Two More Banks Take Total to 91

The Reserve Bank of India (RBI) has issued ‘in-principle’ approvals to infrastructure lender IDFC and micro finance institution Bandhan Financial Services to start new banks in the country.   The two entities will be the latest to join the private sector bank club and have been given 18 months to meet the conditions set by … Continued

RBI Hikes Rate, Continues Inflation Battle

The Reserve Bank of India (RBI) today hiked the repo rate – the interest rate banks pay when they borrow funds from the central bank – by 0.25% in its battle to control inflation.   The repo rate now stands at 8% per annum. The reverse repo rate, the rate RBI pays to commercial banks … Continued