Many people try to fit a financial plan to their wants rather than the other way around
SBI raised interest rates on NRE rupee term deposits for tenors three years and less than five years from 8.75% to 9, on deposits under Rs15 lakh category
Mumbai: In its bid to meet the 25% deposit growth target, the country’s largest lender State Bank of India (SBI) has revised its pricing on NRE rupee deposits on select maturities and baskets by 0.25% at 9%, reports PTI.
"State Bank has decided to raise the rate of interest on NRE rupee term deposits for tenors three years and less than five years from 8.75% to 9, on deposits under Rs15 lakh category with effect from yesterday," the bank said.
Last month, SBI Managing Director and Group Executive for National Banking A Krishna Kumar had said that the bank was targeting growth of 25% in deposits and 22% in advances in the current fiscal.
"As of March end, we have roughly grown about 18% in deposits and 15-16% in credit," Kumar said.
According to the latest RBI data, deposits, mainly fixed deposits, rose 1.9% to Rs3.3 lakh crore in April-June period, against Rs2.8 lakh crore in the year-ago period.
Thanks to the liberalisation in interest rates, non-resident Indian (NRI) deposits have become attractive.
In the April-June period, the credit off-take was more or less on par with the year-ago period.
With deposit accretion outpacing credit growth, the collective incremental credit-deposit ratio of banks has gone down to 46% from 52% in the year-ago period.
In the domestic context, a CD ratio of 70% is considered ideal.
The RBI has set deposit growth guidance of 14 to 15% this fiscal and a credit growth at 17 percent. Banks' incremental credit-deposit ratio, which reflects fresh demand for loans in proportion to deposits, stood at just 48% compared to 51% in the same period last year and 84% in FY11.
Banks' outstanding deposits as of June end stood at Rs62.3 lakh crore, while credit stood at Rs47.6 lakh crore.
Though Civil Aviation Minister Ajit Singh did not offer any reason for Bhushan's abrupt removal, it has been widely reported that the regulator's tough stand against Kingfisher's operational safety and his reported threat to cancel its licence led to his ouster
Mumbai/New Delhi: Former regulator of civil aviation EK Bharat Bhushan has written to the Union Government to ascertain whether a file noting about the operational safety of Kingfisher Airlines has been 'tampered with', reports PTI.
In his communication to the government, Bhushan is understood to have asked whether the file noting on operational safety of the private carrier has gone missing, sources said.
When contacted, Bhushan, now with the steel ministry as the financial advisor, said "no comments".
In a sudden move, Bhushan, a 1979 batch Kerala cadre IAS officer, was unceremoniously removed as Director General of Civil Aviation (DGCA) on 10th July and was replaced by joint secretary in the Civil Aviation ministry Prashant Sukul as interim regulator.
His removal came within a week of the PMO clearing his extension till December.
Bhushan's communication came in the backdrop of Sukul last week telling media that there was no threat to suspend or cancel the license of Kingfisher as he did not find any noting in the official files on the issue.
Though minister Ajit Singh did not offer any reason for Bhushan's abrupt removal, it has been widely reported that the regulator's tough stand against Kingfisher's operational safety and his reported threat to cancel its licence led to his ouster.
Sukul had also denied reports that "action against one of the scheduled airlines (Kingfisher) was under consideration by the DGCA due to non-compliance of safety regulations."