Bank of Baroda cut savings rate to 3.25%
Posted on 25th July 2019 |
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| India’s second largest public sector lender, Bank of Baroda, has cut its savings deposit interest rates by 25 basis points (bps) to 3.25% per annum, which is the lowest among its peers. The rate has been revised on saving accounts with balance below Rs 50 lakh and are applicable with effect from July 20. The bank last week also cut its term deposit rates across tenures; for 1-year term deposit, interest rate was cut 25 bps to 6.45% per annum. Kamal Mahajan, head of treasury & global markets at Bank of Baroda, said: “The fact that inflation has remained well within targeted lesvels, RBI has already cut repo rate by 75 bps with an accommodative stance and has made reasonable liquidity available to the system and consequently, the CD rates and G-Sec rates have also moved down by 100 bps. Growth targets of the Indian economy as well as of the world have also come down. All combined, make us believe that this is the most opportune time to cut deposit rates.” Other big lenders like SBI, HDFC Bank, ICICI Bank, Axis Bank and PNB offer 3.50% per annum to saving account deposits of under Rs 50 lakh balance. |
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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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