RBI may cut rates by another 25 bps in 2019: Fitch


India's central bank is likely to cut interest rates by another 25 basis points in 2019, following three cuts of a similar quantum so far, due to weak growth momentum and inflation remaining within targeted limits, Fitch Ratings said recently.

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SBI to link home loans to repo rate from July


State Bank of India has introduced repo rate-linked home loans. SBI, the country's largest bank by assets, said in a statement that it would offer home loans linked to the repo rate from July 1, 2019. Repo rate is the key interest rate at which commercial banks borrow short-term funds from the Reserve Bank of India (RBI).

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Top private sector banks cut interest rates on deposits by up to 0.25%


Top private sector lenders have cut their interest rates on deposits by up to 0.25 percent, officials said.

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Home loans to become cheaper as RBI cuts repo rate by 25 basis points


The Reserve Bank of India's Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, unanimously lowered key lending rate or repo rate by 25 basis points or 0.25 percent to 5.75 percent. The six-member committee also changed the policy stance to "accommodative" from "neutral".

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Real-Time Gross Settlement (RTGS) Payments Are Now Available For 90 More Minutes


You can now request wire or electronic fund transfers through the RTGS or Real-Time Gross Settlement payments system for 90 additional minutes every day. The Reserve Bank of India (RBI) - which maintains the RTGS payments network - last month announced its decision to extend the timings for customer transactions in RTGS.

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RBI allows banks to use Aadhaar for KYC with customer consent


Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said recently as it updated its list of documents eligible for identification of individuals. The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including the opening of bank accounts.

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Education loans in India shrink 25% in 4 yrs


India’s education loan market has shrunk 25% in the past four years. The number of students able to secure loans fell to 2.5 lakh as of March 31, 2019, from 3.34 lakh students as of March 31, 2015. High non-performing assets levels, which have nearly doubled to 12.5% in the past five years, is the main reason for the decline.

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India is shutting down ATMs even as people use them more


Finding an ATM in India is getting tougher even as dependence on cash persists, thanks to tighter regulations that make it more costly to run the machines. The number of automated teller machines in the country shrank in the past two years despite an increase in transactions, Reserve Bank of India figures showed recently.

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More NBFCs tie-up with banks under the loan scheme


An Increasing number of non-banking financial companies are partnering with banks under the RBI’s loan co-origination scheme since its announcement last year, as liquidity tightness in the subsequent months forced these non-banks to look for cheaper routes to raise funds.

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Smart things to know about personal loans


A personal loan is given by a bank or an NBFC to an individual to meet any personal needs like funding a marriage, home renovation, vacation, etc.

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