India Inc has begun to feel the adverse impact of RBI s interest rate hikes of 190 basis points in the current financial year, industry body CII said on Sunday, as it urged the central bank to consider moderating the pace of its monetary tightening ahead of the forthcoming policy. CII s analysis of results of 2,000-odd companies in the second quarter (July-September 2022) shows that both the top-line and bottom-line has moderated on sequential and annual basis. Thus, moderation in pace of monetary tightening is the need of the hour, it argued.
The RBI has convened a special meeting of the six-member monetary policy committee (MPC ) tomorrow on draft a letter for breaching the inflation target for three consecutive quarters.
While Bank of Baroda is offering 7% rate of interest, Bank of India is offering 7.25% to 7.75% interest rate on fixed deposits. Canara Bank is 7.50 per cent interest for a period of 666 days.
RBI Monetary Policy Committee meeting: A poll conducted by Business Today showed that a majority of respondents believe that the RBI will go for a 50 bps rate hike.