The revised interest rates, base rate and BPLR are effective from 1 August 2011
IDBI Bank reviewed the interest rates on retail term deposits and keeping in view the measures announced by RBI, inflation and liquidity scenario, the Bank has decided to increase the retail term deposit rates by 25-150 basis points (bps) in different maturity buckets. The revised interest rates are effective from 1 August 2011. The additional interest rate for senior citizens is 50-75 bps above the normal interest.
IDBI Bank has also decided to increase its base rate and BPLR (benchmark prime lending rate) by 75 bps each to 10.75 % and 15.25 % respectively. The revised base rate and BPLR will be effective from 1 August 2011.
On Friday, IDBI Bank ended 0.96% down at Rs128.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.07% to 18,197.20.
The auction is expected to earn revenue of Rs46 crore from the auction of 21 channels
Prasar Bharati has conducted an e-auction for the available slots on its DTH (Direct to Home) platform, 'DD Direct Plus', on Thursday. The auction is expected to earn revenue of Rs46 crore from the auction of 21 channels.
A total of 21 successful bids have been received, ranging from Rs2.17 crore to
Rs2.25 crore. The bidders include channels from B4U, Sahara, Zee and Aastha group.Prior to this e-auction process, Doordarshan's earned revenue stood at Rs16.80 crore with Rs80 lakh per channel.
Thirty-seven channels had applied with a bank guarantee of Rs1.50 crore and downlinking/uplinking permissions from the ministry of information and broadcasting. Out of the 37 channels, 32 participated in the final e-auction process.
The auction was conducted by NCDEX SPOT Mumbai.
The e-auction process was approved in the 103rd meeting of the Prasar Bharati Board. Currently, there are 59 channels in the DD Direct Plus bouquet, of which 19 are Doordarshan channels (including Lok Sabha).
SEBI, at its board meeting on Thursday, agreed to the MFs' long-pending demand to incentivise agents for losses suffered due to the abolition of entry charge on investors. It also said that investors would get one common account statement for all their investments across various mutual funds
New Delhi: While allowing mutual funds (MFs) to charge a fresh transaction fee from investors, market regulator Securities and Exchange Board of India (SEBI) has also asked them to bring about more transparency in their dealings with investors and agents, reports PTI.
The regulator, at its board meeting last evening, agreed to the MFs' long-pending demand to incentivise agents for losses suffered due to the abolition of entry charge on investors.
It also allowed them to manage and advise pooled assets such as offshore funds and pension funds, provided there was no conflict of interest due to the differential fee structure.
However, SEBI asked the MFs to bring in greater transparency in the information given by them to investors through advertisements and other modes and also conduct thorough due diligence on their distributors or agents.
In their advertisements, MFs would be required to provide 'point-to-point return' for a standard investment of Rs10,000 and also make other performance-related disclosures.
"Besides, the scheme performance will have to be disclosed against Sensex or Nifty or government of India debt paper in addition to scheme benchmark. Performance of fund managers across all schemes managed by the same fund manager will have to be disclosed," SEBI said.
SEBI also took its first steps toward regulating the MF distributors and agents.
The due diligence will be initially applicable for large distributors and would be implemented for others later.
It also asked MFs to disclose the commissions paid to distributors and said that mutual fund industry body AMFI would disclose the aggregate amount of commissions paid to such distributors by the MF industry.
SEBI also asked all the operations of a mutual fund to be located in India.
"All the operations of a mutual fund, including trading desks, unit holder servicing and investment operations, shall be based in India," SEBI said.
It has asked fund houses to bring onshore all their operations within one year. This period is extendable by another one year at SEBI's discretion.
In another investor-friendly move, SEBI said that investors would get one common account statement for all their investments across various mutual funds and these would have to mention the transaction charge paid to the distributor.
SEBI has also asked MFs to give a more granular disclosure of their Assets Under Management figures, giving a break-up of debt/equity/balanced and also geography-wise disclosures.