabad, Belapur, Bengaluru, Bhubaneswar, Chennai, Hyderabad, Mumbai, Nagpur and Panaji.

Commonwealth Games 2022: From Tennis to Cricket, here’s India’s Day 1 schedule of CWG 2022

Instagram to roll back TikTok features after global backlash, says it will always support photos

Continue Reading

Latest business news

5G spectrum auction: Ambani Vs Adani

According to the department, Reliance Jio has made a Rs. 14000 crore Earnest Money Deposit (EMD) and Adani Enterprises has made Rs. 100 crores deposit. The EMD reflects bidding power of a company. Therefore the market experts are expecting that Reliance Jio will lead the auctions.

Published

on

5G auction

Department of Telecommunications on Wednesday started a second-round auction of the 5G spectrum. The bidding began at 10 am and will continue till 6 pm. Mukesh Ambani’s Reliance Jio, Gautam Adani’s Adani Enterprises, Bharti Airtel and Vodafone Idea will participate in the auction.

Reports said the new 5G Spectrum will be 10-time faster than 4G and provide ultra-high speed data. All telecom leaders participated in yesterday’s bid which saw bids exceeding Rs 1.5 lakh crores for the 5G spectrum.

Telecom Minister Ashwini Vaishnaw informed that the first day of the auction exceeded all the expectations and will surpass the records of 2015.

The telecom department will auction 72 gigahertz of radio waves worth Rs 4.3 lakh crores on offer. The department, however, said that it is expecting anywhere between Rs 70,000 crores to Rs 1 lakh crores from the auctions.

Read Also: Indore residents donate clothes to Ranveer Singh amid his nude photoshoot outrage

According to the department, Reliance Jio has made a Rs 14,000 crores Earnest Money Deposit (EMD) and Adani Enterprises has earned Rs 100 crores deposit. The EMD reflects bidding power of a company. Therefore the market experts are expecting that Reliance Jio will lead the auctions.

The fifth generation of mobile networks (5G network) has been designed to connect everyone virtually and connect machines, objects and devices.

Mobile towers emit non-ionizing Radio frequencies having minuscule power and are incapable of causing any kind of damage to living cells including human beings. Department of Telecommunications (DoT) has prescribed norms for exposure limits for the Radio Frequency Field (i.e. Base Station Emissions) which are 10 times more stringent than the safe limits prescribed by International Commission on Non-Ionizing Radiation Protection (ICNIRP) and recommended by World Health Organization (WHO), the telecom department said in a press release.

APJ Abdul Kalam Death Anniversary: Know why he is known as Missile Man of India

MPSOS Class 10th, 12th Result 2022: Ruk Jana Nahi Scheme Result declared, direct link to check

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com