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SBI flourish MCLR by 10 bps for all tenors
15 Jun

SBI flourish MCLR by 10 bps for all tenors

Priyanka RoyBusiness, News
State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) for all tenors. The MCLR hike by SBI comes days after the Reserve Bank of India (RBI) left the key policy rate unchanged.This move is likely to be followed by other lenders, resulting in loans becoming costlier for borrowers.The country's largest lender has revised the one-year MCLR from 8.65 percent to 8.75 percent. Overnight MCLR has been increased from 8 percent to 8.1 percent. One and three month MCLR has been increased to 8.3 percent from earlier 8.2 percent.The revised…
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Retail inflation lapse to 12-month low of 4.75% in May
13 Jun

Retail inflation lapse to 12-month low of 4.75% in May

Priyanka RoyBusiness, News
Retail inflation fell to a one-year low of 4.75% in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. Consumer Price Index (CPI) based retail inflation stood at 4.83 percent in April 2024 and 4.31% in May 2023 (previous low). According to data released by the National Statistical Office (NSO), inflation in the food basket stood at 8.69% in May, slightly lower than 8.70% in April. A headline price increase has seen a gradual decline since February 2024, albeit in a narrow range from 5.1% in February to 4.8% in April 2024. The…
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Body of unknown person redeemed in Bagdogra
12 Jun

Body of unknown person redeemed in Bagdogra

Priyanka RoyNews, North Bengal, Siliguri
Bagdogra, June 12: A tragic incident came to light in Bagdogra where the body of an unidentified person was found. According to the information, local people noticed a dead body under the fly over at Bihar turn of Bagdogra. After this, information about the matter was given to Bagdogra police station. Police without delay reached the spot, recovered the body and took it to North Bengal Medical College and Hospital for post-mortem. Police sources contemplate that the person might have fallen from the fly over in the dark of night. However, the complete occurrence is being further investigated.
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Life insurers grow Rs 27,034 Crore as new business collections
11 Jun

Life insurers grow Rs 27,034 Crore as new business collections

Priyanka RoyBusiness, News
New business premium collections of life insurance companies grow by 15.15% in the month of May 2024 compared to the same month last year, boost by strong demand for improved insurance protection from both corporate and individual consumers. According to the Life Insurance Council, new policy issuances grew by 12.45% in the same period, reflecting strong underlying demand for life insurance products. New business premium increased from Rs 23,448 Crore in May 2023 to Rs 27,034 Crore in May 2024, with year-to-date (YTD) collections rising even further to Rs 47,293 Crore from Rs 36,043 Crore. Driven by strong demand for…
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Consumers expect spending to flourish in next one year: RBI survey
10 Jun

Consumers expect spending to flourish in next one year: RBI survey

Priyanka RoyBusiness, News
According to the latest survey by the Reserve Bank of India (RBI), Indian consumers are expected to increase spending over the next one year, with both essential and non-essential items increasing.RBI's Consumer Confidence Survey (CCS) showed that the rise in consumer confidence has stalled for the current period as sentiments have declined slightly on all parameters except spending in the latest survey round.The Current Situation Index (CSI) declined to 97.1 in May 2024 from 98.5 two months ago."For the year ahead, consumer confidence remained elevated in optimistic territory, although it declined marginally due to relatively soft sentiments on general economic…
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Bajaj Housing Finance files DRHP with SEBI to boost ₹7,000 Crore via IPO;
08 Jun

Bajaj Housing Finance files DRHP with SEBI to boost ₹7,000 Crore via IPO;

Priyanka RoyBusiness, News
Bajaj Housing Finance IPO: Bajaj Housing Finance has filed preliminary draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds of ₹7,000 Crore through its upcoming public offering. The total public issue of up to ₹7,000 Crore includes a new issue of equity shares up to ₹4,000 Crore and an offer for sale (OFS) of up to ₹3,000 Crore by the selling shareholder with a face value of up to ₹3,000 Crore. Or the parent company, Bajaj Finance limited each equity share of ₹10. The share sale is being conducted to comply with Reserve…
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RBI Monetary Policy 2024: RBI keeps repo rate unchanged at 6.5% for eighth consecutive time, rises FY25 GDP estimate to 7.2%
07 Jun

RBI Monetary Policy 2024: RBI keeps repo rate unchanged at 6.5% for eighth consecutive time, rises FY25 GDP estimate to 7.2%

Priyanka RoyBusiness, News
RBI MPC Meeting June 2024: With the RBI keeping the repo rate constant, all external benchmark lending rates linked to the repo rate will not increase, providing relief to borrowers as their EMIs will not increase. RBI Monetary Policy Meeting June 2024: The Monetary Policy Committee (MPC) of the Reserve Bank of India, which began its meeting on Wednesday, has kept the repo rate unchanged at 6.5% for the eighth consecutive time. This is the first time that the MPC met after the declaration of Lok Sabha election results. In April, the central bank had determined to keep the repo…
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Market bullish: Sensex increase 3.2%, Nifty closed above 22,600
06 Jun

Market bullish: Sensex increase 3.2%, Nifty closed above 22,600

Priyanka RoyBusiness, News
A day after witnessing the worst trading session in four years, benchmark indices Sensex and Nifty recovered almost half of their losses on Wednesday after gaining over 3% each. The 30 share BSE Sensex closed at 74,382.24, up 2,303.19 points or 3.2 per cent. Nifty closed at 22,620.35, upturn 735.85 points or 3.36%. Sensex fell 4,389.73 points or 5.74% and Nifty 50 fell 1,379.4 points or 5.93% on Tuesday due to the unexpected Lok Sabha election result. Bharatiya Janata Party (BJP) got 240 seats, which is much less than the exit poll estimates. However, the BJP-led National Democratic Alliance (NDA)…
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Sensex up 2.46% in morning trade, Nifty boost 560 points
05 Jun

Sensex up 2.46% in morning trade, Nifty boost 560 points

Priyanka RoyBusiness, News
A day after the announcement of Lok Sabha elections, domestic stock market indices Sensex and Nifty, which opened nearly 1 percent higher on Wednesday (May 5), gained in morning trade. At 11:30 am, the Sensex rose 2.46% or 1,772.04 points to 73,851.09. The index opened at 73,027.88, up 1.32% compared to its previous close of 72,079.05. After opening with a gain of 243.85 points or 1.11%, the broader Nifty also jumped 2.56% or 560.5 points to hit an intraday high of 22,445. On Wednesday, the Sensex closed 4,389.73 points or 5.74% lower at 72,079.05, and the Nifty 50 fell 1,379.4…
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Gross GST revenue collection in May 2024 stands at ₹1.73 lakh crore; Recorded 10% rise up year-on-year
04 Jun

Gross GST revenue collection in May 2024 stands at ₹1.73 lakh crore; Recorded 10% rise up year-on-year

Priyanka RoyBusiness, News
Mumbai: Gross goods and services tax (GST) revenue for May 2024 stood at ₹1.73 lakh crore. This represents a 10 percent year-on-year increase, driven by strong growth in domestic transactions (up 15.3%) and a slowdown in imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 is ₹1.44 lakh crore, showing a growth of 6.9% over the same period last year. The gross GST collection in the financial year 2024-25 till May 2024 stood at ₹3.83 lakh crore. This represents an impressive growth of 11.3% year-on-year, driven by strong growth in domestic transactions (up 14.2%) and…
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