YES Bank cuts savings deposit rate by 25-100 bps
Posted on 17th August 2017 |
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| YES Bank has cut saving bank interest rate by 100 basis points (one per cent) to five per cent for account balances with less than Rs 1 lakh. For balances of Rs 1 crore and above, the new rate will be 6.25 per cent, down from 6.5 per cent. The new rates on balances in savings deposits would be effective from September 1, 2017, it said in a statement.
The bank has kept interest rates of 6 per cent unchanged for deposits of over Rs 1 lakh and less than Rs 1 crore. State Bank of India was the first to reduce interest rate on balances in savings bank accounts. Only July 31, the country’s largest lender had reduced the interest rate on amounts up to Rs 1 crore by 0.5 per cent to 3.5 per cent. SBI, however, will continue to pay 4 per cent interest on savings bank accounts with deposits of above Rs 1 crore. Bank of Baroda had also reduced rate on savings deposits. For YES Bank, the share of low-cost deposits (current account and savings account) stood at 36.8 per cent at the end of June 2017, reflecting an increase of 7.2 per cent when compared with last year. Its net interest margin stood at 3.7 per cent at the end of June 2017. Soon after the RBI cut repo rate by 25 basis points to 6 per cent on August 2, Rana Kapoor, managing director of YES Bank, had said there was room for incremental rate cuts to the tune of 50-75 bps in coming months. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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