Banks reeling under the liquidity crunch have started hiking interest rates for deposit
Following Yes Bank, other private sector lenders, HDFC Bank and Axis Bank have increased their interest rates for deposits.
HDFC Bank said it increased its deposit rates by 100 basis points (bps) on maturities ranging from seven days to six months, while reducing interest rates for deposit on maturities between six months and one year.
Axis Bank too hiked its deposit rates by 50-225 bps on 30 days to 13 months maturity period.
On Wednesday, private sector lender Yes Bank had increased its base rate or minimum lending rate by 0.25% to 10.75% while hiking deposit rates by 25 to 50 bps.
The apex court said the conversations of Niira Radia were tapped five years back but government authorities remained idle, which is not a happy situation
The Supreme Court on Thursday pulled up the Income Tax (I-T) department and the Central Bureau of Investigation (CBI) for not taking action on information gathered from tapped phone conversations of Niira Radia with corporate honchos, politicians and others.
A bench of justices GS Singhvi and V Gopala Gowda said the conversations were tapped five years back but government authorities remained idle and questioned whether they were waiting for the court’s order to act.
“The tapping was done five years ago, what have they (government authorities) done so far? Were they waiting for Court’s order? It is not a happy situation that action will be taken only after court’s order,” the bench said.
It asked the I-T department to place before the bench all original records pertaining to authorisation of tapping of Radia’s phones.
The apex court, which perused the report and transcripts prepared by its specially constituted team of investigators, had said “some of the items highlighted will become the subject matter of investigation”.
The analysis of the conversations was done by a six-member special team constituted by the apex court and comprising five from CBI and one from I-T department.
The apex court directed the IT department, which had tapped Radia’s phones, to apprise it whether the officers entrusted with the task of tapping had informed their seniors about the contents of the recording and whether CBI was informed about criminality with regard to matters referred to in the conversations.
The conversations were recorded as part of surveillance of Radia’s phone on a complaint to the Finance Minister on 16 November 2007 alleging that within a span of nine years she had built up a business empire worth Rs300 crore.
The government had recorded 180 days of Radia’s conversations – first from 20 August 2008 onwards for 60 days and then from 19th October for another 60 days. Later, on 11 May 2009, her phone was again put on surveillance for another 60 days following a fresh order given on 8th May.
The apex court had said on Wednesday that it would direct a CBI probe into several aspects arising out of the tapped telephonic conversations of the former corporate lobbyist.
The market regulator is looking into relevant data collected from the stock exchanges through its internal market surveillance system. SEBI may also seek information from brokerages as well as the companies involved
Market regulator Securities and Exchange Board of India has initiated a probe into the stock price crash in Multi Commodity Exchange (MCX) and its promoter Financial Technologies India Ltd (FTIL) and has asked for information from stock exchanges.
Financial Technologies shares fell by over 62% today, while MCX hit its lower circuit following concerns about another group entity National Spot Exchange Ltd (NSEL).
According to media reports, SEBI began looking into the matter a few days ago, as the stocks of the two companies had been falling for quite some time with unusual volumes.
The regulator is also looking into the trading pattern of some brokerage and many other entities in the two stocks to ascertain whether they had any advance information about problems at NSEL.
Last month Financial Technologies had said that it suspected some vested interests and a bear cartel were behind the sharp plunge in the share prices of the company and its unit MCX.
In a statement, the company said that since 15 July 2013 there have been many malicious rumours afloat on various media. "The series of rumours that are spread in the market have a pattern more particularly to spread on Friday and such rumours are spread by some unscrupulous elements with a design to depress the price of FTIL and damage its reputation," Financial Technologies added.
Anjani Sinha, chief executive of NSEL, told a television channel that the commodity bourse has sufficient physical stocks to cover its outstanding exposure.