ICICI Bank said in the under three years maturity, it has hiked rates by 0.75% while for the three-five years category, the hike is 1.75%
Mumbai: The country's largest private sector bank, ICICI Bank on Wednesday hiked interest rates on foreign currency deposits by non residents by up to 1.75%.
The hike in the Foreign Currency Non Resident (FCNR) Deposits, applicable from 8th May is across currencies in different maturities ranging from one to five years, the lender said in a statement.
The move comes within a week of Reserve Bank of India (RBI) hiking interest rate caps on foreign currency deposits by the diaspora in its quest to arrest slide in the rupee.
Under the revised rules, the country's banks can offer interest rates, which would be 3% above the international benchmark for deposits in the three to five year maturities from the earlier 1.25%.
The cap has been kept at 2% above international benchmark for deposits of less than three years.
ICICI Bank said in the under three years maturity, it has hiked rates by 0.75% while for the three-five years category, the hike is 1.75%.
Under its newly-announced rates, a five year US dollar deposit will earn a non resident an interest of 4.11%, while the same for over one year but under two years is 3.05%.
Maj Gen Yadav said a decision on the use of the building would be taken by the Ministry of Defence, which had sanctioned about Rs5 crore for the project
Pune: The building under construction on the defence land at Khadki, which originally was meant to be the post-retirement residence of President Pratibha Patil, before being surrounded by a controversy, would be put to "suitable alternative use" of the army, said a defence official, reports PTI.
"It is not a disputed land. It is Army land. We are working on a suitable alternative use of the building whose construction will continue," Southern Command administration officer Maj Gen SK Yadav said in an interaction with reporters last night.
The sprawling plot of land and the building under construction was caught in a controversy after an organisation of ex-servicemen objected to it saying that the allotment was in violation of the norms of entitlement to a former President.
The land can also be utilised to offer housing to the deprived widows of servicemen, it was argued. Ms Patil subsequently announced her decision to forgo the proposed bungalow, changing her plan to settle down in the city.
Maj Gen Yadav said a decision on the use of the building would be taken by the Ministry of Defence (MOD), which had sanctioned about Rs5 crore for the project.
Billionaire and RIL chief Mukesh Ambani's total pay package stood at Rs15 crore, as against his eligibility of Rs38.82 crore
New Delhi: Billionaire Mukesh Ambani decided to forgo nearly Rs24 crore from his annual pay last fiscal as chief of Reliance Industries Ltd (RIL), keeping his salary capped at Rs15 crore for the fourth year in a row, reports PTI.
However, RIL's total outgo towards remuneration to its all top management personnel, as also the sitting fees and commissions for its non-executive directors, increased during the fiscal year ended 31 March 2012. Mr Ambani's salary has remained unchanged at Rs15 crore since the fiscal 2008-09.
In its latest annual report for the year 2011-12, RIL said that Mr Ambani's total pay package stood at Rs15 crore, as against his eligibility of Rs38.82 crore as per the shareholders' approval.
Detailing his pay package, RIL said that Mr Ambani's "compensation has been set at Rs15 crore as against Rs38.82 crore that he is eligible as per the shareholders' approval, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels".
In the fiscal 2010-11 also, Mr Ambani was eligible for a pay package of Rs38.75 crore, but he took home only Rs15 crore.
The company's total remuneration for top management personnel and commission paid to non-executive directors had declined during 2010-11, but rose again in 2011-12.
The decision to cap Ambani's salary at Rs15 crore was taken way back in October 2009, amid a raging debate on right-sizing of CEO salaries.
The decision led to a hefty pay cut for Mr Ambani, as his remuneration dropped to Rs15 crore for fiscal 2008-09, from over Rs44 crore in 2007-08. The RIL chief was India's top-paid executive in 2007-08.
Mr Ambani's total package for 2011-12 as the Chairman and Managing Director of the country's biggest private sector entity, included Rs4.16 crore as salary, Rs60 lakh as perquisites and allowances, Rs78 lakh as retiral benefits and Rs9.46 crore as commission.
While Ambani was RIL's top-paid executive in 2011-12, he was followed by whole-time directors Nikhil Meswani and Hital Meswani with total remuneration of Rs10.99 crore each, PMS Prasad (Rs5 crore) and Pawan Kumar Kapil (Rs1.99 crore).
The company's total top managerial remuneration rose to Rs44 crore, from Rs41 crore in the previous fiscal, while sitting fees and commission paid to non-executive directors rose to Rs1.85 crore, from Rs1.68 crore in 2010-11.
The non-executive directors are paid sitting fee of Rs20,000 for attending each meeting, besides annual commission of Rs21 lakh each. However, total commission payable to them are capped at 1% of the company's net profit.
Among executive directors, the remuneration paid to Nikhil and Hital Meswani was higher at Rs11.05 crore each in 2010-11, while it was lower at Rs2.37 crore for Mr Prasad.
Mr Ambani's salary as also perquisites and allowances were unchanged during 2011-12, but retiral benefits fell from Rs1 crore and commission rose from Rs9.24 crore in 2010-11.