The upcoming Monetary Policy Committee meeting will address challenges such as rising CPI inflation and concerns about moderating growth. Vegetable inflation has been the main driver of recent inflation spikes, but prices are expected to moderate as supply improves. However, inflation in other basic food items remains high, which could impact household inflationary expectations. The monsoon deficit has further aggravated food inflation concerns.
Fixed Deposit Interest Rate: DCB Bank slashed interest rates on its fixed deposits by up to 50 basis points this month. Among other banks, Axis Bank, Bank of India, Punjab National Bank (PNB) and IndusInd Bank have also cut interest on fixed deposits recently. RBI paused the benchmark repo rate for the third consecutive time in the August Monetary Policy Committee (MPC) meeting. With the dream run of interest rate hikes on FDs almost coming to an end, how should you invest in FDs now?
India s retail inflation rose to 7.44 per cent YoY in July, surpassing the upper limit of Reserve Bank of India s (RBI) tolerance band of 2-6 per cent after staying within for four consecutive months. The surge is said to be due to a steep rise in the prices of vegetables, particularly tomatoes, over the past month, amid an unpredictable monsoon. RBI Governor Shaktikanta Das said that policymakers will have to stand ready to go beyond keeping a watchful eye and deploy policy instruments if necessary during the August MPC meeting.
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