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Borrower loan eligibility could drop while banks and finance companies will be forced to hike the EMI (equated monthly instalments) for some home loans when interest rates rise under the RBI’s new rules. Banks will henceforth have to give borrowers the option of shifting to a fixed rate loan at the time of reset of interest rates.
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Global investment banks are reducing China’s economic growth forecasts after weak data for the second consecutive month that raised concerns about the world's second-largest economy missing its official target of 5% expansion for the year. The latest cuts followed the central bank's announcement of interest-rate cuts and strains in the country's real estate market after giant developer Country Garden's missed a bond coupon payment.
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US stocks closed lower on Tuesday due to concerns over the US banking sector, stronger than expected economic data, and worries over the health of the Chinese economy. Major US banks including JPMorgan Chase, Wells Fargo & Bank of America all went down by more than two percent after Fitch warned of the risks of a downgrade.
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The Russian central bank on Tuesday raised interest rates by the most it had since the early weeks of the war in Ukraine, a dramatic move that underlines the scale of concern about Russia's economic stability.
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China will suspend the release of youth unemployment rates, whilst the central bank cuts a key interest rate in a bid to boost a declining economic growth. Youth unemployment reached a record 21.3% in June, reflecting the slump as China's post-Covid rebound fades. Various disappointing figures have suggested China may struggle to achieve its five percent growth target set for the year.
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Wholesale price-based inflation remained negative for the fourth straight month in July 2021 at -1.36%, mainly due to the decline in fuel prices. While food articles became costlier, inflation for food articles went up to 14.25% in July against 1.32% in June. The Reserve Bank of India (RBI) raises its inflation forecast for the current fiscal year to 5.4% from 5.1% earlier on account of food prices. However, the RBI signs tighter policy if food prices continue to rise and drive inflation higher.
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The Reserve Bank has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions. The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts.
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RBI has hired consultants McKinsey and Accenture to develop artificial intelligence (AI) and machine learning (ML) systems for its supervisory functions. The institution wants to improve regulatory oversight of banks and non-bank financial companies by analysing data in its database using advanced analytics, AI and ML.
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