Top Headlines: 35-50 bps rate hike by MPC; advance tax mop-up rises 17%

The RBI's Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, according to a Business Standard poll

The Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, according to a Business Standard poll. The advance tax collection, both corporation and personal, has grown 10.1 year-on-year to Rs 1,92,600 crore in the second quarter of FY23. Read more on these in our top headlines.

RBI policy: MPC may raise repo rate 35-50 bps, shows Business Standard poll

The Reserve Bank of India’s (RBI’s) Monetary Policy Committee (MPC) is likely to lift the policy repo rate by 35-50 basis points (bps) on September 30, according to a Business Standard poll, as it seeks to bring back elevated domestic inflation within its target range. Analysts said that a heightened pace of policy tightening by central banks in advanced economies is also seen as increasing pressure on the RBI to continue front-loading rate hikes to maintain adequate interest rate differentials. Read more 
 

Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion

The advance tax collection, both corporation and personal, has grown 10.1 year-on-year to Rs 1,92,600 crore in the second quarter of FY23, according to official sources. The corporation advance tax mop-up in July-September stands at Rs 1,49,242 crore, against Rs 1,35,347 crore in the corresponding period a year ago -- up 10.2 per cent. Read more
 

Adani's foray expected to trigger consolidation in cement industry

With the cash-rich Adani group aiming to become India's biggest cement maker by 2030, the Aditya Birla group-owned UltraTech, which is currently India's top cement firm, is expected to face the heat. Both groups might try to acquire smaller rivals in the cement industry, say industry analysts. Read more
 

RBI mulls allowing P2P firms to diversify risks by entering secured lending

The Reserve Bank of India (RBI) is weighing the possibility of allowing peer-to-peer (P2P) platforms to foray into secured lending. This is to en­able them to diversify the risks emanating from having a completely unsecured book with relatively new-to-credit custo­mers who have been outside the reach of legacy credit vendors. Read more
 

Walmart-backed PhonePe asks NPCI to extend the volume cap deadline

PhonePe has requested the National Payments Council of India (NPCI) to extend the deadline, saying such a move could potentially curtail the growth of digital payments in the country. “We have formally requested NPCI for an extension on the market cap implementation as we believe that an artificial market cap implementation will severely limit the growth of the digital ecosystem and will impede the goals of financial inclusion,” said a PhonePe spokesperson. Read more