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The Outlier: BOJ Retains Easy Policy, Defies Global Tightening Tide

World

The Bank of Japan projected inflation to exceed its target this year in fresh forecasts issued on Thursday, but maintained ultra-low interest rates and signalled its resolve to remain an outlier in a wave of global central bank policy tightening

25% Interest Charged By Instant Loan Apps: Report

BW Online Bureau

Banking & Finance

A report published by the Local Circles, a community-driven social media platform, stated that in the last two years, 58 per cent of Indians, or maybe their relatives or household staff, who took out loans using instant loan apps have paid 25 per cent annual interest

Normal Monsoon, Cut In Interest Rate To Reduce Inflation By Year-end: Economists

BW Online Bureau

Economy

The RBI has already raised interest rates by 90 basis points after inflation remained above its 2-6 per cent target band for a fifth straight month and is expected to hike interest rates by another 80 bps, they said

RBI Likely To Maintain Status Quo In Forthcoming Meeting

BW Online Bureau

Economy

The RBI Governor-headed rate setting panel -- Monetary Policy Committee (MPC) -- will be holding its first meeting of the 2022-23 fiscal from April 6 to 8. The outcome will be announced on April 8

Interest Rates On Small Savings Schemes Unchanged For First Quarter Of FY23

BW Online Bureau

Banking & Finance

The government on Thursday kept interest rates on small savings schemes, including NSC and PPF, unchanged for the first quarter of 2022-23 due to an elevated level of inflation

Interest On EPF Deposits Fixed At 8.1%

BW Online Bureau

Economy

This is the lowest since 1977-78, when the EPF interest rate stood at 8%

Centre Approves 8.5% Interest Rate On EPF For FY21

BW Online Bureau

Economy

In March last year, the EPFO had lowered the interest rate on provident fund deposits to a seven-year low of 8.5 per cent for 2019-20, from 8.65 per cent in 2018-19.

RBI Tweaks Norms For Interest On Unclaimed Amount After Deposit Matures

BW Online Bureau

Companies & Markets

The new norms are applicable for deposits in all commercial banks, small finance banks, local area banks, and cooperative banks.

Govt Amends Rules Pertaining To Indian Accounting Standards

BW Online Bureau

Companies & Markets Sector Reports

Under the revised rules, entities are required to make additional disclosures related to interest rate benchmark reform.

Will Try To Keep Soft Interest Rate Regime As Long As Possible: SBI Chief

BW Online Bureau

Banking & Finance

The bank has already earmarked Rs 30 crore and is engaging with non-governmental organisations (NGOs) and hospital management for setting up medical facilities on an emergency basis for the treatment of COVID-19 patients.

RBI Fixes Centre's WMA Limit At Rs 1.2 Lakh Cr For First Half Of Next Fiscal

BW Online Bureau

Economy India

The interest rate on WMA is equal to the repo rate and on overdraft, it is two per cent above the repo rate. The current repo rate is 4 per cent.

EPFO Retains 8.5 % Interest On EPF Deposits For 2020-21

BW Online Bureau

Economy India

The CBT decision on interest rate would be send to the finance ministry for concurrence. After getting the finance ministry's nod, the 8.5 per cent rate of interest for this fiscal would be credited into the EPFO subscribers' accounts.

EPFO Likely To Declare Rate Of Interest On EPF Deposits For 2020-21 On March 4

BW Online Bureau

Companies & Markets

The EPFO had provided 8.65 per cent interest rate to its subscribers for 2016-17, and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.