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BoI, Syndicate Bank, Allahabad Bank cut lending rates by up to 25 basis points

More banks in the public sector came forward to announce cuts in their lending rates days after RBI cut repo rate by 35 basis points. This time, the banks to make the announcements are Bank of India, Syndicate Bank and Allahabad Bank. While BoI and Syndicate Bank have cut their marginal cost of fund-based lending rates or MCLRs by 25 basis points, ... Read More »

BoI, Syndicate Bank, Allahabad Bank cut MCLRs by up to 25 basis points

Syndicate Bank reduced MCLRs by 25 bps across all tenures, effective August 12. State-owned lenders Bank of India, Syndicate Bank and Allahabad Bank on Friday reduced their marginal cost of funds-based lending rates (MCLRs), days after a 35 basis-point (bps) cut in the repo rate by the Reserve Bank of India (RBI) at its August policy. The one-year MCLR at ... Read More »

Zero Balance Savings Account: Facilities Offered By Key Lenders, India Post Payments Bank

Customers get a number of facilities such as debit and ATM cards and internet banking with BSBD account. A BSBD or basic savings bank deposit account is a type of zero balance savings account and does not require customers to maintain any particular minimum balance. Government-owned State Bank of India (SBI) and private sector lender HDFC Bank offer the facility of opening a ... Read More »

Punjab & Sind Bank hikes MCLR by 0.05% on six-month tenor

New Delhi: Punjab & Sind BankNSE -0.33 %(PSB) has hiked its marginal cost of funds based lending rate (MCLR) by 0.05 per cent for six-month tenor and lowered interest on three-year tenor by 0.05 per cent. “Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for different tenors,” PSB said in a regulatory filing. The bank said these rates ... Read More »

Facebook increases stock buyback program by $9 billion

Mark Zuckerberg, chief executive officer of Facebook, Dan Rose, vice president, partnerships at Facebook, and Sheryl Sandberg, chief operating officer of Facebook, attend the annual Allen & Company Sun Valley Conference, July 12, 2018 in Sun Valley, Idaho. Facebook is increasing its buyback program by $9 billion, the company disclosed in a Friday filing with the Securities and Exchange Commission. ... Read More »

Indonesia sets moderate economic goals; economy expected to grow by 5.3% next year

Indonesia’s economy is expected to expand by 5.3 per cent in 2019.PHOTO: REUTERS JAKARTA – Amid rising external pressures, Indonesia’s economy is expected to expand by 5.3 per cent next year on the back of stronger domestic consumption, investment and export, President Joko Widodo told Parliament on Thursday (Aug 16). The growth will be oriented towards equality by accelerating development ... Read More »

RBI to hike rates again by year-end, August still in play: Poll

The Reserve Bank of India (RBI) is expected to raise interest rates again in the final three months of this year, according to a Reuters poll of economists, but over one-third of them predicted a hike as early as at the next meeting in August. Accelerating inflation and India retaining top spot as the fastest-growing major economy prompted the RBI ... Read More »

Yes Bank may give 50% upside by FY19 end: Akash Jain

We believe Yes Bank will get rerated after reporting stellar Q4FY18 results. Before results, we were expecting an upside of 30 percent plus by FY19 end. After this strong performance, we would not be surprised if it delivers 50 percent upside from current market price by FY19 end. As expected, the results of the Bank were above expectations. What we like the ... Read More »

Serving, retired top officials of IDBI Bank booked by CBI in Rs 600-crore loan fraud

The CBI has booked top officials of two public sector banks, a former CMD of IDBI Bank, former Aircel promoter C Sivasankaran, his son and companies controlled by him in connection with a Rs 600-crore loan fraud, officials said today. The CBI has named 15 bank officials who worked at senior levels at IDBI Bank in 2010 and 2014 when loans ... Read More »

Indian Online Portal, Wholesale Market Listed As “Notorious” By The US

WASHINGTON:  Popular Indian portal IndiaMart.com and Delhi’s wholesale market Tank Road have featured in the annual American notorious markets list which was released on Friday and is topped by China. The list released by the US Trade Representative (USTR) highlights 25 online markets and 18 physical markets around the world that are reported to be engaging in and facilitating substantial copyright ... Read More »