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Business Briefs

BoI ups rate on deposits

Mumbai, Nov. 22: Bank of India (BoI) will increase the interest rate on its domestic and non-resident external (NRE) rupee deposits having 180 to 364 days tenure by 25 basis points to 5.75 per cent from Saturday. The interest rate for NRE deposits (up to less than Rs 1 crore) having six month to less than one year tenure have been revised to 5.75 per cent from 5.50 per cent.

L&T stake

Mumbai, Nov. 22: The financial Institutions will decide on the next course of action on Grasim’s open offer for 20 per cent of L&T’s equity only after the Securities Appellate Tribunal comes out with its interim order.

Home loans

New Delhi, Nov. 22: PNB Housing Finance has slashed interest rates on loans by 0.25-1.25 per cent. Meanwhile, Corporation Bank will also reduce interest rate on its home loans across all maturities by 25 basis points from November 25.

Xerox probe

New Delhi, Nov. 22: Investigations into Xerox Modicorp affair have so far “not revealed” that the cash it generated by making payments to certain entities, by whom no services were rendered, was used to pay bribes to government officials.

Kribhco payout

New Delhi, Nov. 22: Kribhco has presented a cheque of Rs 65.60 crore towards dividend to the government for the year 2001-2.


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