Kotak backs small savings rate cut
Posted on 17th May 2019 |
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| Uday Kotak, president-designate of the Confederation Indian Industry (CII), has pushed for a cut in the small savings rate, currently ruling at around 7.7 per cent, on the ground that banks are fighting an unequal battle with the postal system for deposits. “The rates of interest on small savings are higher than the yields on government securities,” Kotak said after the chamber submitted its recommendations to the Modi government that could feed into its 100-day agenda. “Banks are competing today with small savings schemes. If banks have to raise deposits, there must be parity in interest rates,” said Uday Kotak, who is the executive chairman and managing director of Kotak Mahindra Bank. “Interest rates on the small savings schemes should be linked to the RBI benchmark rate to ensure that banks are able to offer competitive rates. Only the interest rate on social welfare schemes like Sukanya Samriddhi Yojana should continue to be administered,” he added. CII officials also said the interest rates on small savings schemes should be linked to the RBI repo rate at 6 per cent currently rather than the 10-year bonds where the yield is hovering at just under 7 per cent. |
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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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