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Bank transmit lending rates faster than deposit rates in September
While the lending rates rose by 10-26 basis points ( one bps is 0.01 percent) in September. deposit rates rose by only 9 bps during the month. The Reserve Bank has been raising its benchmark policy repo rate-the rate at which it lends to banks since May this year as consumer price inflation has remained above the target band of 2 to 6 percent. It raised repo rates by 50 bps to 5.9 percent when the monetary policy committee met on September30, taking the cumulative rate increase since May to 190 bps. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/AEhl6pL via IFTTT
RBI cancels licence of Rajasthan-based Sumerpur Mercantile Urban Coop Bank
The RBI has cancelled the licence of Sumerpur Mercantile Urban Cooperative Bank in Pali, Rajasthan, due to inadequate capital and earning prospects. Depositors will receive deposit insurance claim amount up to Rs 5 lakh from DICGC. As on November 30, 2023, DICGC has already paid Rs 45.22 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/PEzW9QB via IFTTT
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