FM assures to ensure banks pass on the rate cut benefits
New Delhi: To begin with, FM Nirmala Sitharaman assures that she would ensure the banks pass on the rate cut benefits to the customers. Hence, the interest burden on them might reduce.
Besides, in the last month, the RBI cut the benchmark repurchase rate. Thus, the price at which banks borrow from the central bank, by 40 basis points hit a low of 4%.
Despite this, RBI Governor Shaktikanta Das stated that monetary policy transmission to banks lending rates remained improving. He continued that the one-year median marginal cost of funds-based rate dropped by 90 bps. Also, the weighted average lending rate on fresh loans stood cumulatively down by 114 bps.
Besides, the Finance Minister also assured that the government would continue to respect. And also facilitate the wealth creators of India to restore job creation and promote economic growth.
However, maximum governance and minimum government intervention come as the main objective promoted by the government.
Furthermore, the industry body stated that the Finance Minister agreed with PHDCCI chamber suggestions for creating a technology upgrading fund. Hence, this would promote the use of better technology. Thus, improving the Indian economy and developing the country.
Stock Market June 19th:
On Friday, both Sensex and Nifty continues its bullish trend in the stock market. The Sensex is trading above 34,700 levels, and Nifty is trading above 10,200 levels in the stock market. The Sensex gained 523.68 points with a 1.53% increase and reached a 34,731.73 level. While Nifty 152.75 points with a 1.51% increase and reached 10,244.40 level.
Whereas the number of coronavirus cases in India reached 3,95,048 as of Saturday, June 20, and deaths reached 12,948.
In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Friday. It gained 166.39 points with a 1.37% increase and reached 12,277.11 level. The S&P BSE Midcap gained 130.80 points with a 1.03% increase and reached a 12,803.84 level. While Nifty Bank gained 381.80 points with a 1.82% increase and reached 21,338.10 level.
Top Gainers on June 19: Bajaj Finserv, Bajaj Finance, Reliance, Tata Motors, and Bharti Infratel are the top gainers in today’s stock market.
Top Losers on June 19: Indusind Bank, M&M, Vedanta, HCL Tech, and ITC are the top losers in today’s stock market.