RBI to cut Interest rates again in August

The last time the RBI delivered so many back-to-back cuts was after the global financial crisis over a decade ago.

The Reserve Bank of India (RBI) is set to cut interest rates in August by the fourth meeting , according to a Reuters poll of economists, a majority of whom said risks to their already-modest growth forecasts were skewed more to the downside.

80 percent of 66 economists in the July 17-24 poll expected the RBI to cut its benchmark repo rate by 25 basis points to 5.50 per cent at the August 7. Three respondents predicted a 50 basis points cut and the remaining 10 forecast policy on hold.

RBI interest rates

Gareth Leather said that they are going to cut rates in august and again due to the low growth and weak inflation rate of the country.

Reserve Bank Of India India’s inflation growth has remained low which is below 4% and not expected to rise over 2021.

India losing its title as fastest growing economy to china as it is expected to rise at 5.8% and upto 7.2% till march 2021.

Annual growth is also lowered to 6.8% of this fiscal year which is far lower than what IMF projected (7.0%).

India’s economy continues to show weak growth momentum. We believe that while recovery is nascent, maturity is still a far way off,” said Rini Sen, India economist at ANZ.

a majority of economists said no when asked whether the Reserve bank of india should consider core inflation instead of retail inflation as the main measure for its monetary policy framework.…

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How to Secure Bank Transactions: Tips for safe Internet Banking

Shopping and banking online occur constantly in the Internet marketplace. Unfortunately, online fraud and theft occur just as frequently, thanks to clever thieves and sloppy consumer Internet shopping habits. Online transactions always carry some risk, but consumers can do many things to increase their security on the web. Advanced banking technology helps us access our money at the click of a button but it is important to ensure such facilities are used wisely so that we do not fall victim to fraud or misuse of our money. One can secure bank transactions by keeping certain things in mind.

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Credit Card offers more protection for consumers than debit cards when fraudulent transactions occur. Consumers should carefully read the fine print on their credit and debit card agreements to find out the protections and limitations for their cards.

Whether it is bill payments, funds transfer or creation of a fixed deposit, all these can be done with a click of a button instead of going to the bank and waiting in an unending queue. Internet banking has made all banking functions accessible through a few clicks but it will be beneficial only when you secure bank transactions. Banking transactions needs to be used very carefully due to the risk of phishing. Phishing emails are sent by criminals posing as genuine companies such as a bank or HMRC. Clicking on a link takes you to a fake website where fraudsters steal financial or personal details. Or, the link might install malware on your computer as another means to capture details. Thieves can steal your password by tricking you into installing a program on your computer that secretly records your password when you type.

How to secure bank transactions:

  • Create strong passwords Different banks have different security measures for online banking but if you have to set up a password, make sure it is mixed of letters, numbers and different characters.
  • Change your password regularly – You need to change the password in order to keep your account safe. Keep changing your password at regular intervals. More importantly, keep the password confidential at all times.
  • Do not use public computers to log in – Avoid logging in to your bank account at common computers in cyber cafes or libraries. These are crowded places, and there are more chances of your password being traced or seen by others.
  • Credit/debit card checks – It is important to track
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Home loan: Top 15 banks provide Home Loans with lower interest rates

Webp.net resizeimage 39 - Home loan: Top 15 banks provide Home Loans with lower interest rates

How do you describe home? A home is a place where the time spent today become beautiful memories for tomorrow that are cherished forever. We are living in a world where dreams are expensive and because of which it is very difficult to buy a home without a loan. But when you have top lenders offering home loans at a rate within your budget, everything seems sorted. To build a dream of your own or to buy a fully furnished home, home loans have played a very significant role.

A Home Loan is called a ‘good’ loan because it helps you acquire a tangible asset that can appreciate over the long term. A home loan can be used for purchasing a new house, construction of a house on a plot, home improvement, extension and renovation of your existing house.

A home loan is probably the biggest loan that most people ever take. Not only in terms of the loan amount but also tenures, which can easily be of 15 years or more. And the total final amount that one ends up paying by the time the loan ends, can be double of what was borrowed. But, a home loan is among the cheapest loans available, and most often, it is the only way a person can buy a house. 

For a home loan, You just have to make sure your eligibility matches and have a positive credit history. Maintaining these two can fetch a lower rate of interest or alteast a chance to negotiate with the lender.

  • Eligibility: Loan available for both salaried and self-employed people within the age group of 18 and 70 years.
  • Security: Mortgage of home you are planning to purchase, renovate or construct.
  • Loan Amount: In the range of Rs 1 Lakh to Rs 15 Cr.
  • Loan to Property Value Ratio: Varies from 65% to 90%.
  • Loan Tenure: Can range from 5 to 30 years.
  • Interest rates: Home loan Interest Rates starting from 8.55%. Special rates for women borrowers.
  • Lowest EMI: Lowest EMI of Rs 772 per lakh.
  • Processing Fees: Up to 1% of the loan amount or Maximum Rs 10,000.
  • Prepayment Charges: Nil charges on floating rate home loans
  • Other Charges: Legal charges, technical charges, etc.

Documents required for Home Loan:

For Salaried,

  • Id proof (PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued I-card)
  • Address proof (Passport, Driving License, Election ID card, Electricity/
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