Canara Bank hikes lending rate

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⭐ Canara Bank hikes lending rate 

State-owned Canara Bank has raised the benchmark lending rate by 0.15%. The hike will make the loans more costlier. The revised rates will be effective from 7 September. The benchmark one-year lending rate will increase to 7.7% from 7.6%. The hike is in line with its peers and comes after the RBI’s rate hike last month.

⭐ IT firms caution staff in Bengaluru

Top Indian IT services companies like TCS and Wipro are constantly monitoring the floods in Bengaluru to enable business continuity and safety of employees. While Wipro has invoked business continuity plans, TCS has asked its delivery teams to exercise caution. Wipro’s management said there has been no disruption to business operations and that they have asked their employees to work from home.

⭐ Moody’s retains India ratings

Credit rating agency Moody’s maintained its long-term sovereign debt credit rating and outlook on India. Moody’s said that India’s credit profile reflects key strengths including its diversified economy with high growth potential. The agency also said that it does not expect rising challenges to the global economy, growing inflation, and the tightening financial conditions to sidetrack India’s ongoing recovery from the pandemic. The agency has a Baa3 rating and a ‘stable’ outlook for India.

Global markets (at 7:30 AM today)

Fact of the day

According to data, India’s demat account tally crossed the 100 million-mark for the first time, in August. Over 2.2 million new accounts were opened in July.

Source: Business Standard