L&T Mutual Fund floats 90 days fixed maturity plan

L&T Mutual Fund new issue closes on 24th March

L&T Mutual Fund has launched L&T FMP-III (March90D A), a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of debt/fixed income securities maturing on or before the maturity of the scheme. The tenor of the plan is 90 days.

The new issue closes on 24th March. The minimum investment amount is Rs5,000.

CRISIL Liquid Fund Index is the benchmark index. Bekxy Kuriakose is the fund manager.

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ICICI Prudential Mutual Fund unveils 396 days fixed maturity plan

ICICI Prudential Mutual Fund new issue closes on 28th March

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 55-13 Months Plan B, a close-ended income scheme.

The investment objective of the plan is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme. The tenor of the plan is 396 days.

The new issue closes on 28th March. The minimum investment amount is Rs5,000.

CRISIL Composite Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

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Govt defends merger of State Bank of Indore with SBI

Stating that the merger of State Bank of Indore with SBI was in public interest, minister of state for finance Namo Narain Meena added that State Bank of Indore customers, mainly in Madhya Pradesh and Chhattisgarh, would have access to all 14,000 SBI branches across the country and abroad

New Delhi: The government today said the merger of State Bank of Indore with the State Bank of India (SBI) is in public interest, reports PTI.

The merger is in "overall public interest," minister of state for finance Namo Narain Meena said replying to the debate on the State Bank of India (Subsidiary Banks) Amendment Bill, 2010 in Rajya Sabha.

"Now, they (State Bank of Indore customers) can deposit and withdraw money from all the branches of State Bank of India," he said.

The Upper House later passed the bill seeking to omit all references to the State Bank of Indore, which has been acquired by the SBI in July last year.

The minister said the merger would provide State Bank of Indore customers, mainly in Madhya Pradesh and Chhattisgarh, access to entire 14,000 SBI branches across the country and abroad.

"Now, they can deposit and withdraw money from all the branches of State Bank of India," he said and added that the acquisition is in "overall public interest."

He assured the members that interest of the employees and retired employees would be protected.

To queries, Mr Meena said there were 86,000 branches of banks in the country out of which 32,000 were in rural areas.

"In recent times, the number of bank branches opened every year is around four to five thousand," he said.

Mr Meena said Indian banks were doing a "commendable job" and registering profits and performed similarly during the global recession period also.

"The credit for this goes to the regulator Reserve Bank of India (RBI) and the banks," he added.

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