ICICI Bank staff will get an additional 1 per cent interest on domestic FDs below Rs 1 crore, the bank said in a statement. The new FD rates are valid for both general and senior citizens.

On Wednesday, Kotak Mahindra Bank also raised its one-month and three-month MCLR, or marginal cost of lending rate, by 5 basis points to 8.20 per cent and 8.55 per cent, respectively.

RBI increases repo rate by 25 basis points to 6.5%, maintains 'neutral' stanceThe RBI's Monetary Policy Committee, during its by-monthly meeting on Wednesday, increased the repo rate by 25 basis points to 6.5 per cent from the previous rate of 6.25 per cent. This is the second hike in the interest rate after four years of continuous halt by the central bank. This time too, the MPC again maintained the neutral stance to achieve the medium-term target for inflation of 4 per cent in a band of +/- 2 per cent.The MPC has noted that uncertainty around domestic inflation needs to be carefully monitored in the coming months. What caused the rate hike? \"The main reason for increasing of the repo rate has been done to maintain the 4 per cent inflation target, a target from which we have been away for several months,\" said the RBI Governor.Supreme Court comes down heavily on the Amrapali GroupThe Supreme Court has come down heavily on the Amrapali group for \"defrauding investors\" and playing \"dirty games\". The apex court has directed the attachment of all bank accounts and movable properties of 40 companies of the Amrapali real estate group. It has frozen all the bank account of all directors of the 40 companies and also restrained them from selling their personal properties without the permission of the court. The apex court is hearing petitions filed by flat buyers who have demanded reversing of the September 4, 2017, NCLT order.LIC-IDBI deal: Cabinet approves LIC's acquisition of 51% stake in IDBI BankUnion Cabinet, chaired by Prime Minister Narendra Modi, has cleared the Life Insurance Corporation's acquisition of 51 per cent stake in the debt-ridden IDBI Bank. The approval of the deal means LIC will raise its stake in the bank from the current 8 per cent to 51 per cent, which makes makes it a majority holder. As per the proposal, IDBI Bank will issue preferential shares to LIC to raise money. The LIC stake buy will help the bank get capital support of Rs 10,000-13,000 crore.TRAI Announces 5G Spectrum PricingTelecom regulator TRAI has recommended rules and prices for the next round of spectrum auction which will include radiowaves for 5G mobile services. The regulator has recommended that base price for bidding should be higher of the two figures - 80 percent of the average valuation of spectrum band in the licensed service area or the price realised in the October 2016 auction. The government is yet to finalise the timing of the next round of auction. RBI asks Paytm Payments Bank to stop enrolling new customers on its platform Days after Paytm Payments Bank CEO Renu Satti stepped down from her role to lead company's new retail initiative, a Livemint report said that the Vijay Shekhar Sharma-led mobile-first bank has stopped onboarding new users on its platform following observations made by the RBI. Paytm stopped enrolling new customers on June 20 following an audit by RBI. Paytm Payments Bank allows customers to open zero balance accounts without any transaction charges. It is part of a new set of differentiated banks which were given licence by the RBI Mukesh Ambani's Reliance Industries jumps 55 spots in Fortune 500 companies Mukesh Ambani-helmed Reliance Industries has made one of the biggest jumps in the Fortune 500 rankings of the world's biggest companies. Reliance Industries moved up on the list by 55 slots to be ranked at 148. It was previously ranked 203rd. According to Fortune, Reliance Industries saw an upward trend in profits by 25.5% in the last fiscal. In 2017-18, RIL saw a revenue of $62.3 billion. However, state-owned Indian Oil Corporation (IOC) is the top-ranked Indian company. It is ranked 137, a significant rise from the previous 168.

RBI's second-consecutive increase in repo rate comes as a bad news for those who have taken loans from banks.

The reverse repo rate adjusted to 6.25 per cent, and the marginal standing facility rate and the bank rate to 6.75 per cent.

There are five reasons why inflation will remain a big concern for the RBI in its third bi-monthly money policy to be released today.

Any increase in repo rate comes as a bad news for those who have borrowed from banks because it is likely to lead to an increase in the interest they pay on loans.

The central bank had increased the benchmark short term lending rate(repo rate) by 0.25 per cent to 6.25 per cent in its last monetary policy review in June on inflationary concerns.

Discounting negative influences, both domestic and global, indices rallied to reach their all-time highs this week. With mid-cap and small-cap stocks now participating in the growth too, investors need to keep investing, says Yogesh Mehta of Motilal Oswal in this episode of BusinessToday.In Weekly Tech Wrap.

The rupee has been among the worst-performing currencies against the dollar compared with its peers so far this year and breached the 69-mark against the US dollar amid multiple headwinds, including global uncertainties and concerns over inflation.

BNP Paribas today said the Reserve Bank of India will go for another 0.25 per cent hike in key policy rates at its August monetary policy review, a day after an official data showed retail inflation rising to a five-month high of 5 per cent in June.

With rupee hitting its lowest against dollar, prices of imported commodities, ranging from petroleum products to electronics went up, driving consumer inflation up. High crude oil prices also made an impact.

RBI Governor Urjit Patel voted for interest rate hike citing inflation risks and related uncertainties while his deputy Viral Acharya felt there was no alternative to it by 25 basis points, as per the minutes of the meeting.

Reserve Bank of India has hiked policy rates for the first time in four years. With lending rates set to increase, Business Today Deputy Editor Anand Adhikari explains how depositors, borrowers and lenders can benefit from the present scenario.

Markets remained positive this week, with the momemtum expected to continue in future. Auto, cement and pharma stocks are expected to perform well as the Nifty looks to reach 11,000-level in the coming weeks.

Midcap and Small cap indexes which saw a rout during the last five months rose 1.40% and 1.96%, respectively. Banking stocks took the market higher with the BSE bankex rising 203 points or 0.69% to 29,663.  The index was the top gainer among 19 sectoral indices.

Top gainers on the BSE bankex were Axis Bank, ICICI Bank, Federal Bank and Kotak Mahindra Bank. All 10 bankex stocks were trading in the green.

RBI monetary policy: MPC hikes repo rate by 25 basis points to 6.25%, keeps stance neutralThe monetary policy committee of the Reserve Bank of India (RBI) on Wednesday decided to hike the repo rate by 25 basis points to 6.25 per cent while maintaining a neutral stance. All the members of RBI's MPC voted in favour of a rate hike. The verdict of six-member MPC, headed by RBI Governor Urjit Patel, came after three days of deliberations instead of the usual two days. This is the first time MPC has taken this long to reach a decision since its formation in June 2016. The increase in repo rate comes as a bad news for those who have borrowed from banks because it is likely to lead to an increase in the interest they pay on loans, be it home loan, car loan or personal loan. However, the neutral stance taken by the RBI will be a silver lining for the markets. Microsoft's Seeing AI app for visually impaired now supports Indian rupeeThe Seeing AI mobile application by Microsofft has included Indian rupee in the list of currencies that it can identify and narrate the denomination back. After the latest update, version 2.2, the application will be able to identify the currency notes in circulation as well as the new currency notes that were released over the course of past one and a half years. The Seeing AI app has been developed with visually-impaired users in mind. It identifies short text, documents, products, people, scenes, currencies, colour, handwriting, light and even images in other apps using the device's camera. Air India's 11,000 employees have not received May's salary so far; pay delayed for third month in rowIndia's national carrier Air India is going through a deep financial crisis, and recent incidents have only added to its woes. First, no bidder showed interest in buying the beleaguered airline. And now, the salaries of over 11,000 permanent employees working for the Maharaja are stuck for the month of May. Reports suggest the cash-strapped airline has failed to release salaries of its employees for the third month in a row. The management has not officially communicated the reason behind the inordinate delay to its staff.Govt clears Rs 8,000 cr relief package for sugarcane farmers, ups floor price to Rs 29 per kgThe Prime Minister Narendra Modi-led Cabinet on Wednesday approved a relief package of Rs 8,000 crore for the sugar industry, which would help cash-starved sugar mills to clear dues to cane farmers at the earliest. Of the total relief package, Rs 4,500 crore would be used for boosting ethanol production in the country. The package also includes government's last month's announcement of Rs 1,540-crore production-linked subsidy for sugarcane farmers to help millers pay cane payments.Amazon completes 5 years in India; offers Rs 250 cashback on shopping of Rs 1000 or moreFive years after it was launched on June 5, 2013, Amazon India has made significant strides. The Jeff Bezos-led Amazon.in claims to be the most visited shopping site in the country for the last two years. And as a return gift, the e-commerce major is doling out Rs 250 as cashback on purchase of Rs 1000 or more on payments made via any digital mode. In a letter, Amazon founder and CEO Jeff Bezos thanked customers in India for their support. The online retail behemoth said that people from 100 per cent serviceable pin codes in India have placed orders on its platform

Banking stocks took the market higher with the BSE bankex rising 225 points or 0.77% to 29,685 in early trade.  The index was the top gainer among 19 sectoral indices.