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Common man’s pocket can be affected! Repo rate may increase and EMI may be higher

The general public might be stunned once more. There is a possibility that the Reserve Bank of India (RBI) will increase its repo rate in the near future. This may increase the EMI on the borrowers’ loans. A three-day meeting of the RBI’s Monetary Policy Committee (MPC) will begin on Monday. On December 7, the meeting’s outcomes will be made public.

Repo rate may increase

According to experts, interest rates went up by 0.50 percent three times in a row. But this time, the central bank can take a softer position on interest rates. At the same time, there is a chance that the RBI would raise the repo rate this time by 0.25 to 0.35 percent. This action can be made by RBI in light of retail inflation’s signs of easing and the need to foster growth.

Repo rate was increased this year

The MPC can also follow the Federal Reserve, the American central bank, and domestic variables, as it has signaled a small rate increase at the end of this month. 1.90 percent has been raised by the RBI since May. Despite this, since January, inflation has been over the tolerable range of 6%.

EMI may also increase

The EMI of the loan could increase as a result of an increase in the repo rate, which could have an impact on people’s finances as well. The banks’ lending interest rates rise together with the increase in the repo rate. It has an impact on people’s wallets. Repo rates refer to the interest rates at which the RBI loans to banks.

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Big relief to the general public due to wholesale inflation, retail inflation reached a low of 3 months

Soon, common folks who have been struggling with inflation for the past few months will get some comfort. This is due to the fact that the government’s Monday release of wholesale inflation data showed a decrease in inflation of 8.39 percent for the fifth consecutive month. Wholesale inflation was 10.70% earlier in September. In August, it was 12.41% at the same hour.

The wholesale inflation rate is at its lowest level in 19 months. Wholesale inflation was 7.89% earlier in March 2021. As a result, the country’s core sector’s inflation rate has decreased to 4.6%. In September, it was close to 7%.

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Inflation falls to single digits; the Annual rate of inflation based on all India Wholesale Price Index (WPI) number is 8.39% for the month of October 2022 as against 10.70% recorded in September 2022: Ministry of Commerce & Industry
— ANI (@ANI) November 14, 2022

Inflation reduced on these items

Monthly food inflation decreased from 11.03 percent in September to 8.33 percent in October. Vegetable inflation has decreased from 39.66% in September to 17.61% today. From 49.79% in September to 44.97% in October, there has been a decrease in potato inflation. From -20.96% the previous month, onion inflation has decreased to -30.02% this month.

Inflation is still above RBI’s target

Despite the decrease, the inflation rate continues to be above the Reserve Bank of India’s cap. A 2 to 6 percent inflation rate is the target set by the RBI. The rate of retail inflation has stayed over the desirable ceiling of 6% since January of this year.

Shock to the public before Diwali, loans will become expensive, RBI hikes repo rate

The repo rate has been raised by 50 basis points by the Reserve Bank of India (RBI). Your EMI will likewise increase in price as a result. The current repo rate is 5.90%, up from 5.40%, while the SDF rate is 5.65%, up from 5.15%. Five of the six MPC members supported raising the rates. According to the RBI, all sectors continue to be concerned about inflation. Earlier, the interest rate was raised by a number of significant central banks throughout the world, including the US Federal Reserve.

RBI Governor Shaktikanta Das announces that RBI "increases the policy repo rate by 50 basis points to 5.9% with immediate effect." pic.twitter.com/YpDjOVsgus
— ANI (@ANI) September 30, 2022

Repo rate increased by 1.90 percent since May

The RBI had previously indicated raising the repo rate by 0.50-0.50 percent twice in June and August based on the MPC’s recommendations. The central bank abruptly raised the interest rate by 0.40 percent earlier in May. This indicates that since May, the repo rate has grown by 1.90 percent.

Future loans will be more expensive

The cost of borrowing will rise if the repo rate rises. Loans will grow more expensive in the future if banks find money to be pricey. Customers will feel the effects through banks. The sale of homes is anticipated to rise further as a result.

Big fall on the last trading day of the week, these stocks suffered the most

The national benchmark index experienced a significant fall on the final trading day of the week. Investors have experienced a loss of nearly Rs 4 lakh crore as a result of this decline in the benchmark. The market capitalization of businesses on the BSE has decreased to Rs 277.58 lakh crore.

The Sensex has dropped 1020.80 points to a level of 58,098.92 as of Friday’s market closing. It fell by 1.73 percent. The Nifty index, on the other hand, also fell by 302 points. It decreased and ended the day at 17327.35 points. Nifty Media, Nifty Firm, and Nifty Metal all experienced slight rises relative to the industry. The Nifty Bank, Nifty Realty, Nifty Realty, and Nifty Energy index, on the other hand, had a loss of roughly 1%.

These stocks were the biggest losers

Power Grid, Tech Mahindra, HDFC Twins, IndusInd Bank, Axis Bank, Kotak Bank, and NTPC were the greatest declines, while shares of Tata Steel, HUL, Infosys, HCL Tech, Titan, ITC, and Sun Pharma performed well.

Decrease in liquidity

It has been 40 months since banking liquidity decreased. The RBI released Rs 50,000 crore on Thursday under the Variable Rate Repo program to enhance liquidity (VRR). Due to the advanced tax deposit system’s withdrawal of money, an increase in credit demand, and a slowdown in deposit growth, liquidity has decreased.

Shares of Tata Steel rose 2%

Tata Steel’s stock rose by up to 2% during Friday’s trading session. This strength became apparent when word spread that the company’s board had approved the merger of six Tata Group entities with Tata Steel. On Friday, shares of Hero MotoCorp were also observed trading in the negative territory. Explain that starting on September 22, the corporation will be raising the price of their automobiles.

Instagram users beware! Profiles are getting hacked from suspicious links, later fake forex trading posts uploading

You must have often heard and seen about online crime and hacking. But at this time a different type of hackers are hacking the profile of the people on Instagram. Such social media hacks have been on the rise since September 13, when the RBI issued an alert calling 34 Forex Trading Online Platform apps illegal. You can also check those lists.

RBI issues alert list for 34 forex trading apps

Nowadays Trading and Bitcoin App is reaching people through all kinds of promotion and advertising in India. And somewhere people also face big losses through these apps. A few days back RBI issued an alert regarding an online trading platform that includes the names of apps and entities which are not authorized to deal in forex and operate electronic trading platforms for forex transactions.

Instagram of these people is getting hacked

Since September 13, profiles of many Instagram and social media users are being hacked in India and later posts related to bitcoin and forex trading are being posted on their profiles. These users say that their profile is no longer under their control, and someone is sending messages from their accounts to their friends like clicking on suspicious links.

Let us tell you that such complaints have come from different cities in India and many people have also taken help from the cyber team. These hackers are hacking people’s Instagram profiles using different types of clone and trapped links techniques.

How to escape from these hackers

If you use Instagram and social media accounts, then keep these important things in mind. First of all, turn on two-verification authentication on your social media profile. Then keep your password strong, as well as do not open any kind of links without checking.

RBI issued alert

RBI said that the public is once again cautioned not to do foreign exchange transactions on unauthorized ETPs or not to make deposits/deposits for such unauthorized transactions.

RBI said that the alert list includes the names of companies that do not have RBI authorization. RBI said that foreign exchange transactions can be done under FEMA only with authorized persons and for certain purposes only. All companies should be allowed to transact in foreign exchange only on ETP authorized by RBI or recognized stock exchanges like the National Stock Exchange of India Limited (NSE), BSE Limited, and Metropolitan Stock Exchange of India Limited.

Loan became expensive for SBI customers, the bank again increased the interest rates

The cost of taking out any kind of loan from SBI has increased. The bank has raised interest rates once more. State Bank of India (SBI) has announced plans to raise the benchmark prime lending rate (BPLR) by 70 basis points, or 0.7%, according to information obtained from the bank’s website. SBI’s BPLR has now increased to 13.45 percent as a result. The new tariff is in place as of right now, September 15th.

According to experts, SBI made this adjustment in anticipation of a potential hike in the repo rate in the monetary policy. It is possible that the RBI will raise the repo rate by 50 basis points in its monetary policy for September. The likelihood of a repo rate increase has grown further as a result of the increase in retail inflation.

Borrowers will be burdened in this way

The EMI for both new and existing customers will rise as a result of SBI’s higher BPLR. The loan payments will therefore be greater than before. Banks will raise the loan’s interest rate. SBI last modified the BPLR in the month of August. It is interesting to note that earlier banks used to base customer loans on the previous benchmark. Nowadays, the majority of banks base their loan rates, or EBLRs, on external benchmarks.

Consumers borrowing for their homes and cars will be most affected by this bank’s decision. Many people around the nation borrow money from SBI for cars and homes. The EMI burden will also fall on anyone looking to purchase a home or automobile during the festival season.

Up to 50 basis points increase in August

The regular lending rates at the State Bank of India (SBI) were increased by 50 basis points in August (or half a percentage point). SBI increased the lending rate a few days after the Reserve Bank of India (RBI) increased its benchmark lending rate by 50 basis points to curb inflation. The external benchmark-based lending rate (EBLR) and repo-linked lending rate (RLLR) both experienced rises of 50 basis points in addition to the 20 basis point increase in the marginal cost of funds-based lending rate (MCLR) for all tenors.

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Banks will be closed for 13 days in September, check the list of other holidays except for Sunday in September

Bank Holidays In September: The month of August will soon come to an end, and September is prepared to begin. For a number of days in September, banks will be closed. Start making plans right away if you have any significant job relating to the bank in September. If you don’t plan, you can run into issues. In accordance with the Reserve Bank of India’s timetable, make sure to check the calendar for any other closures in addition to the Sundays in September.

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Holidays will be according to different states

According to the Reserve Bank of India’s (RBI) calendar, there are a total of 8 bank holidays in September. There will be six further days off, including Saturday and Sunday. Banks will be closed 13 days a September month based on this schedule. These holidays could, however, differ from one state to another.

List of Holidays in September 2022

1st September	Ganesh Chaturthi (2nd day)
4th September	Sunday Holiday
6th September	Karma Puja
7th and 8th September	Onam
9th September	Indrajata
10th September	Shri Naravane Guru Jayanti / 2nd Saturday
11th September	Sunday Holiday
18th September	Sunday Holiday
21st September	Sri Narayana Guru Samadhi Diwas
24 September	Fourth Saturday
25 September	Sunday Holiday
26 September	Navratri Establishment

Finance Ministry clarifies on discussion about charging UPI transactions, there is no charge for UPI transactions as of now

UPI Payment Charges: According to the Finance Ministry, the United Payment Interface (UPI) is a valuable digital utility for the public, and the government has no plans to charge for it. As a result of this ministry statement, the RBI has eased concerns regarding fees in the payments system raised in its discussion paper. The discussion paper makes the suggestion that fees could be applied to various UPI payment amount categories. There are no fees for UPI transactions as of right now.

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Finance Ministry clarified

In a tweet, the Finance Ministry stated that UPI is a helpful service for the public that offers tremendous convenience to the public and boosts economic production. The government has no plans to charge users for using UPI services. The concerns of the service providers will need to be addressed in other ways in order to recoup the costs.

The government is giving incentives

This information was also provided by Nirmala Sitharaman, to which Prime Minister Narendra Modi responded, “This is a superb accomplishment.” Indians will embrace modern technology and create a clean economy if they embrace modern technology as a whole. Digital payments were extremely helpful during the COVID-19 pandemic.

Let us inform you that UPI transactions are booming across the nation. People are using UPI more frequently than they are using money and credit cards. As a result, 6 billion UPI transactions were made in just a month of July. This information was provided directly by Prime Minister Narendra Modi. The Prime Minister praised UPI and noted that 6 billion transactions were completed through it in July, the most since 2016. In other words, UPI surpassed its previous record for the year 2016 in July and reached a new peak.

RBI has fixed the withdrawal limit of this bank, will not be able to withdraw more than 15,000, know what is the reason?

RBI Imposes Restrictions: A bank has set the withdrawal restriction after the Reserve Bank of India (RBI) fined various banks over the past few days. Raigad Sahakari Bank Limited of Mumbai has been subject to a variety of restrictions on behalf of the RBI. The decision to take this action by the central bank was made in light of the bank’s declining financial situation.

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15 thousand withdrawal limit

For customers of Raigad Co-operative Bank, the central bank has imposed a withdrawal cap of Rupees 15,000. After this strictness, the cooperative bank won’t be able to accept new deposits, make any investments, or grant loans without first receiving permission from the Reserve Bank.

The ban will continue for six months

Customers of the bank would not be able to withdraw more than Rs 15,000 from their savings and current accounts, according to a statement made by the Reserve Bank. The bank will be subject to these limitations for a period of six months. Raigad Co-operative Bank was given instructions, however, the Reserve Bank has made it clear that they do not intend to revoke their banking license.

Penalty was imposed on two big banks

Two large banks had previously faced penalties from the RBI for breaking the guidelines. According to the information provided by the RBI, Kotak Mahindra Bank and IndusInd Bank were each fined one crore rupees for failing to comply with regulatory requirements.

Bank Holidays July 2022: Banks will be closed for 16 days in July, see the complete list of holidays before doing bank work

Bank Holidays In July 2022: The month of July is just a few days away. If you’re intending on doing any bank-related work in July, you should absolutely read this first. Reserve Bank of India (RBI) releases July 2022 holiday schedule. The following list shows a total of 16 days when banks will be closed in July.

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The RBI has split holidays into three groups

The Reserve Bank of India (RBI) has categorized bank holidays into three groups. The Real-Time Gross Settlement Holiday, the Negotiable Instruments Act and bank account closures all fall under this category. Besides national holidays, there are a number of state-specific holidays, such as every Sunday and the second and fourth Saturday of the month. If there will be any bank closures during the month of July, please let us know.

Holidays in July 2022 include:

July 1	Kang (Rathjatra) / Rath Yatra – Banks closed in Bhubaneswar and Imphal
July 3	Sunday (weekly holiday)
July 5	Tuesday – Guru Hargobind’s light day – Jammu and Kashmir
July 6	Wednesday – MHIP Day – Mizoram
July 7	Kharchi Puja – Banks closed in Agartala
July 9	Saturday (second Saturday of the month), Eid-ul-Adha (Bakrid)
July 10	Sunday (weekly holiday)
July 11	Ez-ul-Aza- Banks closed in Jammu and Srinagar
July 13	Bhanu Jayanti- Banks closed in Gangtok
July 14	Ben Dienkhlam – Banks closed in Shillong
July 16	Bank closed in Harela- Dehradun
July 17	Sunday (weekly holiday)
July 23	Saturday (fourth Saturday of the month)
July 24	Sunday (weekly holiday)
July 26	Ker Puja- Banks closed in Agartala
July 31	Sunday (weekly holiday)