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SBI cuts interest rate on loans to exporters by 0.5%

SBI chairman Pratip Chaudhuri said that the bank cut interest rates for exporters by 50 bps, effective 23rd June. The move comes within days of the RBI increasing the export refinancing limits of banks


Mumbai: State Bank of India, the country's largest lender, has cut interest rate on loans to exporters by 0.5% within days of the Reserve Bank of India (RBI) increasing the export refinancing limits of banks, reports PTI.
 
"SBI has cut interest rates for exporters by 50 basis points (bps) effective 23 June 2012. The decision was taken at asset liability committee (Alco) meeting last Saturday," SBI chairman Pratip Chaudhuri said.
 
Export credit is linked to the bank's base rate and varies from 2.5% to 6% above that depending on various factors including credit rating of the exporter. SBI's base rate is 10%.
 
While leaving the key interest rates and cash reserve requirements of banks unchanged at its mid-quarter review last week, RBI had enhanced liquidity to exporters by increasing the refinancing limits of the outstanding rupee export credit for banks-called export credit refinance (ECR)-to 50% from 15%.
 
The move, which RBI claimed was a 0.50% indirect Cash Reserve Ratio (CRR) cut, will release Rs30,000 crore into the system, thereby increasing the overall liquidity conditions.
 
Banks on an average have been borrowing nearly Rs1 lakh crore from RBI daily due to tight money supply conditions.
 
The interest rate charged on the ECR facility is equivalent to the repo rate, which is currently 8%.
 
SBI had recently announced up to 3.5% cut in lending rates to top-rated corporates, SMEs and farm loan borrowers but not for individuals, effective 1st June.
 

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Pranab Mukherjee files nomination for presidential polls

Pranab Mukherjee handed over his nomination papers to Vivek Kumar Agnihotri, Rajya Sabha secretary general and returning officer for the presidential elections


New Delhi: Amid a show of strength, United Progressive Alliance (UPA) nominee Pranab Mukherjee Thursday filed his nomination papers for the 19th July presidential elections in the presence of prime minister Manmohan Singh, Congress president Sonia Gandhi and a host of leaders, reports PTI.
 
Mr Mukherjee handed over his nomination papers to Vivek Kumar Agnihotri, Rajya Sabha secretary general and returning officer for the presidential elections.
 
Soon after completing the process, Mr Mukherjee thanked parties like SP, BSP, JD(U), CPI-M and Shiv Sena for reposing faith in him.
 
"I am grateful to them as they have reposed faith in me to occupy the office which was occupied in the past by great stalwarts of this country. I only wish at this time that let me have the blessings of God and co-operation of all at this juncture," he told reporters at the Parliament House.
 
Four sets of nomination papers, signed by as many as 480 MPs and MLAs, including Union ministers, chief ministers, Congress legislature party leaders and PCC chiefs were submitted by Mr Mukherjee.
 
Convenor of the opposition NDA and JD (U) president Sharad Yadav was the first signatory on one set of nomination papers followed by defence minister AK Antony. Samajwadi Party chief Mulayam Singh Yadav and BSP supremo Mayawati have also signed the nomination papers.
 
As a matter of abundant precaution, each set of nomination papers have 60 proposers and 60 seconders against 50 proposers and 50 seconders as required under election rules.
 
SP supremo Mulayam Singh Yadav, RJD chief Lalu Prasad, RLD chief Ram Vilas Paswan, Congress general secretary Rahul Gandhi and union ministers such as P Chidambaram, Farooq Abdullah, Ajit Singh, E Ahamed, AK Antony, Pawan Kumar Bansal, Ashwini Kumar were present at the time of Mr Mukherjee filing his nomination papers.
 
As expected, UPA ally Trinamool Congress, which has decided not to back Mr Mukherjee, was not present.
 
SP leader Ram Gopal Yadav, BSP leader Satish Chandra Mishra, NCP leader DP Tripathi were among others who witnessed the filing of nomination papers.
Parliamentary affairs minister Pawan Kumar Bansal has been appointed as Mr Mukherjee's authorised representative.

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