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|30th March 2007, 22:35||#1|
Join Date: Sep 2006
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Home, car loans to rise further; RBI hikes key lending rate
nterest rate on housing, vehicle and other consumer loans is likely to shoot up further, with Reserve Bank of India on Friday raising key short-term lending rate (repo*) by a quarter per cent as also increasing mandatory deposits by banks by 0.5 per cent to contain inflation.
Ahead of its annual monetary policy scheduled next month, the RBI in a sudden move hiked the repo rate and Cash Reserve Ratio** to 7.75 per cent and 6.5 per cent, respectively to suck out about Rs 19,500 crore (Rs 195 billion0 from the system.
The RBI move is a part of the stated policy by Finance Minister P Chidambaram that the government and apex bank would continue to take appropriate fiscal and monetary measures to control inflation, which is hovering at a high of 6.46 per cent.
Home, car loans to rise further
|2nd April 2007, 14:11||#2|
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Join Date: Aug 2006
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Looks like the government just wants to put a brake on the Indian automobile industry,first it just completely forgot about the industry in this years budget and now this rate hike.
No wonder automobile stock prices are heading southwards
|2nd April 2007, 14:51||#4|
Join Date: Jan 2007
|4th April 2007, 04:59||#5|
Senior - BHPian
Join Date: Jan 2006
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But it seems to be like that increase will be reverted after the current inflation rate is stabilised.
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