The RBI’s monetary policy committee is set to begin the rate hike cycle by pre-emptively raising the policy repo rate by at least 25 basis points in its upcoming meeting (Ocotober 5 to 7) even as the exchange rate needs immediate protective guardrails to thwart speculation, according to State Bank of India’s Economic Research Department (ERD).The ERD’s economists believe the balance of risks has tilted decisively towards a 25-bps rate hike (from 5.25 per cent to 5.50 per cent) at this juncture. They also ex ...

Will banks remain closed on Gandhi Jayanti?Yes. October 2 is a national holiday observed as Gandhi Jayanti, and bank branches will remain closed on the day.The holiday applies to banks operating across India, including October 2 falls on a Friday this year, making it a weekday bank holiday.Live EventsWhy are banks closed on October 2?Gandhi Jayanti is observed every year on October 2 to mark the birth anniversary of Mahatma Gandhi, who was born on the same date in 1869.The day is observed as a national holi ...