Marketing

State Bank Of India Cuts Lending Rate By 0.9% Across Maturities

Mumbai: State Bank of India, the country’s biggest lender by assets, said on Sunday it had cut its lending rates by 90 basis points for maturities ranging from overnight to three-year tenures, after experiencing a surge in deposits. After the move, its so-called overnight marginal cost of funds-based lending rate (MCLR) fell to 7.75 per cent from 8.65 per cent, ... Read More »

Can’t Give Info If Finance Minister Was Consulted Before Demonetisation

New Delhi: Whether views of the Chief Economic Advisor and the Finance Minister were taken before the sudden announcement of demonetisation of high-value currency notes by Prime Minister Narendra Modi on November 8? The Reserve Bank of India feels this query cannot be answered under the Right to Information Act as it does not comes under the definition of information ... Read More »

Government Permits 12 PSU Banks To Raise Rs. 3,000 Crore From Market

New Delhi: In a bid to strengthen capital base of public sector banks (PSBs), the government has allowed 12 lenders to raise nearly Rs. 3,000 crore via preferential shares over and above the Rs. 22,915 crore capital support committed to them in July last year. The Finance Ministry granted approval to 12 proposals of PSBs to raise a sum of ... Read More »

Notes Ban Impact: EMIs To Fall As SBI, Other Banks Cut Lending Rates

New Delhi: Top PSU lenders State Bank of India, PNB and Union Bank on Sunday slashed their benchmark lending rates by up to 90 basis points, a day after Prime Minister Narendra Modi asked banks to priorities their lending towards the poor and middle class. The country’s largest lender, SBI, has reduced marginal cost of funds based lending rate (MCLR) ... Read More »

Viral Acharya, New Reserve Bank Deputy Governor, Has An Impressive CV

The government has appointed Viral V. Acharya, a professor of economics at New York University, as one of the Reserve Bank of India’s four deputy governors for a term of three years, according to a statement on Wednesday. Since 2008, Dr Acharya has been teaching at the Stern School of Business in New York University. . Prior to joining NYU ... Read More »

IFCI Raises Lending Rate By 10 Basis Points To 8.6 Per Cent

New Delhi: Term finance lender IFCI today said it has raised benchmark lending rate by 0.1 percentage point (10 bps) to 8.6 per cent. The company has changed its its short-term benchmark rate (IBR-ST) from 8.50 per cent to 8.60 per cent with monthly rests for lending for tenure up to three months only, IFCI said in a statement. The ... Read More »

Banks’ loans rose 5.8% in two weeks to December 9: Reserve Bank

Indian banks’ loans rose 5.8 per cent in the two weeks to Dec. 9 from a year earlier, while deposits rose 15.9 per cent, the Reserve Bank of India’s weekly statistical supplement showed on Friday. Outstanding loans rose by Rs. 46830 crore to Rs. 73.39  lakh crore in the two weeks to December 9. Non-food credit rose Rs. 38,690 crore ... Read More »

Yes Bank Raises Rs. 3,000 Crore From Bonds

New Delhi: Private sector Yes Bank on Saturday said it has raised Rs. 3,000 crore from bonds to fund business expansion. With this capital raising, the bank’s Tier-I Capital Ratio will be at 12 per cent including profits and adjusted for pro-rata dividends, Yes Bank said in a statement. The Basel-III compliant additional Tier-1 (AT1) Bonds will be listed on ... Read More »

10 Director Level Posts Vacant In RBI

New Delhi: The Reserve Bank of India’s all powerful central board is short of ten non-official directors and one deputy governor at a time when the central bank is engaged in massive demonetisation and remonetisation exercises. The last board-level appointment done by the government was when it elevated N S Vishwanathan to the post of deputy governor in June. Prior ... Read More »

Liquor Stocks Fall After Top Court Orders Closure Of Shops Along Highways

Shares of liquor makers such as Globus Spirits, Pincon Spirit, Radico Khaitan and United Spirits fell as much as 7 per cent after the Supreme Court ordered closure of liquor shops along the national and state highways. Indian made foreign liquor maker Globus Spirits fell as much as 6.85 per cent to Rs 90.35. It was followed by Pincon Spirit ... Read More »