The benchmark lending rates have been raised by 25 basis points, which is in accordance with the market's expectation.
Economy
Fed Delivers First Rate Hike In Three Years As Kevin Warsh Starts Battling Inflation
Fed Rate Decision LIVE: Fed Delivers 25 Bps Rate Hike For The First Time Since 2023; Sees Only One More Move Higher This YearThe outcome and Fed Chair Kevin Warsh's commentary could have significant implications for global bond yields, the US dollar, capital flows and emerging-market currencies and equities, including the Indian rupee and D-Street.
Commerce Ministry Seeks 5-Year Extension, Higher Outlay for RoDTEP Export Scheme: SourcesThe government is also examining a framework to provide exporters with greater certainty over the scheme's continuation and refund rates.
Govt Rules Out Review Of UPI Transaction Fee On Merchant Payments Above Rs 2,000: SourcesThe government expects UPI transaction volumes to continue increasing next year despite the introduction of the new fee framework, according to the sources.
MDR Could Push Small Merchants, Price-Sensitive Consumers Back Towards Cash: GTRIUPI fees are not about revenue as keeping UPI free costs the government Rs 2,000-2,500 crore annually.
Indian Refiners Face 40% Crude Cost Surge As Middle East War Disrupts FlowsIndia has relatively limited direct exposure to the Yanbu route. Saudi supplies averaged about 315,000 barrels a day in August, compared with total Indian crude imports of around 4.7 million barrels a day.
$200B Goal In Focus: PM Modi Meets CEOs Of Micron, AMD, Intel, Other Chipmaking GiantsThe meeting is aimed at engaging global companies as India seeks to attract investment across semiconductor manufacturing, packaging, equipment and other parts of the supply chain.
UPI MDR: Finance Ministry Denies Foreign Influence Behind 0.4% Charge On Payments Above Rs 2,000The Finance Ministry said UPI MDR is neither a tax nor a government fee, with collections distributed among banks and payment providers to support the digital payments ecosystem.
'Costs Will Pass To Customers': PIL In Supreme Court Seeks Stay On UPI Fees For Payments Above Rs 2,000The petitioner has also sought a stay on the rollout of the new framework pending adjudication by the Supreme Court.
'Taken From Merchant Side': DFS Trashes UPI User's Claim Of MDR Getting Passed On To CustomersDFS also highlighted a distinction between UPI payments made directly from bank accounts and transactions made using credit cards linked to UPI.
US Fed Rate Decision: When, Where To Watch Kevin Warsh's Speech? September FOMC Meeting Time, What To ExpectThe Federal Reserve's September FOMC interest rate decision will be officially announced on Wednesday at 2:00 p.m. Eastern Time (11:30 p.m. IST).
Fed Hike Nearly Locked In, But US Stock Futures Edge Higher: Three Reasons WhyWith the rate hike largely priced in, the immediate market reaction could therefore depend less on the quarter-point move itself and more on what the Fed signals about the path ahead.