BASIS POINTS
Indian Rupee ends stronger vs US dollar amid selling pressure
The rupee touched an intraday record low of 84.507 to a dollar, but ended stronger at 84.445/$1, despite the US dollar index strengthening to a two-year high, as the Reserve Bank of India (RBI) likely sold the greenback to cap further depreciation in the currency, traders said.
Performance-linked pay revised for PSB brass
As per the notification, the scheme shall come into force from FY24. To qualify, banks must meet at least three criteria, including a positive return on assets (RoA), net NPAs (non-performing assets) below 1.5%, a capital to risk-weighted asset ratio (CRAR) exceeding the regulatory requirement by 200 basis points, and a cost-to-income ratio of no more than 50%.
Waaree¡¯s gross margins are much higher than last quarter and even on a H1 basis: CFO
Waaree Energies is increasing production capacity and expanding into new markets. The company is focused on managing margins as prices decline. Waaree is also investing in green hydrogen and battery storage. The company plans to commission a US plant soon. Waaree will announce more details about its battery and electrolyzer plans in the coming months.
HDFC Bank hikes loan interest rates on these short-term tenures; check details
After the revision, HDFC Bank MCLR interest rates will now range between 9.15% and 9.50%. The rates are applicable from November 7, 2024.
Tamil Nadu train crash fallout: Railway Board initiates 15-day drive to inspect interlocking points
The Railway Board has launched a 15-day safety drive to inspect interlocking points and crossings, emphasizing the analysis of recent derailments. This initiative was prompted by a collision in Tamil Nadu, focusing on ensuring component availability and proper functioning of interlocking systems. Daily reports and a final analysis are expected.
Goldman Sachs expects series of consecutive 25 basis point Fed cuts ahead
Goldman Sachs predicts consecutive 25-basis-point rate cuts by the U.S. Federal Reserve from November 2024 through June 2025, targeting a terminal rate of 3.25%-3.5%. This follows the Fed's recent half-point rate cut. The European Central Bank is also expected to implement sequential 25-bps cuts until reaching a 2% rate by June 2025.
Fed's Bostic says his 'dot' was for 25 bp more in cuts in 2024
Atlanta Federal Reserve President Raphael Bostic indicated projecting just one more 25 basis points interest rate cut this year, differing from the median projection of 50 basis points. Bostic emphasized adapting his forecast based on inflation and job market data while keeping his options open.
New credit card rules: SBI Card, ICICI Bank, HDFC Bank latest credit card rule changes
New credit card rules: The credit card rules for SBI Card, ICICI Bank, and HDFC Bank have been updated by all three banks. Let us examine these changes in credit card rules.
Domestic markets benefit from 50 basis point reduction in interest rates by US Fed: ICRA Analytics
The Indian equity and debt markets rose in September due to the U.S. Fed's rate cut and China's potential rate cut on mortgages. Falling crude oil prices and increased demand for government bonds also contributed to the gains. However, the Indian government's adherence to its borrowing plan limited the upside in bond yields.
HDFC Bank hikes loan interest rates by 5 bps on these two tenures
Latest HDFC Bank loan interest rates: The Marginal Cost of the Fund-Based Lending Rate (MCLR) represents the lowest interest rate that a financial institution must impose on a specific loan. Following the update, HDFC Bank's MCLR interest rates will vary from 9.10% to 9.45%. These rates will be effective from October 7, 2024.
Fed seen cutting rates another 50 bps in November
The Federal Reserve is expected to deliver another 50-basis-point interest rate cut in November after U.S. inflation showed signs of cooling. Traders are betting on a policy rate reduction, currently at 4.75%-5.00%, to reach 3.00%-3.25% by mid-2025, aligning with the Fed's neutral rate target.
China cuts short-term borrowing costs by 20 basis points
According to the People's Bank of China, the overnight rate was cut to 2.35%, and the seven-day and one-month rates were lowered to 2.50% and 2.85%, respectively.
Mauritius central bank cuts key interest rate by 50 basis points
"The MPC was thus of view that this environment creates space for a lower policy rate, without compromising on other macroeconomic objectives."
Fed rate cuts likely to be gradual, starting with 25 bps in September: Ajay Bagga
Market expert Ajay Bagga discusses the potential for a 25 basis point rate cut by the US Federal Reserve, with further cuts expected in November and December. He highlights the impact on emerging markets, particularly India, and suggests sectors like financials, FMCG, and pharma as promising investments amid global economic easing.
ECB cuts deposit rate by 25 basis points to 3.50% as growth dwindles
ECB Rate Cut: The European Central Bank has cut interest rates again as inflation slows and economic growth falters. The deposit rate was lowered by 25 basis points to 3.50%. Investors are now looking for clues on future rate cuts, but the ECB has not pre-committed to any specific path.
Banks ready list of 3,000 entities involved in fraudulent practices
"The issue was discussed at a meeting (last month) with the Advisory Board for Banking and Financial Frauds (ABBFF), and it was decided that it will be made mandatory for the lenders to check this list before dealing with such entities and further update it on a real-time basis," a senior bank executive told ET.
This is why Federal Reserve may slash interest rates only once and not more than 25 basis points
The Federal Reserve may not announce a steep cut in the interest rates because unemployment figures may improve, and inflation may fall back to the Fed's 2% target by the end of the year. Similarly, the Consumer Price Index continued to cool last month to 2.9%, below the expected 3% yearly increase.
Canara Bank hikes lending rate by 5 bps across tenors
Canara Bank has raised its marginal cost of funds-based lending rate by 5 basis points across all tenors, making consumer loans costlier. The one-year MCLR, affecting auto and personal loans, is now 9 per cent. This adjustment followed the RBI's decision to maintain its benchmark lending rate at 6.5 per cent.
SBI increases deposit rates by 25-75 points
Banks adjust deposit rates according to their asset and liability positions and demands for funds in specific tenures. This is the first increase by SBI in deposit rates since December 2023. - Our Bureau
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