All six MPC members voted to retain the accommodative stance at the October meeting.
The rise in wealth has marked higher domestic participation in the capital markets, mutual funds, making the trend a sustainable one, according to India Wealth Report 2019, published by Karvy Private Wealth.
Services may be hampered, while SBI said impact would be minimum as most of its staff are not members of participating unions. Banks such as Bank of Maharashtra and Syndicate Bank have expressed concerns over providing customer services.
Securitisation of assets by NBFCs and mortgage lenders surge 48% in the first half of the fiscal year
The volume grew to Rs 1 lakh crore as both established and new originators flocked to the securitization market to raise resources profile in a challenging financing environment, rating company Crisil said in report.
Banerjee was also one of the advisors to Congress on the ambitious NYAY scheme, proposed ahead of 2019 polls.
State Bank of India has Wednesday reduced its marginal cost based lending rate (MCLR) by 10 basis points across all tenors with effect from October 10, making it the bank's sixth cut in MCLR in FY20.
He said his bank, which is back in the black, is expected to remain profitable before its merger with Punjab National Bank and Oriental Bank of Commerce.
RBI has raised the household income limit for availing micro loans while enhanced the lending limit to Rs 1.25 lakh per eligible borrower from Rs 1 lakh earlier.
The Centre, instead, will pitch in with Rs 1,666 crore.
The new limit will allow 70% of the bank’s depositors to withdraw all of their money, RBI said in a statement.
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