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Banks CutLending and Deposit Rates.

InvestoPlanner News; 02 Nov 2016.

State Bank of India (SBI), the country’s largest public sector bank has cut its lending rates by 15 basis points. Home loan would be available now at 9.15%, while women borrower will get at 9.10%. Interest rates on other loans such as auto loans and personal loans would also reduce by 15 bps.SBI also slashed the interest rate on its fixed deposits (FDs). SBI now offers 6.50% interest on FDs in the 3- to 10-year maturity basket.
ICICI Bank Ltd, the country’s largest private sector bank has also reduced its lending rates by 10 basis points.

Small Savings Schemes Interest Rate Cut By 0.1%.

InvestoPlanner News; 10 October 2016

Rate of interest on small savings schemes have been cut marginally by 0.1%.
The interest rate on National Savings Certificate and Public Provident Fund (PPF) has been reduced to 8.0% in October-December quarter from 8.1% in April-Jul quarter.
The Kisan Vikas Patra will now fetch 7.7% instead of 7.8% and mature in 112 months instead of 110.
Senior citizens deposit scheme will now fetch 8.5%.
Interest rate on Monthly Income Account scheme will come down to 7.7% from 7.8% in the previous quarter.
The new rates will come into effect from October 1 and will remain in force till December 31.

RBI Cuts Repo Rate By 25 Bps To 6.25%.
InvestoPlanner News; 04 October 2016

The Reserve Bank of India has announced a 25 basis points cut in the policy rate (repo rate) to a six year low of 6.25%, citing easing inflation. Since January 2015, RBI has reduced the repo rate by 150 basis points, however transmission of interest rate cuts by banks to customers has not up to the mark. During this time banks on an average reduced their base rate by only 50 basis points.
RBI Governor Urjit Patel said that the Banks are not so quick to pass on rate cut gains to customers and we hope that banks would pass on benefits to customers soon.

Employee Provident Fund May Get 8.6% Interest In 2016-17
InvestoPlanner News; 11 September 2016

EPFO subscribers may get a lower interest at a rate of 8.6 per cent on their PF deposits for current financial year 2016 – 2017. Finance Ministry wants to keep interest rate on EPF in line with other small savings schemes.
EPF interest rate was 8.8% for financial year 2015-16 and 8.75% for 2013-14 and 2014-15.

Urjit Patel Took Charge As New RBI Governor.
InvestoPlanner News; 05 September 2016

Urjit Patel has assumed charge as the 24th governor of the Reserve Bank of India.
He has taken over from Raghuram Rajan with effect effective September 4, 2016. Patel was serving as RBI's deputy governor since January 2013 and was in charge of monetary policy.

SBI Cuts Term Deposit Rates By Up To 25bps
InvestoPlanner News; 01 September 2016

State Bank of India (SBI) has cut deposit rates by up to 25 basis points (bps) in some maturities, even as credit growth remains sluggish.
Interest rate on 1 year to 455 days term deposit has been reduced from 7.25% to 7.15% and interest rate on 456 days to 3 years term deposit has been reduced from 7.5% to 7.25%.

BBMP To Demolish Constructions On Storm Water Drains (SWD) In Bangalore
InvestoPlanner News; 31 August 2016

The state government has decided to strictly obey the 2011 Karnataka High Court ruling and ordered demolition of all structures that have come up on active storm water drains (SWD) or raja kaluves in the city.
BBMP will remove all structures, including houses, apartments and malls built on SWDs.

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