State Bank of India (SBI), the country’s largest public sector bank, has expressed its biggest fear on the ban on bonds. SBI has said, fearing that the recession could continue on the economy due to the ban on bondage. Not only this, the bank has expressed its apprehension of its effect on its business. It is worth noting that the central government took the decision of the ban on November 8 last year, in which names of 500 and 1000 rupees had been invalid from 9th November. However, after this, new notes of Rs 500 and 2000 were issued.
What SBI said: Bank said that the impact of the cancellation on the economy and banking sector has not been assessed. In the preliminary place documents held by the investors, the bank said that the effect of the ban on bondage is still uncertain, but it is likely to have an adverse impact on the bank’s business. The bank said, “Because of the ban, the impact of the recession can continue in the economy and it is likely to affect the bank’s business.” SBI cuts home loan rates: SBI has recently cut interest rates on home loans up to Rs 30 lakh and Rs 75 lakh. State Bank of India has reduced home loan rates by 10 basis points. After the cut, the new rate will be 8.55 to 8.60 percent. This deduction will be given on loan above Rs. 75 lakhs. Earlier, SBI had offered home loans at 8.35 percent of the home loan up to Rs 30 lakh. These revised home loan rates will be effective from May 9, 2017, on behalf of SBI.
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The Parliamentary Committee on Finance Affairs has summoned the RBI governor once again in July.
Reserve Bank of India (RBI) Governor Urjit Patel has summoned the Parliamentary Committee on Finance on July 6. On the issue of the ban on the issue of the ban, it is called the fourth to the committee. The committee will answer a notice on the ban on Patel. The leader of this parliamentary committee is senior Congress leader and MP Veerappa Moily. Prime Minister Narendra Modi had announced the closure of 500 and 1000 notes on November 8 last year.
Two times, Patel has been deferred: Two times before he was summoned, he did not appear before the committee. They sought exemption from appearing in citing busyness in making monetary policy. For the first time, he appeared before the committee on January 18. Then the members of the committee had to answer their questions about the closure of 500 rupees and one thousand rupees notes. At that time, Patel was rescued by Prime Minister Manmohan Singh before hard questions of MPs.
However, on the strength of Manmohan’s emphasis, the committee had called upon the emergence of the BJP MPs despite the opposition. Apart from him, the committee had summoned the top officials of the Finance Ministry to know the effect of the note-offs.
The inquiry is still incomplete: a member of the parliamentary committee told that Patel has been called on July 6. The inquiry was still incomplete due to the ban on him. Since the committee members could not complete their questions with Patel and the officials, they have been summoned again.