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Employees Provident Fund Organisation (EPFO) on Thursday lowered the interest rate on deposits to 8.50 per cent for the current financial year 2019-20. The interest rate, which is the lowest rate fixed in seven years, was reduced from the previous rate of 8.65 per cent in 2018-19. The Central Board of Trustees, which is the ..
Denmark’s third largest, Jyske Bank has launched the world’s first negative interest rate mortgage and started to offer a10-year mortgage deals at a negative interest rate of 0.5% a year. Under its negative mortgage, borrowers will pay the usual EMI but the outstanding amount will be slashed each month by more than the borrower has ..
The United States Federal Reserve has announced a quarter-percentage-point cut in interest rates. This was the first-rate cut in 11 years- the first since the global financial crisis broke in 2008. The rate cut marked a departure from the hawkish rate-hike trajectory of US Federal Reserve moving in the direction of bolstering the debt-laden American economy. ..
After linking its short-term loans and large savings deposits rates to the repo rate, the State Bank of India (SBI) has decided to introduce a repo rate-linked home loan product from July 1. The home loans under this product will be priced at 2.65% over the repo rate of 5.75%. So, the home loan interest ..
On June 6, the 6-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points to 5.75% from 6.0% with immediate effect in its 2nd bi-monthly monetary policy statement for 2019-20. Repo rate is the interest rate at which the central bank provides liquidity to ..
The State Bank of India (SBI) has become the first bank in the country to link its saving and loan interest rates to the Reserve Bank of India (RBI)’s repo rate. The move assumes significance as the effective interest rate from May 1 on savings deposit above Rs 1 lakh will come down to 3.25% ..
Fitch Ratings has recently said in its APAC sovereign credit overview report that the Reserve Bank of India (RBI) is the first Asia-Pacific (APAC) central bank to begin interest rate easing cycle by cutting the policy rate back-to-back in the last two monetary policy reviews in 2019. The Monetary Policy Committee (MPC), headed by RBI ..
In a bid to further improve the cash position of banks, the Reserve Bank of India (RBI) has recently tweaked Liquidity Coverage Ratio (LCR) norms to provide an additional 2% window to lenders. The move will harmonise the liquidity requirements of banks and release additional money for lending. The LCR indicates the proportion of highly ..