The industry in general and the Union Ministry of Finance had been critical of RBI for not cutting the reporate in its last two monetary policies.
Under the earlier base rate regime (for borrowers before April 2016), changes in lending rates happened slowly, making it hard for lenders to transmit RBI's rate cuts. The Committee was formed during a year ago on the lines of Federal Open Market Committee in the US.
Under the MCLR rate-setting method, banks calculate the benchmark lending rate by using the cost incurred on incremental deposits, not average cost of deposits. So it was not surprise that markets looked underwhelmed after RBI's 25 bps rate cut.
Pankaj Bansal, Director, M3M Group:RBI's decision to lower the repo rate is on expected lines. "A number of regulatory and developmental measures like tri-party repo for corporate bonds and enhanced limits for foreign investors using the futures market have also been announced", said Chanda Kochhar, MD and CEO, ICICI Bank.
"These factors along with the normal and well distributed normal rainfalls and the smooth roll out of the GST has opened up the space of monetary policy accommodation", RBI said.
The sharp fall in the prices of food articles led to June CPI slipping to a five-year low of 1.5 per cent, way below RBI's long-term target of 4 per cent and its April-September projection of 2-3.5 per cent.
Now the biggest question is will banks slash home loaninterest rate? The panel, in its previous bi-monthly review in June, had retained the repo rate at 6.25 per cent for the fourth straight time citing risk to inflation.
As a result, the RBI said it wanted more confidence that inflation would move "close to 4 percent on a durable basis".
Interestingly, the MPC was again divided when it comes to the rate action.
The stock market, which had largely factored in the cut, declined. This cut in the interest rate will be ranging between quarter percentage point to a more than 6-1/2 year low after inflation slumped. The Indian rupee strengthened past 64-mark to hit over two-year high against the U.S. dollar. More than the token rate cut, what one shouldn't miss is the message in the policy document to the government on private investments and infrastructure problems.
The WX 9100 has 16 GB of 945 MHz HBM2 ECC memory on the same package as the GPU core, providing up to 484 GB/s of bandwidth. Vega will come in a number of different variants including the vega 64 and 56 which will be released later this month.
Microsoft just announced a new financing option for Surface Laptops, Surface Pro 2017s, Surface Books and Surface Studios. Surface Plus has been launched exclusively for the United States and it will be available starting today.
The Reserve Bank of Australia has unveiled its decision on interest rates following its monthly board meeting. A factor working in the other direction is increased competition from new entrants in the retail industry.
Numerous 486 suspects face life terms in prison for crimes that include murder and attempt to assassinate Erdogan. Anyone convicted is expected to get life imprisonment; the death penalty was abolished in Turkey in 2004.
The standoff at Doklam was staged by China at the request of Pakistan to divert India's attention to unnecessary matters. ITBP men dressed in civil dress accompany revenue officials who go to this area for official purposes.
And the Yankees are still searching for additional starting pitching, with Oakland's Sonny Gray as their primary target. Castro also added two RBI's. "You're not going to feel 100 percent or be on you're "A" game 100 percent of the time".
On Friday, she tweeted that she's "no longer under federal investigation" and that she has been "completely exonerated". Kathy shaved her head to show support for her sister, Joyce , who is battling cancer , the Daily Mail reported.
Similar to the V10, a second, supplemental display is located at the top of the device to the right of the front-facing camera. Now, with the LG V30 , according to rumours we can expect a crisper OLED display instead of its traditional LCD displays.
The new contract includes $41 million guaranteed and pays more than $42 million over the first three years , according to ESPN. The Vikings are also discussing contract extensions with defensive tackle Linval Joseph and linebacker Anthony Barr.
Philippine police says crackdown targeting more drug lords
During the raid, the police discovered high-powered firearms, explosive devices, huge sums of money and illegal drugs. The deaths came after President Rodrigo Duterte tagged them as politicians involved in the illegal drug trades .
Bitcoin Avoided a Fork with One "Awesome" "Positive Change"
But some digital currency exchange operators- including Coinbase and Bitstamp - have said they won't support Bitcoin Cash . Coinbase's decision against supporting the new version, however, means its customers will not receive this benefit.
At least 6 hurt after van hits crowd in LA
A fire department spokesperson says four people have been taken to a hospital and two others were treated at the scene. KTLA-TV reports that a 44-year-old man was rushed by first responders to hospital in a critical condition.
Tragic Baby Deaths in 2 Days in Phoenix
One day earlier, on Friday, seven-month-old Zane Endress died after being left alone in a auto on the northeast side of Phoenix. Phoenix fire responded to the area of 28th Street and Broadway Road after receiving reports about an injured child.
Danilo Gallinari Injures Hand, to be Ready for Camp
Gallinari's new teammate, Blake Griffin , missed significant time in 2016 when he punched a Clippers' equipment manager. Gallinari plays for Italy's global team and they're now preparing for Eurobasket .
Swimmer Missing Off Smith Point Beach
A witness told ABC7: "We called some help, we called the police and said there's still a girl in the water". Monday night. 'Suspending a search is always a hard decision and it's something we don't take lightly'.
Wisconsin governor defends $3 bln deal for Foxconn plant
Foxconn was exploring investments in seven states including Illinois, Indiana, Michigan, Ohio, Pennsylvania and Texas. Walker said he would convene a special session of the Wisconsin Legislature to address the Foxconn incentive package .
US, Overseas Airlines Enhance Foreign Airport Security
As of today, the ban has been removed in full for all ten airports and nine airlines included in the original travel restriction . And Secretary Kelly says terror organizations will continue to try to beat any new security measures that are put in place.