Newsmakers: Petrol, diesel prices cut, GDP growth slows and more

FM pushes for rate cut in Sept 29 policy review
Pushing for interest rate cut, Finance Minister Arun Jaitley  said on Monday inflation is under control while oil and commodity prices are also low and expressed hope that RBI will consider all these factors in its monetary policy review.

Economic growth slows to 7% in June quarter
India's economic growth slowed to 7 per cent in the three months through June from 7.5 per cent in the previous quarter, government data showed on Monday. Analysts polled by Reuters had forecast annual growth of 7.4 per cent in the quarter.

HDFC Bank cuts base rate by 35 bps to 9.35%
After repeated chiding by RBI chief Raghuram Rajan on banks not passing rate cut benefits to consumers, HDFC Bank on Monday lowered its base lending rate by 0.35 per cent to 9.35 per cent-the lowest in the industry.
The move may trigger a fresh round of rate cuts by other banks as well. The new rates will be effective tomorrow, a source told PTI.

Petrol price cut by Rs 2 per litre, diesel by Rs 0.50 per litre
Oil marketing companies on Monday cut the price of petrol by Rs 2 per litre and diesel by Rs 0.50 per litre on fall in crude oil prices.Petrol price in Delhi now stands at Rs 61.20 per litre against Rs 63.20 per litre.  Diesel price in the national capital is at Rs 44.45 against Rs 44.95 earlier.

SBI, ICICI Bank systemically important banks: RBI
The Reserve Bank of India (RBI) on Monday identified state-owned SBI and private sector ICICI Bank as systemically important banks and subjected them to higher levels of supervision to prevent disruption to financial services in event of any failure.