Current bank of england base rate

Indian Overseas Bank MD and CEO Partha Pratim Sengupta Indian Overseas Bank Managing Director and Chief Executive Officer Partha Pratim Sengupta says the government has not approached the lender with a privatisation proposal although occasional media reports speculate about its sale. It has only been from such reports that Sengupta has got to know about the proposal, he said. In fact, the government has not even hinted that the bank will be privatized, Sengupta told Moneycontrol in an interview on May 20. Sengupta said the bank is aiming to grow its advances by 12% in the current financial year with secular growth across retail, micro, small and medium enterprise (MSME), corporate and agricultural loans. Edited excerpts: What is your growth outlook for FY23? The focus is that we should grow advances 12% year-on-year, that is our aim. So far, the credit off-take trend, I would say, is better than what we have seen for the similar period in the last financial year. … [Read more...] about Interview | Indian Overseas Bank MD says no communication from Centre on privatisation, ‘not even a hint’

LV Prabhakar, MD & CEO, Canara Bank Bengaluru-headquartered Canara Bank aims to recover Rs 15,000 crore from bad loans in the current financial year, the bank’s managing director and chief executive officer LV Prabhakar told Moneycontrol in an interview on May 9. Prabhakar said the bank aims to lower its gross and net non-performing asset (NPA) ratio to below 6 percent and 2 percent by the end of current fiscal from 7.51 percent and 2.65 percent as on March 31, 2022, respectively. “In Q4FY22, the gross NPA has come down from Rs 60,000 crore to Rs 55,000 crore in absolute terms. Net NPA has come down from Rs 24,000 crore to 18,600 crore. So going forward we will be ensuring that recoveries will be more than slippages.” Prabhakar also shared his guidance on credit and deposit growth for the back in FY23, among others. Edited excerpts: Q: What is your outlook on credit demand for FY23? Close A: Credit offtake will be there. There is no second thought. … [Read more...] about Interview | Expect Rs 15,000-crore loan recoveries in FY23, says Canara Bank MD and CEO LV Prabhakar

Pranjul Bhandari. India’s retail inflation in April was at an eight-year high of 7.79 percent, sending alarm bells ringing across markets and triggering expectations of large rate hikes. Is this the peak of inflation? Where will it go from here? In an interview with Moneycontrol , Pranjul Bhandari, chief India economist of HSBC, explains that inflation could continue to stay elevated as price pressures tend to be sticky. More than headline inflation, the momentum should worry policymakers. The Reserve Bank of India may announce one more 40 basis point hike in the repo rate in June. Bhandari sees the central bank taking the rate from 4.4 percent now to 5.5 percent by December in its fight against inflation. Beyond that, rate hikes need to be very careful. Edited excerpts: Q: Has inflation peaked? How would be the trajectory ahead? A: We have a base effect coming in May and June. So, in these two months, CPI inflation will be around 7 percent. But don’t mistake it … [Read more...] about Interview: Elevated inflation here to stay, repo rate could be 5.5% by December, says HSBC’s Pranjul Bhandari

Finance Minister Choo Kyung-ho, left, and Bank of Korea Governor Rhee Chang-yong before the meeting in central Seoul on Monday. [BANK OF KOREA] Bank of Korea Gov. Rhee Chang-yong said a half-point rate increase is not out of the question. The bank was not necessarily considering that much of an increase through April, "but a judgment will have to be made based on comprehensive data, like how high inflation will rise," Rhee said following his first meeting with Finance Minister Choo Kyung-ho on Monday. Rhee reiterated that the monetary policy board will not just take into consideration the rate gap between Korea and the United States. He said the board will also take overall growth and inflation into account. "Our situation is very different from that of the United States," said Rhee. "Even though inflation is high, the level isn't as high as in the United States." He added that two more half-point increases by the U.S. Federal Reserve have already been factored in by the … [Read more...] about Half-point rate increase not out of the question

By June 7, Canara Bank will also roll out a revamped banking application with 252 features. Canara Bank is aiming to generate 12 lakh QR codes through its branches in the current financial year and will start distributing Paytm-like soundbox machines to merchants across India in a month, the bank’s Executive Director K.S. Raju told Moneycontrol on May 9. A soundbox is an audio-assisted smart device that provides instant notifications when you receive a payment. It is a small portable speaker for daily payment alerts, which comes with a SIM-based connectivity. The state-led lender has tied up with the National Payments Corporation of India (NPCI) for generation of both UPI and BHIM QR codes. It has already distributed 12.5 lakh QR codes and standees in the last six months through its branches, earning about Rs 1,781 crore in low-cost current account and savings account (CASA) deposits. The bank does not charge any fees for providing standees or … [Read more...] about Canara Bank to launch soundbox, revamped bank app with 282 features by June, ED says

Companies like Microsoft, Alphabet, and Meta have invested heavily in renewable energy and other ways to shrink their corporate carbon footprints. But the biggest part of their emissions, according to a new report, comes from their banking—and it’s an area that has so far slipped under the radar. advertisement advertisement Microsoft, for example, had $130 billion in cash and investments last year. The report, The Carbon Bankroll: The Climate Impact and Untapped Power of Corporate Cash, published by a banking collaborative and climate nonprofits, estimates that the emissions from the company’s banking are comparable to all of its emissions from making, transporting, and using its products, based on data about how much banks invest in fossil fuels and other carbon-intensive industries. (Microsoft declined a request to comment.) For a company like Paypal, the carbon footprint from its banking in 2021 was 55 times higher than all of its other emissions … [Read more...] about There’s a hidden, huge source of emissions companies are ignoring: their banking

Representative image The pound tumbled after the Bank of England raised interest rates by just a quarter of a percentage point despite surging inflation, while oil prices jumped after OPEC+ only modestly hiked production. The quarter-point hike apparently disappointed investors looking for the BoE to act more forcefully to combat surging prices as the central bank now expects annual inflation to rise above 10 percent this year and the economy to contract later this year. It also followed the Federal Reserve's decision Wednesday to raise US interest rates by half a percentage point as inflation soars also in the world's biggest economy. The British pound plunged more than two percent to $1.2362 after the BoE decision, although it recovered some ground. "Although the market had priced in a 0.25-percent (rate) rise, there had been some expectation that the Bank of England would... follow the lead of the Federal Reserve in increasing interest rates by 0.5 (percentage … [Read more...] about Pound slumps after tepid Bank of England rate hike

Share to Twitter Share to Linkedin Topline Amid heightened recession fears, major Wall Street firms now warn that the ongoing market selloff, which is on track for seven consecutive weeks of losses, could get much worse—with stocks set to plunge by another 20% or so if the economy heads towards a looming recession. Key Facts Recession fears have spiked this week, after major retailers warned about inflationary pressures eating into quarterly profits and the Federal Reserve pledged that it “ won’t hesitate ” to keep raising interest rates until surging prices come back down. The S&P 500 could plunge to 3,000 if the economy falls into a recession in the near future, which would amount to a roughly 24% drop from the index’s current level of around 3,900, according to a recent note from Deutsche Bank’s chief U.S. equity and global strategist, Binky Chadha. While he has a 4,750 price target for the S&P 500 (over 20% higher than … [Read more...] about Here’s The Worst Case Scenario For Stocks, According To Goldman, Deutsche Bank And Bank Of America

Share to Twitter Share to Linkedin OBSERVATIONS FROM THE FINTECH SNARK TANK A recent study from Cornerstone Advisors highlighted the growth of digital banks and fintechs like Chime, PayPal, and Square—and the decline of megabanks like Bank of America, JPMorgan Chase, and Wells Fargo—as consumers’ choices of primary checking account providers. Since 2020, the percentage of Americans whose primary checking account is with a digital bank has skyrocketed. More than a quarter of Gen Zers (21 to 26 years old) and nearly a third of Millennials (27 to 41) now call a digital bank their primary checking account provider. Among Gen Xers (42 to 56), that percentage grew from 8% to 22%. What does the Cornerstone data on primary checking account status tell the industry? Digital banks aren’t the “challenger” banks, anymore. They won. More Gen Zers and Millennials call a digital bank their primary checking account provider than those that consider a … [Read more...] about 2022 Online Bank Ranking: Chime At The Top, Current Coming On Strong

Reserve Bank of India (RBI) governor Shaktikanta Das announced a 40-basis-point (bp) hike in the key lending rate and raised the cash reserve ratio (CRR) by 50 bps in an unscheduled announcement on May 4. This is the first such unscheduled statement from the RBI governor since the start of the pandemic in 2020. The announcement surprised the markets, pushing up bond yields and putting pressure on the equity indices. In an interview with Moneycontrol, Madan Sabnavis, chief economist, Bank of Baroda, shares his views on the RBI rate hike. Edited excerpts: Was the 40-bp rate hike a surprise? Yes, it was a surprise for two reasons. There was no official data point which had come since the last policy except the CPI (Consumer Price Index) inflation number which anyway was expected to be close to 7 percent. Second, the quantum of 40 bps appeared to be high considering that the market was expecting 25 bps at a time. Close Also Reads | Another 25 basis-point … [Read more...] about MC Interview | Bank of Baroda’s chief economist on why did RBI choose to hike rates off-policy