India INTEREST LEVELS: Banking and Economic GrowthPosted by Bendsen Witt on May 17th, 2021 The benchmark interest in India, as reported in the beginning of 2011, is 5.5%. During 2000-2010, the average Indian interest rate was 5.82%, achieving the historical high mark of 14.5% in August 2000 and an archive low of 3.25% in April 2009. In India, the Reserve Bank of India (RBI) takes all of the decisions on interest levels. Recently, the RBI has urged banks to improve their deposit rates so that you can attract more investors. The reason behind this task is that credit growth is already who is fit in India, while deposit growth continues to be to catch up. Third ,, Kotak Mahindra Bank has offered its highest ever rate of 9.25% on deposits for 700 days. read more in India India is considered the 'most regulated' banking sector globally, with more than 170 banks in the urban, semi-urban and rural areas. Many banks remained tough even through the worst ever global recession of 2008. Here are India's top 10 banks with high interest rates, as ranked by Business Review India: State Bank of India (SBI) ICICI HDFC Allahabad bank The Bank of Baroda Punjab National Bank Canara Bank Axis Bank Union Bank of India IDBI Kotak bank The Indian banking industry is sufficiently funded and synchronized. Although the share market has dipped to half its value within twelve months, the country's banking sector has declared a profit rise of 40%. SBI features in the set of 500 prominent companies on the globe, which has strengthened the trust of investors plus the FDIs. This achievement, along with the direct support of the Indian government, has contributed to its high interest rates. Economic growth in India Based on the data released by India's Central Bureau of Statistics, India's GDP grew 8.8% in the next quarter of 2008. Its it industry has attracted many investors, leading to this industry becoming highly focused. Additionally, the series of related back-up policies executed by the Indian government in addition has advanced economic growth.Like it? Share it! More by this author |