Banking Shares Slip Around 1% After RBI Maintains Status Quo On Interest Rates

The rate-sensitive banking shares slipped round a per cent every in a subdued market after the Reserve Bank of India (RBI) maintained establishment on rates of interest in the course of the bi-monthly financial coverage choice. Banking shares reminiscent of HDFC Bank, ICICI Bank, SBI, RBL Bank, Axis Bank and Punjab National Bank slipped practically 1 per cent every on the BSE.

The RBI stored the repo charges – the important thing rates of interest at which it lends cash to industrial banks – regular at 4 per cent and reverse repo charge – the speed at which RBI borrows cash from banks, unchanged at 3.35 per cent, the RBI Governor Shaktikanta Das stated on the finish of the three-day Monetary Policy Committee (MPC) assembly that began on Wednesday.

However, the RBI trimmed the true GDP progress projection for monetary yr 2022 to 9.5 per cent from 10.5 per cent estimated earlier; this downward revision might have dented sentiment across the banking counters.

The BSE Sensex was buying and selling at 52,171.45, decrease by 59.85 factors or 0.11 per cent and the NSE Nifty was at 15,680.95, down 10 factors a the time.