In the coming days, you will get more returns on your deposits, RBI said – Banks are forced to increase interest rates

More interest on your deposits in the bank in the coming days (Interest rate hike on deposits) will get. Like this reserve Bank ,Reserve Bank of India) said in the report released by According to this report, the pace at which credit growth ie loan demand is picking up is not seeing a jump in deposits at that pace. In such a situation, banks will have to woo the customers by increasing the interest rate under compulsion. It has been said in the report that the pace of economic recovery is gradually accelerating. Inflation is also coming down and monsoon is expected to be good. This is supporting growth. The demand for loans is increasing rapidly due to the improvement in economic activities.

Regarding the record fall in the rupee against the dollar, RBI Deputy Governor Michael Patra said that the continuous decline in the trade deficit will have to be monitored. Let us tell you that in the month of June, the country’s trade deficit reached a record level of $ 26.18 billion. This happened because of a bumper jump in imports as compared to exports. The country’s total merchandise exports stood at $40.13 billion in June, while total imports stood at $66.31 billion.

Indian economy on track for recovery

To handle the rupee against the dollar, the Reserve Bank is constantly buying dollars. According to the data, in the month of May, the Reserve Bank of India bought foreign reserves of $ 10 billion and sold reserves of $ 8.1 billion. In such a situation, on a net basis, he bought a reserve of $ 2 billion. The report said that the Indian economy is also affected by global factors. Despite this, there is a great recovery in many sectors. It is believed that in the current financial year, India’s economy will grow the fastest in the world. Commodity prices are falling, inflation is coming down and supply chains are also improving. Due to this the Indian economy is on the path of recovery.

Agriculture activities expected to be better

The authors believe that agricultural activity is expected to be better with the recent recovery in monsoon, and rural demand may pick up soon, thereby boosting the recovery. Let us tell you that the Reserve Bank of India (RBI) on Monday asked banks to make additional arrangements for export and import transactions in Indian rupees. The central bank has done this in view of the growing interest in the domestic currency of the global trading community. The central bank had said in a circular that before implementing this system, banks would need permission from the Foreign Exchange Department of the Reserve Bank of India. The central bank said that in order to encourage global trade, with an emphasis on exports and in view of the increasing interest of the global trading community in rupee, it has been decided to make additional arrangements for invoicing, payment and settlement of exports or imports in Indian rupees. Is.