Banks rush to raise interest on loans, not deposits
Given lingering inflation concerns, the Reserve Bank of India has made four consecutive repo rate hikes since May, totaling 190 basis points (bps). The policy rate has now reached its highest level since May 2019, and further hikes are expected. The banking system reacted fervently, but not in a particularly favorable way for savers: credit rates rose sharply, while deposit rates moved at a slower pace.
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