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According to the latest survey by the Reserve Bank of India (RBI), Indian consumers are expected to increase spending over the next one year, with both essential and non-essential items increasing.RBI's Consumer Confidence Survey (CCS) showed that the rise in consumer confidence has stalled for the current period as sentiments have declined slightly on all parameters except spending in the latest survey round.The Current Situation Index (CSI) declined to 97.1 in May 2024 from 98.5 two months ago."For the year ahead, consumer confidence remained elevated in optimistic territory, although it declined marginally due to relatively soft sentiments on general economic conditions and employment prospects," the survey showed.The Future Expectations Index (FEI) stood at 124.8 in May 2024 (125.2 in...

Bajaj Housing Finance IPO: Bajaj Housing Finance has filed preliminary draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds of ₹7,000 Crore through its upcoming public offering. The total public issue of up to ₹7,000 Crore includes a new issue of equity shares up to ₹4,000 Crore and an offer for sale (OFS) of up to ₹3,000 Crore by the selling shareholder with a face value of up to ₹3,000 Crore. Or the parent company, Bajaj Finance limited each equity share of ₹10. The share sale is being conducted to comply with Reserve Bank of India (RBI) regulations, which require upper tier non-banking finance companies to be listed on stock exchanges by September 2025. The mortgage lender intends to use the proceeds from the new issue to mee...

RBI MPC Meeting June 2024: With the RBI keeping the repo rate constant, all external benchmark lending rates linked to the repo rate will not increase, providing relief to borrowers as their EMIs will not increase. RBI Monetary Policy Meeting June 2024: The Monetary Policy Committee (MPC) of the Reserve Bank of India, which began its meeting on Wednesday, has kept the repo rate unchanged at 6.5% for the eighth consecutive time. This is the first time that the MPC met after the declaration of Lok Sabha election results. In April, the central bank had determined to keep the repo rate unchanged at 6.5% and maintain the 'withdrawal accommodation' policy deportment in monetary policy. Both decisions were taken by the six-member MPC headed by RBI Governor Shaktikanta Das in a 5:1 majority...

A day after witnessing the worst trading session in four years, benchmark indices Sensex and Nifty recovered almost half of their losses on Wednesday after gaining over 3% each. The 30 share BSE Sensex closed at 74,382.24, up 2,303.19 points or 3.2 per cent. Nifty closed at 22,620.35, upturn 735.85 points or 3.36%. Sensex fell 4,389.73 points or 5.74% and Nifty 50 fell 1,379.4 points or 5.93% on Tuesday due to the unexpected Lok Sabha election result. Bharatiya Janata Party (BJP) got 240 seats, which is much less than the exit poll estimates. However, the BJP-led National Democratic Alliance (NDA) secured 294 seats, ensuring a third term for Prime Minister Narendra Modi. Analysts said the rise in the indices on Wednesday was due to investors absorbing the unexpected Lok Sabha election res...

A day after the announcement of Lok Sabha elections, domestic stock market indices Sensex and Nifty, which opened nearly 1 percent higher on Wednesday (May 5), gained in morning trade. At 11:30 am, the Sensex rose 2.46% or 1,772.04 points to 73,851.09. The index opened at 73,027.88, up 1.32% compared to its previous close of 72,079.05. After opening with a gain of 243.85 points or 1.11%, the broader Nifty also jumped 2.56% or 560.5 points to hit an intraday high of 22,445. On Wednesday, the Sensex closed 4,389.73 points or 5.74% lower at 72,079.05, and the Nifty 50 fell 1,379.4 points or 5.93% to close at 21,884.5 as the Bharatiya Janata Party (BJP) failed to win majority in general electiom. The party secured only 240 seats, much less than market expectations. “It will take s...

Mumbai: Gross goods and services tax (GST) revenue for May 2024 stood at ₹1.73 lakh crore. This represents a 10 percent year-on-year increase, driven by strong growth in domestic transactions (up 15.3%) and a slowdown in imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 is ₹1.44 lakh crore, showing a growth of 6.9% over the same period last year. The gross GST collection in the financial year 2024-25 till May 2024 stood at ₹3.83 lakh crore. This represents an impressive growth of 11.3% year-on-year, driven by strong growth in domestic transactions (up 14.2%) and modest growth in imports (up 1.4%). After accounting for refunds, the net GST revenue in FY 2024-25 till May 2024 is ₹3.36 lakh crore, showing a growth of 11.6% over the same period last year. ...

Domestic equity indices opened at record highs on Monday after exit polls predicted a hat-trick for Prime Minister Narendra Modi in the results of the recently concluded Lok Sabha elections. Analysts said better than expected gross domestic product (GDP) of 8.2% in FY24 and S&P revising India's rating outlook to positive from stable also buoyed the market. BSE Sensex crossed the 76,500 mark for the first time on Monday. The 30 share index opened 2,621.98 points or 3.55% higher at 76,583.29. Nifty opened at a record high of 23.337.9 with a gain of 807.2 points or 3.58%. An average of 10 exit polls has predicted that the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) will improve its position in 2019 by winning more than 350 seats. According to estimates, the ...

The Reserve Bank of India (RBI) said the banking sector recorded higher credit growth in the first month of FY24, led by an increase in advances to the agriculture sector.On a year-on-year basis, non-food bank credit grow by 15. %3 in April compared with 16.2% growth a year earlier. In absolute terms, bank non-food credit stood at Rs 159.55 lakh Crore in April compared to Rs 138.38 lakh Crore in April 2023.RBI's sectoral deployment of bank credit for April 2024 showed that credit to agriculture and allied activities increased to 19.7% in April 2024 from 16.8% a year ago.Growth in the personal loan segment declined to 17.4% from 19.4% growth a year ago, mainly due to lower growth in vehicle loans. This moderation came despite faster growth in credit to housing (17.7% compared to 13.9 perce...

The balance sheet of the Reserve Bank of India increased by 11.07 percent to Rs 70.47 lakh Crore in the financial year ending March 31, 2024, compared to Rs 63.44 lakh Crore in the financial year 2022-23.The growth on the asset side was led by growth in foreign investment, gold and loans and advances by 13.9 per cent, 18.26% and 30.05% respectively, the RBI said in its annual report for 2023-24.As of March 31, 2024, domestic assets stood at 23.31%, while foreign currency assets, gold (including gold and gold deposited in India) and loans and advances given to financial institutions outside India were 76.69 per cent of total assets, while it stood at 26.08% and 73.92 percent on March 31, 2023, respectively.In terms of liabilities, the expansion was led by an increase in notes issued, depos...