28 banks saw a 28% decrease in non-interest income during the June quarter. At the same time, HDFC Bank has made it costlier by 1.40 percent in six months in three months.
Banks have reported a fall in profits during the first quarter (April-June) due to a jump in bond interest. On the previous day, the operating profit of the country’s largest bank State Bank of India (SBI) fell 33 percent to Rs 12,753 crore from Rs 18,975 crore. In this, his portfolio suffered a loss of Rs 6,549 crore. Other public sector banks have had similar effects as well. Non-interest income of 28 banks declined by 28% in the June quarter.
10-year benchmark bond interest rate of 7.35 percent
It is currently at 7.35% for the 10-year bond. When compared to April, this is an increase of 1%. In the coming time, the interest of the bond can go up to 7.5%. The picture of monetary policy around the world is unclear due to the effort to strike a balance between inflation and growth.
airline fares will be reviewed airlines fares will be reviewed
be reviewed. Civil Aviation Minister Jyotiraditya Scindia said the government will definitely re-evaluate the fare cap for domestic airlines if the situation improves in terms of fuel prices.
Half of the airlines’ total cost is their fuel. Currently, fuel prices are very high, making the fare costlier. The entire burden falls on the passengers. The government just lowered the fuel tax.
HDFC loans are costlier by 0.25%
HDFC Ltd loans have been made dearer by 0.25 percent. Starting on Tuesday, the new rate of 7.70 percent is in place. For the second time this month, it has increased the interest rate. Earlier on August 1, it had increased the interest of the loan by 0.25 percent. It has increased the loan’s cost by 1.40 percent in just three months. RBI had also hiked the repo rate similarly earlier this month.
Tata Chemicals profit up 86 percent
In the June quarter, Tata Chemicals declared a profit of Rs 637 crore. When compared to Rs 342 crore one year ago, this is an increase of 86%. The business said on Tuesday that its revenue increased 34% to Rs 3,995 crore. It was 2,978 crores a year ago.
Withdrawal of Rs 457 crore from Gold ETFs
Gold Exchange Traded Fund (ETF) has withdrawn Rs 457 crore in July. Investors have diverted their investments to other instruments. A $135 million investment was made in it in June. The Association of Mutual Funds in India (Amfi) reports that the AUM for this category has decreased to Rs 20,038 crore.
Applications are invited for the post of PFRDA President
The government has invited applications for recruitment to the post of Chairman, Pension Fund Regulatory and Development Authority (PFRDA). Supratim Bandopadhyay, the current chairman, will step down in January. The term of the new chairman will be 65 years or till the age of five years. Gets a monthly salary of Rs 4.5 lakhs.
Read More: DA Hike: Staff bat-bat! The government increased DA by 3%, know how much salary will increase now?
AU Small raises Rs 2,000 crore
Through QIP, AU Small Finance Bank has raised Rs 2,000 crore. Its target was to raise Rs 2,500 crore. The bank said investors include DSP, the Government of Singapore, ICICI Prudential Life, and Goldman. It has increased this amount by Rs 580 per share.
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