India Interest Rates: Banking and Economic GrowthPosted by Bendsen Witt on May 17th, 2021 The benchmark interest rate in India, as reported in the beginning of 2011, is 5.5%. During 2000-2010, the average Indian interest 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 the decisions on interest rates. Recently, the RBI has urged banks to improve their deposit rates so as to attract more investors. here for this task is that credit growth has already been in good shape in India, while deposit growth is still to catch up. Following this, Kotak Mahindra Bank has offered its highest ever rate of 9.25% on deposits for 700 days. Banks 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 10 banks with high interest levels, 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. Even though share market has dipped to half its value within twelve months, the nation's banking sector has declared a profit rise of 40%. SBI features in the list of 500 prominent companies in the world, and this has strengthened the trust of investors as well as the FDIs. This achievement, along with the direct support of the Indian government, has contributed to its high interest rates. Economic growth in India In line with the data released by India's Central Bureau of Statistics, India's GDP grew 8.8% in the next quarter of 2008. Its information technology industry has attracted many investors, leading to this industry becoming highly focused. Additionally, more info of related back-up policies executed by the Indian government has also advanced economic growth.Like it? Share it! More by this author |