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Bank of India cuts PLR to 11%

Mumbai, Nov. 25: Bank of India today announced a half-a-per-cent cut in its prime-lending rate (PLR) to 11 per cent with effect from December 1 in a bid to pass on the benefit of lower interest rate to all sectors, including the small-scale units. The bank said that its decision to bring down the PLR was in keeping with the spirit of the Reserve Bank of India’s mid-term review of monetary and credit policy. With this cut, the interest rate on advances to agriculture and other priority sectors over Rs 50,000 to Rs 11 lakh would now be 11 per cent. Loans up to Rs 50,000 would be charged a sub-PLR rate of 9 per cent, while it would be 10 per cent for SSI lending over Rs 50,000 to Rs 2 lakh.

Uco deposits

Calcutta, Nov. 25: Uco Bank has reduced interest rates on term deposits for higher maturity periods by 25 basis points from December 1. However, the rates of deposits for seven to 179 days remains unchanged.

Finance secy

New Delhi, Nov. 25: Finance secretary D. C. Gupta has been given the key portfolio of economic affairs in the finance ministry, which deals with policy issues, including that of the Union budget. D. Swarup has been appointed officer-on-special-duty in charge of department of expenditure in the rank and pay of secretary in place of Gupta.

RBI norms

Mumbai, Nov. 25: Sebi and the RBI today decided to extend the time-frame for compliance with their norms on non-statutory liquidity ratio (non-SLR) investments up to March 31, following representations from market participants.

Derivatives

Mumbai, Nov. 25: The RBI is preparing a report on derivatives trading with an aim to bring harmony in regulatory aspects for over-the-counter and exchange traded products.

IDBI bonds

Mumbai, Nov. 25: Industrial Development Bank of India (IDBI) will issue Flexibonds to raise Rs 300 crore with an option to retain over-subscription of the same amount.

Tata Infotech

Mumbai, Nov. 25: Tata Infotech Ltd has recorded a net profit of Rs 17.09 crore during the second quarter ended September 30, a 316.82 per cent rise over Rs 4.10 crore reported in the same period last year.


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