Union Bank of India
Finidi bags a whopping ₹500 crore deal with Union Bank of India, paving the way for the rollout of 900 ATMs across India.
Findi, a cash and payment services provider, has partnered with Union Bank of India to install 900 ATMs across India. The deal is valued at approximately ₹500 crore in revenue and ₹200 crore in EBITDA over a 7+1 year period. This partnership is a significant milestone for Findi, as it expands its reach to underserved urban and rural areas, aligning with its mission to enhance banking infrastructure and improve financial accessibility. Findi, through its majority-owned subsidiary, Transaction Solutions International (TSI), currently operates over 9,000 Brown Label ATMs across India, serving 13 major banks, including SBI, HDFC Bank, and Central Bank of India.
This partnership follows recent developments, including Findi’s acquisition of BankIT, a digital payments provider with over 129,000+ merchant touchpoints, and approval from the Reserve Bank of India (RBI) for the full acquisition of Tata Communications Payment Solutions Ltd. This solidifies Findi’s leadership in India’s financial services sector.
Findi’s Managing Director and CEO, Deepak Verma, emphasized the importance of expanding access to financial services, stating that the company is “strengthening financial inclusion and supporting India’s vision of a more digitally connected economy.” With this partnership, Findi is poised to play a significant role in bridging the financial divide, connecting millions of individuals and businesses to essential banking services.
The Central Bureau of Investigation intends to interrogate bank officials in connection with the case involving Sumalatha’s nephew.
The Central Bureau of Investigation (CBI) has decided to investigate the role of senior officers from various banks, including State Bank of India, Union Bank of India, Canara Bank, Exim Bank, and Central Bank of India, in connection with a multi-crore rupee bank fraud case involving Moser Baer, a company promoted by businessman Ratul Puri, nephew of Congress leader Kamal Nath. The CBI has been investigating the case, which is worth around ₹354 crore, and has gathered 428 documents and examined 20 suspects and witnesses.
The CBI has found that the company, Moser Baer India Ltd (MBIL), had taken loans from various banks since 2009 and went for debt restructuring multiple times. However, when it was unable to pay the debt, a forensic audit was conducted by the Central Bank of India in April 2019, which accused the company of fraud. The CBI has now decided to probe the role of bank officials, from branch level to head office, in the case.
The CBI has not disclosed the names of the bank officials being investigated, but sources say that the agency has collected evidence indicating the involvement of certain public servants from the banks, including SBI, UBI, Canara Bank, Exim Bank, and Central Bank of India. The agency needs prior approval to launch an investigation against public servants, as per the Prevention of Corruption Act.
The Enforcement Directorate (ED) is also investigating the case, which is related to alleged money laundering. Ratul Puri, the promoter of Moser Baer, was arrested in August 2019 and is currently out on bail. He is also an accused in the AgustaWestland VVIP chopper case worth ₹3,727 crore. The ED has alleged that loans worth ₹7,979.30 crore were taken from various banks and misused by Moser Baer and its directors/promoters for personal gain and transferred to companies related to Hinduja Group, promoted by Ratul Puri.
Overpaid fees have caused the bank account to become locked.
A group of farmers in Jalalabad blockaded the main gate of the Union Bank of India’s local branch in a protest, demanding the release of a payment owed to an elderly widow. The protest resulted in employees and customers being trapped inside the bank for several hours. According to the bank manager, the payment was actually blocked by higher authorities, but the manager assured the protesters that it would be released as soon as instructions were received. He estimated that the issue would be resolved within a few days.
Despite receiving this assurance, the farmers decided to temporarily call off their protest, but warned that they would resume their sit-in protest (dharana) by February 24 if the payment was not released by then. The farmers’ actions were likely motivated by a sense of urgency and frustration with the banking system, which may have left the elderly widow waiting for her payment for an unacceptable amount of time. The protest also highlights the important of timely financial services, particularly for vulnerable individuals such as the elderly, and the need for banks to prioritize their customers’ needs.
The situational context of the protest is not clear, but it can be inferred that the payment was likely pending for an extended period, causing the widow’s financial insecurity and distress. The bank’s assurance that the issue would be resolved within a few days should alleviate some of the pressure, but the farmers’ ultimatum serves as a reminder of the need for swift action to address such critical issues. The event underscores the delicate balance between the banking sector’s responsibilities and the needs of its customers, particularly in situations where timely resolution is crucial.
Canara Bank, PNB, Union Bank, and other lenders have trimmed their repo-linked lending rates, leading to lower EMI outlays for home loan borrowers.
The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points to 6.25%, its first rate cut in almost two years. In response, several major banks, including Canara Bank, PNB, Union Bank of India, and Bank of Baroda, have cut their repo-linked lending rates by 0.25%. This reduction will benefit home loan borrowers, who will have the option to either reduce their EMIs while keeping the tenure unchanged or reduce their remaining tenure while keeping the EMI amount unchanged.
The repo-linked lending rate (RLLR) is the interest rate at which banks lend money to customers, based on the repo rate set by the RBI. The majority of banks have linked their retail loans to the external benchmark lending rate (EBLR), which is now pegged to the repo rate. Home loan borrowers who opt for a floating rate loan will see their interest rates fluctuate with changes in the repo rate.
The reduction in RLLR will have different implications for old and new home loan borrowers. New borrowers will immediately benefit from the reduction, while old borrowers will receive the benefit as per their interest rate reset cycle. Canara Bank, Bank of Baroda, Bank of India, Union Bank of India, and Punjab National Bank have revised their RLLR rates, with the effective dates ranging from February 7 to 12, 2025. Indian Overseas Bank has also reduced its RLLR by 25 basis points to 9.10%.
The table above summarizes the latest RLLR and lending rate changes by major banks following the RBI’s repo rate cut. Home loan borrowers of these banks will have the option to reduce their EMIs or tenure, providing relief from rising interest rates.
Union Bank of India forecasts significantly lower inflation rates for FY25 and FY26, contrary to the Monetary Policy Committee’s (MPC) estimates.
The Union Bank of India has predicted that inflation for the fiscal year 2025-26 (FY25) could be lower than the Monetary Policy Committee’s (MPC) revised forecast of 4.4%. The bank estimates that the Consumer Price Index (CPI) inflation for Q4 FY25 could track at 4% and for FY26 at 4.0%, which is slightly below the MPC’s estimate of 4.2%.
The bank has also expressed concerns over the downside risks to India’s growth and inflation projections for the coming years. It has stated that the MPC’s revision of the FY25 growth projection to 6.4% from 6.6% is still based on the assumption of a 6.5% growth rate in the December 2024 quarter, which is currently tracking at around 6%. The bank believes that the global economic challenges could lead to a more pessimistic outlook for growth.
Despite this, the bank maintains its view of a shallow rate cut cycle, expecting a total reduction of 50 basis points, with 25 basis points already implemented. The Reserve Bank of India (RBI) may assess further rate cuts around April, given the ongoing global uncertainty. The RBI-led MPC has already reduced the policy repo rate by 25 basis points to 6.25%.
The bank notes that the MPC’s 4.2% CPI forecast for FY26 may lead to the repo rate settling at 6%, and inflation risks will continue to be closely monitored. The bank remains cautious about the MPC’s optimism regarding a 7% growth rate in Q2 FY26, citing global economic challenges. Overall, the Union Bank of India’s views on growth and inflation are more conservative than the MPC’s, and the bank will continue to monitor the situation closely.
Senior citizens can now earn up to 9.5% interest on fixed deposits as FD rates surge after RBI’s 25-bps repo rate cut – MSN
In response to the Reserve Bank of India’s (RBI) decision to cut the repo rate by 25 basis points, several senior citizen-focused fixed deposit (FD) schemes are offering interest rates as high as 9.5%. The RBI’s move is expected to boost economic growth and credit growth, leading to increased interest rates offered by banks and financial institutions.
Here are some senior citizen FD schemes with attractive interest rates:
* Bank of India’s Senior Citizen Scheme offers a fixed interest rate of 8.75% per annum for FDs up to ₹5 lakh.
* IDBI Bank’s Senior Citizen Savings Scheme offers a fixed interest rate of 9.05% per annum for FDs up to ₹1 lakh.
* Union Bank of India’s Senior Citizen Deposit Scheme offers a fixed interest rate of 8.75% per annum for FDs up to ₹1 lakh.
* Allahabad Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 8.85% per annum for FDs up to ₹5 lakh.
* Canara Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 8.95% per annum for FDs up to ₹5 lakh.
* Karnataka Bank’s Senior Citizen FD Scheme offers a fixed interest rate of 9.25% per annum for FDs up to ₹5 lakh.
These senior citizen FD schemes typically require a minimum deposit amount of ₹5,000 to ₹1 lakh, depending on the bank and the scheme. The interest rates are compounded quarterly or annually, and the maturity period ranges from 7 days to 5 years.
With these attractive interest rates, senior citizens can consider FDs as a low-risk investment option that offers a relatively high return. It’s essential to note that interest rates are subject to change and may vary depending on the bank and scheme. Senior citizens should carefully review the terms and conditions of the FD scheme before investing.
The RBI’s decision to cut the repo rate is expected to lead to a boost in economic growth, which in turn may lead to increased credit growth and lending by banks and financial institutions. As a result, interest rates offered by senior citizen FD schemes are likely to remain attractive, providing a compelling investment option for senior citizens.
UBI launches its new office in Varanasi, marking a milestone in its expansion efforts.
Union Bank of India’s Sahjanwa branch has undergone a major renovation and has now been re-launched with a focus on providing cutting-edge banking services to its customers. The revamped branch was inaugurated by Manish Pratap Singh, the Regional Head of Union Bank of India, in the presence of senior officials from the bank. The new premises are designed to offer improved customer convenience, with state-of-the-art facilities and services.
The inauguration ceremony was attended by notable officials from the bank, including Deputy Regional Head Purnendu Kumar, Shashank Kumar, Manoj Kumar Srivastava, and Branch Manager Ankit Kumar. The event marked a significant milestone in the bank’s efforts to upgrade its services and provide a better experience for its customers.
The new premises of the Sahjanwa branch are equipped with modern technology and infrastructure, enabling customers to access a range of banking services, including online and mobile banking, ATM facilities, and a wide range of financial products. The renovation also aimed to create a more welcoming and comfortable environment for customers, with improved lighting, comfortable seating, and other amenities.
The reopening of the Sahjanwa branch is part of the bank’s efforts to modernize its operations and stay competitive in an increasingly digital banking landscape. The new branch is expected to provide a wide range of services to customers, including savings, current, and loan accounts, as well as credit cards, personal loans, and other financial products. With its enhanced facilities and services, the Sahjanwa branch of Union Bank of India is poised to become a one-stop-shop for all banking needs of its customers.
Arunachal Pradesh government inks Memorandum of Understanding with Uttar Banga Grameen Bank
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The Finance, Planning & Investment Department of Arunachal Pradesh has signed a Memorandum of Understanding (MoU) with the Union Bank of India (UBI), a leading public sector bank in India. The collaboration aims to simplify and facilitate seamless tax payments and transactions for the citizens of Arunachal Pradesh. Under this agreement, citizens will be able to pay their tax challans and make payments to multiple government departments using UBI’s payment gateway on the eGrass portal or via cash deposits at bank counters, all for free.
The signing ceremony took place in the presence of key officials, including Karluk Ronya, Director of Accounts & Treasury; Taniyang Tatung, Financial Adviser and Officer; Lakhanath Sahoo, UBI Zonal Head; Bhaskar Mondal, UBI Regional Head; and Santosh Dutta, UBI Branch Head. This partnership is expected to bring numerous benefits to the people of Arunachal Pradesh, including reduced hassle and waiting time while paying taxes or making payments to government departments. With the UBI payment gateway, citizens will no longer need to visit multiple government offices or wait in long queues; they can simply use the eGrass portal or visit a UBI bank counter to complete their transactions quickly and efficiently.
The MoU also aims to promote digital payments and reduce the use of cash, which can help to reduce corruption and increase transparency. The partnership between the Finance, Planning & Investment Department and UBI is expected to have a positive impact on the state’s economy and the lives of its citizens, making it easier for them to engage with government services and contribute to the state’s development. The partnership is a significant step forward in the state’s efforts to improve governance and public services, and it is expected to set a positive precedent for future collaborations between government departments and financial institutions.
Action unfolds as Milton Fernando and Joe Miranda kick-off Mumbai Corporate League with electrifying panache.
The Mumbai Corporate League 2024-25 season has kicked off with a bang, featuring 14 teams from the city’s corporate sector. The league started on a high note with the opening match between defending champions Union Bank of India and Mumbai Customs, which ended in a 0-0 draw. The match was graced by legendary Mumbai footballer, Milton Fernando, and Joe Miranda, the owner of MYJ FC, who clinched the Mumbai Premier League title last season.
The league will see the top teams from Mumbai’s corporate sector, including Mumbai Customs, Union Bank of India, and Bank of Baroda, among others, compete for the title. Three newly promoted teams, Mumbai Port Trust, Noutras Food, and Tata Power, will also make their mark in the league.
The league will be played on a rotational basis, with different teams hosting matches at their respective stadiums. The league will consist of 60 matches, spread over a period of 6 months, with the final match scheduled for May 2025.
The fixtures for the league have been announced, with each team playing every other team twice, once at their home ground and once away. The league will be closely followed by football enthusiasts, who can expect to witness high-quality football, intense rivalries, and standout performances throughout the season.
The league’s website and social media handles will provide all the latest updates, fixtures, and standings, keeping fans engaged throughout the season. With several top contenders vying for the title, the competition is set to be intense, and fans can expect to be on the edge of their seats as they watch the league unfold.
The flagship branch of Union Bank of India officially launched in Yerrabalem.
Union Bank of India’s executive director, Pankaj Dwivedi, officially inaugurated the premier branch of the bank in Yerrabalem, Guntur. The ceremony was attended by bank officials, including zonal head CVN Bhaskara Rao and regional head S Jawahar. Dwivedi highlighted that the branch is equipped with modern facilities that will enhance the customers’ banking experience. He emphasized that the branch is designed to provide a delightful experience for customers.
Bhaskara Rao informed that the premium branch is the first of its kind in Vijayawada Zone, marking a significant milestone for the bank. The regional head, S Jawahar, emphasized that customers can take advantage of the wide range of deposit products offered at this branch. He encouraged customers to make the most of the available products and services.
The new branch is a testament to the bank’s commitment to providing exceptional services to its customers. With state-of-the-art facilities, the branch is poised to offer a unique and personalized banking experience to its customers. The bank’s investment in modern technology and infrastructure is expected to enhance customer satisfaction and loyalty.
The inauguration of the premier branch is a significant development for the bank, marking a new chapter in its history. The branch is expected to become a benchmark for other branches in the region, setting new standards for customer service and satisfaction. The bank’s focus on providing a delightful customer experience is a key strategy to drive growth and expansion.
Overall, the inauguration of the premier branch is a significant event for Union Bank of India, marking a major milestone in its journey to provide exceptional services to its customers. The branch is expected to be a hub of activity, providing a range of banking services to individuals and businesses in the region.
Explore the latest fixed deposit interest rates offered by India’s top banks, as reported by Asianet Newsable.
Ahead of the Reserve Bank of India’s (RBI) monetary policy meeting on February 7, several government and private banks in India have announced an increase in their fixed deposit (FD) interest rates, bringing good news for depositors. The banks that have raised their FD interest rates include Union Bank of India, Punjab National Bank, Axis Bank, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank.
According to reports, Punjab National Bank has offered 7% interest rate for 303 days and 6.7% for 506 days. The new interest rates are effective from January 1st. Similarly, Karnataka Bank offers interest rates ranging from 3.5% to 7.50% for 7 days to 10 years, with 7.50% for 375 days.
Union Bank of India is offering a maximum interest rate of 7.30% for 7 to 10 days, effective from January 1st. Axis Bank is offering interest rates on deposits up to 3 crore rupees ranging from 3% to 7.25% for 7 days to 10 years, with the new rates being effective from January 27th.
Federal Bank is offering 3% to 7.5% interest for 7 days to 5 years or more, with senior citizens receiving 3.5% to 8% interest. The new rates are expected to benefit customers who are looking for a fixed return on their deposits.
It’s worth noting that the RBI’s monetary policy meeting is also expected to bring a repo rate reduction, which could lead to further interest rate changes in the banking sector. For now, depositors can consider investing in these FDs with the newly increased interest rates from these banks, providing them with a better return on their investment.
Bengaluru: Bank penalized Rs 5L for dishonest conduct, HC slams HC.
The High Court of Bengaluru has imposed a fine of Rs 5 lakh on Union Bank of India (UBI) for acting in a “dishonest manner” by not honouring bank guarantees. The bank had issued two cheques totalling Rs 8.4 crore as bank guarantees to NHDPL South Private Limited (formerly Nitesh Housing Developers Private Limited) for the Nitesh Melbourne Park project. The cheques were valid until March 31, 2019, and April 30, 2019, respectively. When the petitioner requested the renewal or invocation of the bank guarantees, the bank refused, citing that the physical copies of the request were received after the expiry of their validity.
The High Court found that the petitioner’s invocation of the bank guarantees was proper and correct, and the bank had no alternative but to make the payment. The court held that the bank’s conduct was “completely mala fide” and its failure to honour the bank guarantees was due to its fear of not being able to recover the money from the borrower. The court also criticized the banking ombudsman for dismissing the complaint without providing an opportunity to the petitioner to make known how the complaint would come under the provisions of the Banking Ombudsman Scheme.
The court directed UBI to make payments in respect of the two bank guarantees with 18% interest from the respective dates of the requisitions in March-April 2019. The court also held that the bank had acted in a dishonest manner by not paying the amounts under the bank guarantees and imposed a fine of Rs 5 lakh to be deposited with the Karnataka State Legal Services Authority (KSLSA) within 15 days. Failure to do so will entitle the court to initiate proceedings against the bank for recovery of the sum.
Several banks raise fixed deposit rates in anticipation of RBI’s upcoming monetary policy review
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Several banks in India have revised their fixed deposit (FD) interest rates, effective from January 1 to January 27. Punjab National Bank (PNB) has introduced new FD tenures with interest rates of 7% for 303 days and 6.7% for 506 days. The bank offers interest rates ranging from 3.5% to 7.25% for tenures spanning 7 days to 10 years.
Shivalik Small Finance Bank offers FD interest rates from 3.5% to 8.8% for general citizens and 4% to 9.3% for senior citizens, effective January 22. Karnataka Bank offers rates between 3.5% and 7.5% for tenures from 7 days to 10 years, with the highest rate of 7.5% applicable for 375-day deposits, effective January 2.
Union Bank of India offers interest rates from 3.5% to 7.3% for deposits under Rs 3 crore, with the highest rate of 7.3% for a 456-day tenure, effective January 1. Axis Bank provides FD rates ranging from 3% to 7.25% for general citizens with tenures between 7 days and 10 years, effective January 27.
Federal Bank offers interest rates from 3% to 7.5% for general citizens, with the peak rate of 7.5% available for a 444-day term, effective January 10. These revisions reflect banks’ strategies to attract deposits amidst expectations surrounding the upcoming RBI policy review.
Overall, these changes aim to attract deposits and provide competitive interest rates to customers. It is essential for individuals to review and compare the interest rates offered by different banks to make informed decisions about their FD investments.
YES Bank and DCB Bank raise FD interest rates up to 8.55%; check revised details
Several banks in India have revised their fixed deposit (FD) interest rates in January 2025 to attract more depositors. YES Bank and DCB Bank are the latest ones to join the bandwagon. The revisions come ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee meeting on February 7, 2025.
YES Bank has revised its FD interest rates for amounts below Rs 3 crore, with new rates effective from January 31, 2025. The bank offers annual interest rates between 3.25% and 8% for general citizens for tenures ranging from 7 days to 10 years. For senior citizens, the bank offers interest rates between 3.75% and 8.50% per annum.
DCB Bank has also revised its FD interest rates, effective from January 29, 2025. The bank offers interest rates between 3.75% and 8.05% on FD amounts below Rs 3 crore for general citizens for tenures ranging from 7 days to 10 years. For senior citizens, the bank offers interest rates between 4.25% and 8.55% for amounts below Rs 3 crore.
Other banks that have revised their FD interest rates include Union Bank of India, PNB, Axis, Shivalik Small Finance Bank, Karnataka Bank, and Federal Bank. These revisions aim to attract more depositors and compete with other banks in the market.
For investors, these revised interest rates offer better returns on their fixed deposits. With interest rates ranging from 3.25% to 8.55% per annum, investors can earn higher returns on their deposits. Additionally, senior citizens can earn higher interest rates than general citizens, making it a more attractive option for them.
Overall, the revised FD interest rates from these banks provide investors with more options to earn higher returns on their deposits.
West Bengal government directs Yes Bank to temporarily halt action on flats as lender tries to recoup loan provided to distressed builder, scrapping auction process for now.
The West Bengal Real Estate Appellate Tribunal (Tribunal) has restrained Yes Bank from taking possession of and selling off flats in the “Ideal Exotica” project at New Alipore, Kolkata, to recover a loan granted to the builder, Ideal Real Estates Private Limited. The flats were purchased by individual and corporate homebuyers between 2021 and 2023. Yes Bank had obtained an order from the Debts Recovery Tribunal (DRT) under the SARFAESI Act to take possession of and auction the flats to recover the loan.
The Tribunal, comprising Justice Rabindranath Samanta, Gour Sunder Banerjee, and Dr. Subrat Mukherjee, found that the mortgage did not legally affect the rights of the homebuyers, and that the builder’s transfer of the project to Yes Bank violated the provisions of the West Bengal Housing Industry Regulation Act (WBHIRA) and the Real Estate Act, 2016 (RERA). The Tribunal ruled that the interests of homebuyers are protected by RERA, which prioritizes their rights over those of lenders.
The Tribunal also referred to the Supreme Court’s decision in Union Bank of India vs. Rajasthan Real Estate Regulatory Authority, where it was ruled that the provisions of RERA prevail in case of a conflict between RERA and the SARFAESI Act. In this case, the banking regulations cannot supersede the homebuyers’ rights.
The Tribunal, therefore, upheld the interim orders of the Real Estate Authority and dismissed the eight appeals filed by Yes Bank, effectively stopping the bank from taking possession of and selling off the flats. This ruling is a significant victory for the homebuyers who had invested in the “Ideal Exotica” project, and it highlights the importance of protecting the rights of homebuyers in the real estate sector.
All leading banks in the country, such as HDFC, SBI, Canara Bank, and others, are playing a vital role in shaping India’s economy.
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The Indian banking industry is a vital part of the country’s economy, with millions of customers receiving a range of financial services. By 2025, Indian banks are expected to continue contributing to economic growth through lending, promoting savings, and supporting businesses. The banking sector has also adopted technology to provide safe and effective digital banking options.
The top 10 Indian banks, led by HDFC Bank and ICICI Bank, have excelled in their financial performance, innovative products, and exceptional customer service. Public sector banks like State Bank of India (SBI) dominate the market, with other notable performances from Axis Bank, Kotak Mahindra Bank, and Punjab National Bank (PNB).
The list of top 10 banks in India by market capitalization includes:
1. HDFC Bank (private, established in 1994, market cap: 13.11 lakh crore, users: 10 crore)
2. ICICI Bank (private, established in 1994, market cap: 9.05 lakh crore, users: 3 crore)
3. SBI (public, established in 1955, market cap: 6.95 lakh crore, users: 50 crore)
4. Kotak Mahindra Bank (private, established in 1985, market cap: 3.55 lakh crore, users: 5.1 crore)
5. Axis Bank (private, established in 1993, market cap: 3.30 lakh crore, users: 2 crore)
6. Bank of Baroda (public, established in 1908, market cap: 1.20 lakh crore, users: 12 crore)
7. Punjab National Bank (public, established in 1895, market cap: 1.19 lakh crore, users: 18 crore)
8. Indian Overseas Bank (public, established in 1937, market cap: 0.97 lakh crore, users: 10 crore)
9. Canara Bank (public, established in 1906, market cap: 0.89 lakh crore, users: 11.65 crore)
10. Union Bank of India (public, established in 1919, market cap: 0.87 lakh crore, users: 15 crore)
These banks have contributed significantly to India’s financial growth, providing digital innovations, personal and business banking products, and shaping the banking industry in India.
Mazagon Dock, Tata Steel, Coal India, ACC, Petronet LNG, ICICI Bank, YES Bank, AU Small Finance Bank, and other prominent companies.
The domestic equity market is expected to open with significant losses on Monday, January 27, following a mixed bag of economic data and earnings reports. The GIFT NIFTY futures are trading at 22,938, down 147.50 points, or 0.64%, which implies that the NIFTY50 index will open 176 points lower.
Several companies are scheduled to announce their December quarter results, including Tata Steel, Coal India, ACC, Petronet LNG, Canara Bank, LTFoods, and Union Bank of India.
Some notable earnings reports include ICICI Bank, which reported a 15% rise in standalone net profit to ₹11,792 crore for the quarter ended December, and YES Bank, which reported a nearly threefold jump in net profit to ₹612 crore. AU Small Finance Bank reported a 41% jump in net profit to ₹528 crore, while CreditAccess Grameen reported a net loss of ₹99.5 crore.
In other news, Religare Enterprises said that a US-based investor has proposed to pick up a 26% stake in the company at a higher price than offered by entities promoted by the Burman family. Adani Power’s board is considering doubling its fundraise plan to ₹10,000 crore and exploring other means to raise capital.
Mazagon Dock Shipbuilders and Germany’s Thyssenkrupp Marine Systems appear close to securing a ₹70,000-crore deal with the Indian Navy to manufacture six stealth submarines. IndiGo saw its profit after tax slide 18.3% due to foreign exchange losses, but revenue jumped on higher capacity and passenger traffic.
Finally, NTPC Green Energy Ltd reported an 18% rise in consolidated net profit at ₹65.61 crore for the December quarter, on account of higher income. Total income rose to ₹581.46 crore, and expenses were at ₹482.22 crore.
FD Rates: Top banks are offering the highest returns on 400-day fixed deposits – find out where to invest your money for maximum yield.
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In India, fixed deposit (FD) interest rates vary across different banks, depending on the deposit amount, period, and age of the depositor. Private sector banks typically offer higher interest rates for shorter periods. This article highlights various FD schemes from public sector banks, private sector banks, and some individual banks.
Among public sector banks, the Central Bank of India offers the highest interest rate of 7.50% for FDs of 1111 and 3333 days. Punjab & Sind Bank and Bank of Maharashtra also offer high interest rates of 7.45% for 555 days and 366 days, respectively.
Among private sector banks, DCB Bank offers the highest interest rate of 8.05% for FDs of 19-20 months. RBL Bank and IndusInd Bank also offer competitive rates of 8% for 500 days and 7.99% for FDs of 1 year 5 months to 1 year 6 months, respectively. HDFC Bank, ICICI Bank, and YES Bank offer lower interest rates ranging from 7.40% to 7.75% for different periods.
State Bank of India (SBI) offers a maximum rate of 7.25% for 444 days under its Amrit Vrishti scheme. Other public sector banks, such as Bank of Baroda, Bank of India, and Union Bank of India, offer lower interest rates ranging from 6.50% to 7.30% for different periods.
In conclusion, fixed deposit rates in India vary widely depending on the bank, deposit period, and deposit amount. Individuals should research and compare the rates offered by different banks to choose the best FD scheme that suits their financial goals and needs.
Senior citizens take note: Interest rates for you have been updated by these banks, check the new rates now
Many major Indian banks, including State Bank of India (SBI), Punjab National Bank (PNB), Indian Bank, Union Bank of India, and RBL Bank, have introduced new fixed deposit (FD) schemes for super senior citizens aged 80 and above. As per the Income Tax Act, residents aged 80 years or above are considered super senior citizens. This age group is entitled to higher returns on FDs than senior citizens above 60 years.
SBI has launched a special FD scheme called ‘SBI Patrons’ for super senior citizens, offering 10 basis points (bps) higher interest rates than the current rates. SBI offers the highest interest rate of 7.60% on super senior citizen FDs for tenures of 2 years to less than 3 years and 5 years to 10 years.
PNB offers a maximum interest rate of 8.10% for super senior citizens for a tenure of 400 days, with an additional 80 bps interest rate benefit over the applicable card rate. Indian Bank is offering 25 bps higher interest rate to super senior citizens than senior citizens, with its ‘IND SUPER 400 DAYS’ scheme offering 8.05% for super senior citizens.
RBL Bank is offering 0.25% higher interest on FDs to super senior citizens than senior citizens, with the highest interest rate of up to 8.75% on 500 days FD for super senior citizens. Union Bank of India is offering an additional interest rate of 0.50% over the normal rate for resident senior citizens, with a bonus 0.25% higher rate for resident super senior citizens.
These new FD schemes are available to existing and new customers, and the interest rates are valid until March 31, 2025. Super senior citizens can consider these schemes to earn higher returns on their fixed deposits, making them a great option for those looking to maximize their returns in a relatively low-risk investment.
Stay updated on the UBI LBO Cut Off Marks 2024, learn about expected scores, and keep an eye out for the Local Bank Officer result announcement.
The Union Bank of India (UBI) will announce the results and cut-off marks for the Local Bank Officer (LBO) exam on its official website. The exam was conducted from December 4 to 8, 2024. The cut-off marks are crucial for shortlisting candidates for further stages of the selection process.
The expected cut-off marks for 2024 have been predicted to range from 60 to 70% for general category candidates, while the predicted cut-off marks for OBC, SC, ST, EWS, and PwD categories are 55-65%, 50-60%, 45-55%, 60-70%, and 45-55%, respectively.
The bank will release a detailed PDF containing the merit list and category-specific cut-off marks on its official website. The PDF will include the minimum qualifying marks required to advance to the next phase of the selection process. The final selection will be based on a combination of online exam scores and performance in the interview or group discussion.
To access the UBI LBO cut-off marks, candidates can follow these steps: visit the official UBI website, click on “Recruitment,” select “Recruitment of Local Bank Officer,” and click on the “UBI LBO Cut-Off 2024” download link. The cut-off marks will appear on the screen, and candidates can save, download, or print the PDF for future reference.
Understanding the factors that affect the cut-off marks, such as the number of available positions, exam difficulty, and past trends, can help candidates prepare better for the exam. The actual cut-off marks may vary depending on the competition and other factors.
The finance ministry suggests that the proposed zonal office of UBI be relocated out of Bihar.
Here is a summary of the content in 400 words:
Ranchi: The State Finance Minister of Jharkhand, Radha Krishna Kishore, expressed his strong opposition to the decision of Union Bank of India (UBI) to shift its zonal office from Jharkhand to Bihar. He believes that the move is against the sentiments of the people, who worked hard to establish a separate state and its institutions. The State Government will formally oppose this decision through democratic means.
At the quarterly meeting of the State-Level Bankers’ Committee (SLBC) in Ranchi, the Minister highlighted various issues affecting the state’s economy, including the low loan sanction to women under Kisan Credit Cards, the huge gap between credit-deposit (CD) ratio of Jharkhand and the national average, and the physical assaults by private bank agents on loan defaulters. He emphasized that UBI has a significant presence in Jharkhand with 120 branches and deposit of Rs 13,555 crore.
Kishore appreciated the banks for the increase in Jharkhand’s CD ratio from 45.04% to 50.22% but stressed that there is still a significant gap of 37% compared to the national CD ratio of 87%. He urged banks to focus on boosting credit in education, micro, small and medium enterprises, and Kisan Credit Cards, which directly impact the state’s economic development.
The Minister also emphasized that banks must assess loan applicants and sanction loans only to those who are likely to repay. In cases of default, banks should not provide loans to the defaulters’ immediate family members. Additionally, he called for a ban on the physical assault by recovery agents against loan defaulters of private banks, recommending that bankers provide RBI guidelines to district administration officials to register FIRs if inhuman techniques are used during loan recovery.