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New Delhi: The Federation of Indian Export Organisations (FIEO) Saturday raised concerns about potential disruption to India's steel and aluminium exports to the US after President Donald Trump's announcement of a plan to double import tariffs on steel and aluminium to 50% from 25%. They particularly fear that the exports of value-added and finished steel products and auto-components, stainless steel pipes, and structural steel components could be hurt.This potential increase comes under Section 232 of the US Trade Expansion Act of 1962, a law that allows the president to impose tariffs or other trade restrictions if imports are deemed a threat to national security."These products are part of India's growing engineering exports, and higher duties could erode our price competitiveness in the American market," said SC Ralhan, president, FIEO.India exported approximately $6.2 billion worth of steel and finished steel products to the US in FY25 including a wide range ...

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India is likely to float a discussion paper next month outlining policy framework options for crypto assets amid growing acceptance for them, thanks in large part to US President Donald Trump embracing digital currencies, people familiar with the matter said. The discussion paper is likely to draw from the synthesis paper prepared by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) while seeking opinions on practices being adopted by various jurisdictions. “The discussion paper on crypto assets is being given finishing touches,” said one of the persons cited, adding that it could be posted for public comments next month. India has an ambiguous position on cryptocurrencies. In FY23 budget, India imposed a 30% tax on gains from virtual digital assets while clarifying this didn’t give legal validity to them. ‘No Knee-jerk Decision’ Later, it mandated that crypto exchanges operating in India must register with the country's Financial Intelligence Unit. The ...

WASHINGTON: Billionaire Tesla chief executive officer Elon Musk is leaving the Trump administration after leading a tumultuous efficiency drive, during which he upended several federal agencies but ultimately failed to deliver the generational savings he had sought.His "off-boarding will begin tonight," a White House official told Reuters late Wednesday, confirming Musk's departure from government. Musk earlier on Wednesday took to his social media platform X to thank President Donald Trump as his time as a special government employee with the Department of Government Efficiency draws to an end.Tesla shares rose more than 2% on Thursday after after the news, fueling hopes that he will sharpen focus on the automaker as it gears up for its hotly anticipated robotaxi debut.Musk's departure was quick and unceremonious. He did not have a formal conversation with Trump before announcing his exit, according to a source with knowledge of the matter, who added that his departu...

The United States has temporarily halted scheduling new student visa interviews at embassies across the globe. Interviews already booked will continue as planned. The Trump administration is set to make stricter rules on social media account checks of foreign students, leaving many international applicants worried about their future in the US.The order was issued through a diplomatic cable sent on Tuesday by US Secretary of State Marco Rubio. “Effective immediately, in preparation for an expansion of required social media screening and vetting, consular sections should not add any additional student or exchange visitor (F, M and J) visa appointment capacity until further guidance is issued,” Rubio wrote. According to the cable, more detailed instructions will be provided soon. The latest move comes as the administration is tightening entry rules for foreign students, citing threats to national security and concerns around campus unrest. The sudden move comes amid earlier signals from R...

The US on Wednesday stated that visa applicants may continue to submit applications, but noted that the US embassies will adjudicate cases in full compliance with the US law, including to ensure applicants do not pose a security or safety risk to the country.These remarks were made in the backdrop of leaked reports that the state department has asked embassies and consulates worldwide to stop scheduling new appointments for student and exchange visitor visas."The state department does not comment on internal communication. The visa applicants may continue to submit applications. Embassy's capacity reflects the time required for consular officers to adjudicate the cases before them in full compliance with the US law, including to ensure applicants do not pose a security or safety risk to the United States. Consular sections constantly adjust their schedules to allow for sufficient time to fully vet the cases before them," a US embassy spokesperson in India told ET.On Tuesd...

India will soon come up with a structured framework for critical care to address the infrastructure and human resource gap in the sector, officials said.The idea, which is at a preliminary stage of discussion, could include defining resource allocation for critical care and criteria for prioritising patients during emergencies. The proposed framework could lay down standards for structure, personnel, and organisation of the critical care unit across hospitals in the country, a senior government official told ET on the condition of anonymity.A committee has been formed under NITI Aayog member VK Paul to lay out standards for world-class critical care in India as the country eyes significant surge in medical value travel in the coming years, besides helping the nation prepare better for any Covid-like pandemic in future.The Aayog is studying global standards and will soon initiate stakeholder consultations to draft an India-centric framework for critical care, the official said.121446742...

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Amid warming up of ties with Taliban, India has relaunched visa services for Afghan nationals. Visas will be issued primarily for people with ailments on a case-to-case basis. A notification on the government's official visa portal, indianvisaonline.gov.in, launched the 'New AFGHAN Visa' module for six categories of visa. However, highly-placed sources told ET that preference would be given to health visas on a case-to-case basis.The newly updated portal lists categories including student, business, medical, medical attendant, entry and UN diplomat visas. Applicants are required to upload a recent front-facing photograph along with the passport and national ID card that must contain personal details such as name, date of birth, nationality and expiry date.The move follows growing diplomatic engagement between India and the Taliban regime. Last month, external affairs minister S Jaishankar spoke on phone with Taliban foreign minister Amir Khan Muttaqi, thanking him for conde...

With three metros opting out of the PM e-DRIVE scheme, the Centre may subsidise nearly 4,000 electric buses (e-buses) for use on interstate or intracity routes, a senior official said.The heavy industries ministry received requests for around 10,900 e-buses under PM e-DRIVE, lower than the target of 14,028 e-buses. These buses are meant for large cities to improve their internal public transportation networks."Chennai, Mumbai, and Kolkata have refused to participate for their own reasons," the official told ET, adding that the remaining around 4,000 buses can be considered for intercity, or interstate uses if the Centre doesn't get additional demand from more cities.121398757Both Chennai and Mumbai are said to be planning their own e-bus procurement schemes. Also, the West Bengal government is said to have refused PM e-DRIVE e-buses since it is yet to receive units promised under earlier schemes. While the Delhi government's request has been received, its wait for aro...

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"It Was Just an Accident" by dissident Iranian director Jafar Panahi won the Palme d'Or for best film at the Cannes Festival on Saturday.The highly political but wry film tells the tale of five ordinary Iranians confronted with a man they believed tortured them in jail. Panahi, who has been imprisoned twice in his home country and banned from making films, used his acceptance speech to urge Iranians to work towards freedom."I believe this is the moment to call on all people, all Iranians, with all their differing opinions, wherever they are in the world -- in Iran or abroad -- to allow me to ask for one thing," Panahi said, according to a translation. "Let's set aside all problems, all differences. What matters most right now is our country and the freedom of our country."Brazil's Wagner Moura won the best actor award for his performance in police thriller "The Secret Agent", while France's Nadia Melliti clinched the gong for best...

Punjab chief minister Bhagwant Mann on Saturday made a slew of demands for the state's border areas, including the installation of 50 more drone jammers along its 553-km border with Pakistan.The demands were raised during the NITI Aayog's 10th governing council meeting, chaired by Prime Minister Narendra Modi here. Mann said the jammers were needed to counter drone attacks from across the border.Pakistan had launched a wave of drone strikes on border states of India during the recent escalation of tensions between the two countries. India had successfully neutralised these drones.Mann also sought from the Centre infrastructure grants for comprehensive development of six border districts of Amritsar, Gurdaspur, Tarn Taran, Ferozepur, Fazilka and Pathankot.Besides, the chief minister demanded a grant of ₹2,829 cr to check drug trafficking and upscale border security, saying 53,000 arrests have been made and 3,579 kg of heroin seized by the state.He said these funds will be utilis...

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Reliance Industries' strategy in India's fast-moving consumer goods sector is to focus on the "600 million consumers at the mass end and work closely with neighbourhood stores by giving them margins at today's cost", said T Krishnakumar, director of Reliance Consumer Products (RCPL), the group's FMCG division."India has a 1.4 billion population, plus or minus. Then, we have a core middle class. And then about 600 million consumers. We want to make quality products for these consumers," Krishnakumar said in an exclusive interview with ET. "Nobody has tried to enter this space nationally with a clear approach; regional and local players have tried but they have not been able to sustain."In contrast, most consumer companies, such as HUL, ITC, Nestle and Dabur, have been focusing on premiumisation for higher margins.Reliance's consumer business, which started operations in 2022 as a wholly owned subsidiary of Reliance Retail Ventures, has a...

Ola and Rapido are under investigation by the Central Consumer Protection Authority (CCPA) to check if they are forcing or nudging users to pay advance tips in exchange for quicker service. The probe follows a notice issued to Uber just a day earlier over the same practice."CCPA is investigating other apps like Olacab and Rapido, they will also be served notice if they are found indulging in such practices," said Consumer Affairs Minister Pralhad Joshi said in a social media post."The practice of 'Advance Tip' is deeply concerning," he said."Forcing or nudging users to pay a tip in advance, for faster service, is unethical and exploitative. Such actions fall under unfair trade practices," the minister wrote.— JoshiPralhad (@JoshiPralhad) Joshi emphasised that tipping is meant as a token of appreciation, given after service completion, not as an entitlement beforehand."Fairness, transparency and accountability must be upheld in all cu...

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Mumbai: Renewable energy company CleanMax Enviro Energy Solutions has appointed six bankers to float an initial public offering (IPO) of ₹4,000-₹5,000 crore by the end of this calendar year, multiple people aware of the development said. The issue-a mix of primary and secondary share sales-is expected to value the company at around ₹18,000-₹20,000 crore. The proceeds will be used to fund growth for the next few years, sources said.CleanMax has appointed Axis Capital, BNP Paribas, IIFL Capital, HSBC, JP Morgan, and Nomura as bankers for the offering. Canadian investor Brookfield Asset Management held a 49.92% stake in CleanMax through its Brookfield Global Transition Fund (BGTF) as of end-March 2025. Brookfield acquired a controlling stake in CleanMax in June 2023 in a $360 million (₹3,000-crore) deal. Brookfield, Augment Infrastructure and Danish Investment Fund will sell part of their stakes as part of the IPO, people cited above said.Brookfield and Kuldeep Jain, managing director of ...

New Delhi: India may soon award a complete signalling and telecommunication (S&T) system contract for its proposed bullet train project to vendors offering European technology following successful completion of technical assessment of bids received for the contract.A joint venture of Germany's Siemens and Ahmedabad-based Dineshchandra R. Agrawal (DRA) Infracon Pvt Ltd emerged as the lowest bidder for the contract by the National High Speed Rail Corporation Ltd (NHSRCL). "Technical assessments are complete," an official told ET. The official said the lowest bid was at ₹4,100 crore. "The winning bid is significantly lower than initial estimates," a second official said. The second lowest, and only other bid received for the tender, was more than threefold higher at ₹12,600 crore, placed by a partnership of France's Alstom, and India's Larsen & Toubro (L&T). "Opting for indigenisation has led to this substantial cost saving," another o...

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India Monday imposed restrictions on import of gold and silver in unwrought, semi manufactured and powdered form, allowing imports only through nominated agencies, qualified jewellers and valid tariff rate quota holders under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).The restrictions are based on Budget FY26 announcement to introduce new HS (Harmonised System) codes or tariff codes for key items like gold dore, silver dore and platinum containing at least 99% platinum.Some importers used this loophole to bring in products that were 99% gold from Dubai, labelling them as platinum alloy to take advantage of lower duties under the India-UAE CEPA.To block this misuse, the government introduced a new HS code specifically for platinum containing 99% or more pure platinum. Only this category qualifies for duty benefits under the pact. Imports under other platinum compositions were restricted. This effectively closed the route for importing gold disguised as platinum....

The Enforcement Directorate (ED) has extended its investigation into the Mahadev betting app scam to Nishant Pitti, CEO of publicly traded travel booking firm Easy Trip Planners Ltd (EaseMyTrip).Pitti stands accused of colluding with a network of operators who allegedly used proceeds from the illegal betting operation to manipulate stock prices of 25 listed companies, purportedly in connivance with their promoters.In its submission to the adjudicating authority (AA), which oversees money laundering investigations, the ED has made four key allegations against Pitti. Firstly, it claims Pitti was aware of the operations of Sky Exchange, an illegal betting platform linked to the Mahadev app. Secondly, the ED alleges Pitti's firm made payments to two shell companies (termed 'entry-providing' companies by the ED) connected to the app.Thirdly, the ₹7 lakh recovered from Pitti's residence during April searches is considered potential proceeds of crime (PoC). The ED's submis...

Net interest margins of commercials banks will contract in the coming months, putting pressure on banks' earnings, but lenders with strong non-interest income will perform better, said Rajneesh Karnatak, managing director and chief executive of Bank of India, in an interview with ET. Edited excerpts:Analysts say profits have peaked for commercial banks. The challenge starts now with NIMs likely to shrink as treasury gains are already books, and big-ticket recovery is already done. Your comment?Definitely, (maintaining) NIMs is challenging.Since February there has been a 50 bps cut in policy rate. On a ballpark basis, this translates into a NIM contraction of around 15 bps. On the loan side, those linked to repo or external benchmark are immediately repriced. But on the deposit side, the repricing takes 6 months-plus. So, for February cut, repricing will significantly happen by September 2025, because most of the FDs are between six months and one year. Similarly for the April cut, ...

India's ban on imports from Bangladesh through the land ports could generate an additional business of more than ₹1,000 crore for the domestic textile industry, said industry experts. However, certain branded garments may see some supply issues in the winter season, which could raise prices of items like T-shirts and denims 2-3%.The director general of foreign trade (DGFT) in a notification on Saturday banned imports of garments and several other products from Bangladesh through land routes, but allowed them to be shipped in via Kolkata and Nhava Sheva ports.The local industry had been demanding restrictions on imports, concerned about a double-digit growth in textile imports from Bangladesh due to zero import duty.121253463The move is also expected to curb the back-door import of Chinese fabric, which otherwise attracts 20% import duty.The trade and industry unanimously think that Bangladesh will lose more than India due to change in the import policy."India is not going to l...

Several people died Saturday when two helicopters carrying a total of five collided mid-air in Finland and crashed to the ground, police said."The accident has resulted in several fatalities. The exact number of victims and the identities of the passengers are still being determined," the police said in a statement.Media reported that the helicopters had taken off from Estonia and were carrying businessmen, with three people in one and two in the other.Reports said they collided west of the capital Helsinki around midday. Officials gave no indication of what caused the collision.Finnish newspaper Iltalehti quoted a witness, Antti Marjanen, as saying they saw one of the helicopters hit the other during a manoeuvre."One of them dropped like a stone and the other one more slowly. I didn't hear any sound," Marjanen was quoted as saying. from Economic Times https://ift.tt/aQXDoGt

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Mumbai: The Reserve Bank of India's (RBI) central board of directors is likely to meet on May 23 for an annual review of the central bank's balance sheet and transfer of FY25 surplus funds to the government. The payout could be as high as Rs 3 lakh crore, exceeding last year's dividend by nearly 50%."We estimate an RBI dividend of Rs 2.6 lakh to Rs 3 lakh crore, depending on the level of provisioning," said Gaura Sen Gupta, chief economist at IDFC First Bank.The RBI board also met on May 15 to review the Economic Capital Framework (ECF). A crucial factor in determining the surplus or the dividend is the ECF, adopted by the RBI in 2019. The relevant committee had recommended risk provisioning under the Contingent Risk Buffer (CRB) be maintained within a range of 6.5-5.5% of the RBI's balance sheet. Besides, the payout also depends on the income the central bank earns from various domestic sources.The board decides on the level of CRB that the central bank maint...

New Delhi: The government is considering a proposal to reintroduce interest subsidy on credit to exporters-especially the micro, small and medium enterprises (MSMEs)-under the proposed Export Promotion Mission to help bolster their competitiveness amid global tariff uncertainties, senior officials said.In December 2024, the government had stopped an interest equalisation scheme, under which eligible exporters were getting rupee export credit at subsidised rates, prompting MSME exporters to seek cheaper loans amid global headwinds. The latest proposal is aimed at making the interest aid "more targeted and focused", one of the officials said.The commerce department has informed its expenditure counterpart that competing at the global level without assistance would be extremely difficult for MSMEs, who get limited credit at much higher rates than their peers in the export market, he said.The two departments are in talks on the issue and a decision will be taken in due course, sa...

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JPMorgan Chase & Co boosted its forecast for US economic growth after a temporary trade deal between the US and China, dropping its earlier call that the world's largest economy would sink into a recession in 2025, whil ealso projecting a higher 4.8% pace of growth for China."The administration's recent dialing down of some of the more draconian tariffs placed on China should reduce the risk that the US economy slips into recession this year," JPMorgan Chief US Economist Michael Feroli said on Tuesday. "We believe recession risks are still elevated, but now below 50%."Feroli said the bank now sees the US economy growing 0.6% in 2025, up from 0.2% previously, and a key measure of underlying inflation-based on the personal consumption expenditures price index excluding food and energy-rising to 3.5% instead of 4%.Meanwhile. Goldman Sachs Group and other major banks boosted their growth forecasts for China's economy, citing a temporary deal with the US ...

U.S. President Donald Trump secured a $600 billion commitment from Saudi Arabia on Tuesday to invest in the United States after the oil power accorded him a gala welcome at the start of a tour of Gulf states. A slate of high-profile business deals across Riyadh, Doha and Abu Dhabi were being unveiled this week, with artificial intelligence and emerging technologies taking centre stage as Gulf nations race to secure a foothold in the global AI economy. Here is an overview of major deals and announcements made on the sidelines of Trump's Gulf visit: * Amazon Web Services and Saudi Arabia's AI startup Humain announced plans to invest $5 billion-plus in a strategic partnership to build an "AI Zone" in the kingdom. * U.S. chip firm AMD and Humain announced plans to build AI infrastructure that will see them invest up to $10 billion to deploy 500 megawatts of AI computing capacity over the next five years. * Saudi Arabian DataVolt plans to invest $20 billion in AI data cent...

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The UK government has unveiled plans to tighten visa requirements to limit the number of workers arriving in the country through legal channels. These measures, detailed in the upcoming Immigration White Paper, include new graduate-level requirements for skilled worker visas and limits on lower-skilled visas. A dedicated group will be tasked with identifying industries that overly rely on foreign labor, according to a Home Office announcement on Sunday. The government intends to grant lower-skilled, time-limited visas only in cases where there is clear evidence of worker shortages, and where employers commit to increasing the recruitment and training of domestic workers. These new measures will be outlined when the government publishes the white paper in parliament on Monday."We inherited a failed immigration system where the previous government replaced free movement with a free market experiment," Yvette Cooper, the British interior minister, said in a statement. "We a...

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'Error', or 'discrepancy', or 'fraud'? IndusInd Bank has come to a point where its management will have to unambiguously spell out the nature of its questionable derivative accounting. The statutory auditors of the private sector bank are believed to have asked the institution to state whether the discrepancy in the bank's derivative accounting which caused large losses, was a case of 'fraud', said banking sources.Compared to other listed entities, describing a mismatch or irregularity as 'fraud' may have regulatory implications for a bank.Till now, the IndusInd management has described the issues arising from its foreign currency derivative accounting as 'discrepancy'. It has been the bank's choice of word in notices to stock exchanges as well as in interactions with analysts and credit rating agencies. 121085006 However, with the auditors having raised the issue-as auditors are required under the law-the bank's board of dire...

Fill It, Shut It, Never Forget ItThe story is the same on most weekends. The quiet chill early in the morning is broken by the roar of burning dinosaur juice. Cubic capacities spit fire and turn the wheels for riders in search of peace. India is witnessing a surge in the popularity of high-end bikes. Clearly, as the Indian economy grows, so has the appetite for premium experiences. Riders are increasingly drawn to not just the machines, but the full package — cuttingedge tech, safety and a vibrant riding culture. Among superbikes, models like the Yamaha YZF-R1, Kawasaki Ninja ZX-10R, Ducati Panigale V4, BMW S1000RR and Suzuki Hayabusa are all finding fans around the country. Adventure bikes like Triumph Tiger and tourers like Honda Gold Wing bookend the high-end bike market. According to data from Jato Dynamics, Aprilia, BMW, Ducati, Harley-Davidson, Honda, Kawasaki, Suzuki, and Triumph have together sold around 6500 bikes that cost upwards of `10 lakh since 2023. Motorcycle manufactur...

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The new data from the country's official record of births and deaths that suggests undercounting of deaths during the pandemic has given a ray of hope to the parents of children who may have died due to the side effects of Covid vaccine.The parents, who are fighting a legal battle, will use the government data in the court, they said.According to the data from the Civil Registration System (CRS), about 2.1 million more deaths were registered in 2021 - the year that witnessed the deadly Delta wave - compared with 2020."This report confirms what we have witnessed in our circles and in news items and social media over last few years, and it gives hope to us that this authoritative data from Census Department validates our arguments and buttresses our case with one more irrefutable evidence," said Venugopalan Govindan, one of the petitioners in the case. He lost his daughter after she was administered with Covid vaccine.121064640The next date of hearing is on May 15.As per th...

New Delhi: India and Chile have signed the terms of reference to negotiate a comprehensive free trade pact.The two countries implemented a preferential trade agreement in 2006 and are now planning to widen its scope for a comprehensive economic partnership agreement (CEPA).The proposed CEPA seeks to encompass a broad range of sectors, including digital services, investment promotion and cooperation, MSMEs and critical minerals, the commerce and industry ministry said."India and Chile signed the ToR for a CEPA today, marking a significant advancement in their bilateral trade relations," the ministry said in a statement Wednesday. Both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled for May 26-30 in New Delhi, it said.As per the statement, an expanded preferential trade agreement was signed in September 2016 and became effective from May 16, 2017. In April 2019, both countries ag...

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NEW YORK: Greg Abel built one of the largest energy businesses in the US under mentor Warren Buffett. Now, he'll try to fill the shoes of the world's most famous investor.At the company's annual meeting Saturday, 94-year-old Buffett said he would recommend to the board of directors that Abel become Berkshire Hathaway's new CEO at the end of the year. It'll be discussed at the firm's board meeting Sunday, he said."The time has arrived," Buffett said at the conclusion of the meeting's question-and-answer session. Abel was unaware the announcement was coming, Buffett said.Abel, 62, will be Berkshire's first new CEO since Buffett took the post in 1970, and his promotion fulfills a plan unveiled years ago.Abel will oversee a conglomerate with more than 390,000 employees at businesses spanning insurers, manufacturers and a top US railroad. Buffett assembled the portfolio through decades of takeovers.With Berkshire's cash hoard of $347.7 billion, ...

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10%. That was the discount offered by the Aditya Birla Group on prices as it entered India’s $9 billion paint market last year. That number lured many dealers to the new brand, Birla Opus, as did the intent that the group signalled when it doubled the initial investment into the sector to Rs 10,000 crore.Birla is a big name, and with its plan to construct six plants spread nationally, it was clear to the dealers that this foray was to be taken seriously. Dealers are a critical cog in the wheel in the paint market, and in just one year, Opus became a weighty competitor to the incumbents.Birla’s aggression has resulted in many asking the behemoth Asian Paints a critical question—has the market leader lost its edge? It is a question worrying investors as well. Birla Opus’s entry, combined with a slowing market, has led to Asian Paints’ recording one of its biggest stock slides in years. It has fallen nearly 15% in the last one year, suffering a market cap loss of about Rs 40,000 crore.In ...

US President Donald Trump's administration on Friday proposed a $163 billion cut to the federal budget that would sharply reduce spending in areas including education and housing next year, while increasing outlays for defence and border security.The administration said the proposed budget would raise homeland security spending by nearly 65% from 2025 enacted levels.Non-defence discretionary spending-a slice of the budget that excludes the massive Social Security and Medicare programs as well as the rising cost of interest payments on the nation's debt-would be cut by 23% to the lowest level since 2017, the White House Office of Management and Budget (OMB) said in a statement.Trump's first budget since reclaiming office seeks to make good on his promises to boost spending on border security while slashing the federal bureaucracy. Congressional Democrats blasted the cuts in domestic spending as too severe, and some Republicans called for boosting spending on defence and othe...

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At least eight people were injured, three of them seriously, after a car drove into a crowd in the centre of the southwestern German city of Stuttgart on Friday in what police said was a "tragic" traffic accident. The driver of the car has been detained, police said, adding that there was no further danger posed to the public. "There are currently no indications of an attack or an intentional act," Stuttgart police said on X. The incident, which occurred shortly before 6 p.m. (1600 GMT), took place near the Olgaeck tram station. The Bild newspaper cited eyewitnesses as saying a woman with a pram had been hit by the black Mercedes G-Class SUV. The area of the incident was blocked off by police, who advised pedestrians and drivers to avoid the area if possible. from Economic Times https://ift.tt/pCPVg3U

MUMBAI: Private banks counter-intuitively charged more on fresh rupee loans in March-the highest for five months despite a quarter percentage point cut in policy rates three weeks before-as tight liquidity and high funding costs prevented such lenders from lowering the borrowing rate for the average loan customer.Latest Reserve Bank of India (RBI) data showed the average lending rate on fresh rupee loans by private banks climbed 12 basis points from February to 10.32% in March.To be sure, liquidity was tight in March and private banks had replaced their certificates of deposit (CD) and bulk deposits at a higher rate, consequently causing an unexpected and counter-intuitive inflation in borrowing costs. Private banks often rely on CDs and bulk deposits to boost the liability side of their capital structures. The weighted average domestic term deposit rate (WADTDR) for fresh rupee deposits rose to 6.65% in March from 6.49% a month earlier, reflecting continued upward pressure on funding ...

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