The hikes in MCLR by the lender come even as the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 per cent in its monetary policy announced on December 8. This move is likely to be followed by other lenders, resulting in costlier loans for borrowers.
The issue was raised by Delhi’s Finance Minister Atishi in the meeting with support from Punjab’s Finance Minister Harpal Singh Cheema.
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This is troubling, as the European Union is one of India’s second-largest export destinations. Slowing demand from the region has impacted India’s labour-intensive sectors, such as textiles, gems and jewellery exports.
Responding to media persons, the Union Minister for Power and New and Renewable Energy, R K Singh, said fossil fuel was one key sticking point among other issues on which consensus could not be reached.
In the intraday session, Utkarsh Small Finance Bank hit an intraday high of Rs 47.94, up 20 per cent from its debut price, and 91.76 per cent higher from its issue price.
The commerce ministry is also looking at notifying SEZs that can be spread out across multiple locations, specifically for green hydrogen projects.