Axis Mutual Fund launches Axis Income Fund

Axis Income Fund new fund offer closes 21st March.

Axis Mutual Fund has launched Axis Income Fund, an open-ended income scheme.

The investment objective of the scheme is to generate optimal returns in the medium term while maintaining liquidity of the portfolio by investing in debt and money market instruments.

The new issue closes on 21 March 2012. The minimum investment amount is Rs5000.

CRISIL composite bond fund index is the benchmark index. R Sivakumar and Ninad Deshpande are the fund managers.

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Axis Bank unveils ‘Mohur Silver Bars’

The Mohur silver bars carry a 99.99% purity Assay certification.

Axis Bank, India's has launched Mohur Silver Bars. According to the Bank, Mohur Silver Bars are 24 carat and are imported from PAMP (Produits Artistiques Metaux Precieux) Switzerland. The bars carry a 99.99% purity Assay certification. In order to ensure zero damages, the Bank said, these silver bars are packaged in a tamper proof cover.

In the launch phase Axis Bank will offer Mohur Silver Bars in 100gm denomination at its branches in major cities of Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad and Ahmedabad. Subsequently, other cities will also be covered.  The rectangular Silver Bars can be purchased by all Axis Bank /non-Axis Bank customers either by Cash, Credit/Debit Card or through Account debit.

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RBI raises bank rate to 9.5% for urban co-op banks

“It has been decided that with effect from the close of business of 13 February 2012, the bank rate (for UCBs) will stand increased by 350 basis points, from 6% per annum to 9.50% per annum," RBI said in a notification.

The Reserve Bank has hiked bank rate for Primary (urban) Co-operative Banks (UCBs) by 3.5% to 9.5% with effect from 13 February 2012.

"...It is determined that the bank rate should normally stay aligned to the MSF (marginal standing facility) rate.
 
"Accordingly, it has been decided that with effect from the close of business of 13 February 2012, the bank rate (for UCBs) will stand increased by 350 basis points, from 6% per annum to 9.50% per annum," RBI said in a notification.

As the bank rate is a discount rate, "it should technically be higher than the policy repo rate," said a notification issued to CEOs of all Primary (Urban) Co-operative Banks.

The RBI repo rate currently stands at 8.5% while reverse repo rate is at 7.5%. Bank rate is the standard rate at which the Reserve Bank buys or re-discounts bills of exchange or other commercial paper. It is used as a penal rate which the banks have to pay for their failure to meet the mandatory Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).

Earlier on 13 February 2012, RBI had increased the bank rate for all scheduled commercial banks to 9.5% from 6%, after a gap of nine years. The bank rate has been kept unchanged at 6% since April 2003.

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