The central bank had reduced the repo rate by 25 basis points in February, after a gap of 18 months
This interest rate cut would provide relief to borrowers in the election season
In its first bi-monthly monetary policy meet of this financial year (FY19-20), the
Reserve Bank of India
(RBI) on Thursday decided to cut repo rate by 25 basis points (bps) or 0.25 per cent to 6 per cent. The RBI has maintained the policy stance at "neutral".
The RBI's six-member rate setting panel headed by RBI governor Shaktikanta Das on Tuesday started its 3-day monetary policy meet amid expectations of a cut rate to boost economic activities. This is also the first back-to-back rate cut since the Monetary Policy Comittee (MPC) was formed in late 2016.
Das has already held meetings with stakeholders including industry bodies, depositors association, MSME representatives and bankers. Since taking over at the central bank in December last year, the RBI governor has taken a series of steps to help support economic growth and spur lending.
Nirav Modi's painting collections to be auctioned in Mumbai today Nirav Modi's painting collection to be auctioned in Mumbai today. 68 paintings will go under the hammer with a physical auction today, followed by an online auction on Wednesday and Thursday. The special court had allowed the Income Tax Department to
घरों पर जीएसटी की नई दरें लागू होंगी, अब सिर्फ 1-5% तक टैक्स लगेगा
टाटा मोटर्स की कारें 25000 रुपए तक महंगी होंगी
5 लाख रु. तक की आय, बैंक-डाकघर में जमा पर 40 हजार तक का ब्याज टैक्स फ्री
सोमवार से शुरू वित्त वर्ष में कई नए नियम लागू होने जा रहे हैं। टैक्स में राहत समेत कुल 7 बदलावों का आम आदमी पर सीधा असर पड़ेगा। घर खरीदना सस्ता हो जाएगा लेकिन कार खरीदना महंगा होगा।
पर टैक्स नहीं लगेगा। बैंक, डाकघर में जमा पर 40 हजार रुपए तक का ब्याज भी कर मुक्त होगा।
रेपो रेट घटते ही कम होगा ब्याज
बैंक एमसीएलआर के बजाय अब आरबीआई के रेपो रेट के आधार पर कर्ज देंगे। रेपो घटते ही बैंकों को ब्याज दर घटानी होगी।
घरों पर अब 1 से 5% जीएसटी
जीएसटी परिषद ने अंडर कंस्ट्रक्शन मकानों पर दर घटाकर 1% और अन्य वर्ग के मकानों पर 5% कर दी है। ये दरें 1 अप्रैल से लागू हो गई हैं।
कनेक्टिंग ट्रेन छूटी तो रिफंड मिलेगा
रेलवे दो ट्रेनों से यात्रा करने पर संयुक्त पीएनआर देगा। एक ट्रेन लेट होने से कनेक्टिंग ट्रेन छूटी तो पैसा रिफंड होगा।
बोर्डिंग स्टेशन भी बदल सकेंगे
रेल यात्री ट्रेन छूटने के चार घंटे पहले अपना बोर्डिंग स्टेशन बदल सकेंगे। यानी आप चार्ट बनने से पहले अपना स्टेशन बदल सकेंगे। इस नए नियम का फायदा जनरल और तत्काल दोनों कोटे के तहत रिजर्वेशन कराने वालो को मिलेगा
बैंक ऑफ बड़ौदा में दो बैंक मिलेंगे
BSE benchmark Sensex rose over 150 points in early trade led by gains in banking and auto stocks amid positive cues from other Asian markets.
The BSE gauge Sensex was trading above the psychological 39,000-level in early deals up 176.95 points, or 0.45 per cent, at 39,233.60. The 30-share BSE index Tuesday settled at 39,056.65, 184.78 points or 0.48 per cent higher, marking its highest ever closing.
Similarly, the NSE benchmark Nifty was trading 39.05 points, or 0.33 per cent, higher at 11,752.25 in early session.
Top gainers on Sensex include Tata Motors, IndusInd Bank, HDFC twins, PowerGrid, Kotak Bank, Tata Steel, Bharti Airtel, Yes Bank, M&M, Maruti, Bajaj Finance, SBI and RIL, rising up to 2.05 per cent.
On the other hand, Infosys, HUL, Coal India, L&T and Sun Pharma were the top losers, falling up to 0.68 per cent.
According to experts, inflow of foreign liquidity in expectation of rate cut from the Reserve Bank of India (RBI) and revival in earnings will provide some stability in the market.
Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 543.36 crore Tuesday, while domestic institutional investors (DIIs) sold equities to the tune of Rs 437.70 crore, provisional data available with stock exchanges showed.
The Monetary Policy Committee (MPC) is holding a two-day meeting between April 2 and April 4 for the first bi-monthly policy statement for 2019-20. The RBI will unveil its first bi-monthly monetary policy decision of this new fiscal on Thursday.
Meanwhile, the rupee appreciated by 9 paise to trade at 68.65 to the US dollar in early trade on Wednesday.
Brent crude futures, the global oil benchmark, rose 0.52 per cent to trade at USD 69.73 per barrel.
Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading positive.
The RBI Thursday lowered the GDP growth forecast for the current fiscal to 7.2 per cent from the earlier estimate of 7.4 per cent amid probability of El Nino effects on monsoon rains and uncertain global economic outlook.
In its February monetary policy statement, the central bank had projected the GDP growth for 2019-20 at 7.4 per cent -- 7.2-7.4 per cent in first half of the fiscal (April-September).
Since then, there are some signs of domestic investment activity weakening as reflected in a slowdown in production and imports of capital goods, it said after the three-day meeting of the Monetary Policy Committee (MPC).
"The moderation of growth in the global economy might impact India's exports," the central bank said.
On the positive side, the RBI said, higher financial flows to the commercial sector augur well for economic activity.
It further said private consumption, which has remained resilient, is also expected to get a fillip from public spending in rural areas and an increase in disposable incomes of households due to tax benefits. Business expectations continue to be optimistic.
"GDP growth for 2019-20 is projected at 7.2 per cent in the range of 6.8-7.1 per cent in first half of 2019-20 and 7.3-7.4 per cent in the second half with risks evenly balanced," the RBI said.
It added that several uncertainties cloud the inflation outlook, with the domestic and global demand-supply balance of key food items expected to remain favourable.
However, early reports suggest some probability of El Nino effects in 2019, it added.
The MPC, headed by RBI Governor Shaktikanta Das, noted that the output gap remains negative and the domestic economy is facing headwinds, especially on the global front.
The need is to strengthen domestic growth impulses by spurring private investment which has remained sluggish, the RBI added.
As Jet Airways continue to ground aircraft and cancel significant number of flights, the airline's aircraft maintenance engineers' union wrote to the aviation regulator on Tuesday that three months of salary was overdue to them and flight safety "is at risk".
In a letter written to the Directorate General of Civil Aviation, Jet Aircraft Engineers Welfare Association (JAMEWA) stated: "It has been arduous for us to meet our financial requirements, result of which have adversely affected the psychological condition of Aircraft Engineers at work and therefore the safety of public transport airplanes being flown by Jet Airways across India and the world is at risk."
Cash-strapped Jet Airways had on Monday said it had grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41.
Accused of pnb scam and absconded mehul chouksey today submitted detaild medical history to avoid extradition.
Choksi, through his advocates, told the PMLA judge M S Azmi that he is unable to travel and return to India given his medical condition and ailments.
Mehul Choksi, one of the accused in the Rs 13 000-crore Punjab National Bank scam, has moved a fresh application and additional submissions before the Prevention of Money Laundering Act (PMLA) court in Mumbai.
lawyers placed as many as 38 documents including medical reports, letters from doctors and several other documents as proof of his various ailments.
The annexures submitted before the court include reports and copies of angiograms, ultrasound examinations, MRI of his brain, knee joints and spine, ultrasound examinations, blood reports, radiographs of his spine, X rays, consultation reports for cardiovascular problems among others.