Personal finance Friday

ICICI Prudential MF launches ICICI Prudential FMP - Series 53 - 3 Years Plan A

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan (FMP) - Series 53 - 3 Years Plan A. The scheme in close ended debt fund. The scheme has opened on 5 August 2010 and will close on 18 August 2010. It has two plans-growth and dividend option with payout facility. The scheme will offer units at Rs10 each during the new fund offer (NFO) period. The minimum subscription amount is Rs5,000 and in multiples of Rs10 thereafter. The investment objective is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments which mature on or before the date of maturity of the plans/scheme.

IDFC MF floats IDFC Fixed Maturity Plan - Yearly Series 32

IDFC Mutual Fund has introduced IDFC Fixed Maturity Plan - Yearly Series 32. The scheme is a close ended debt scheme. It has two plans-growth and dividend option offers payout facility. The scheme opens on 10 August 2010 and closes on 12 August 2010. It will offer units at Rs10 each during the new fund offer (NFO) period. The minimum subscription amount is Rs10,000 and in multiples of Rs10 thereafter. The investment objective of the scheme is to generate income by investing in debt and money market instruments maturing on or before the maturity of the scheme.

SBI MF launches SBI Debt Fund Series - 180 Days Fund - 11

SBI Mutual Fund has launched SBI Debt Fund Series - 180 Days Fund - 11. The schemes opens for subscription on 11 August 2010 and close on 12 August 2010. The new fund offer (NFO) price for the scheme is Rs10 per unit. The minimum application amount is Rs5,000 and in multiples of Rs10 thereafter. The scheme offers two options-growth and dividend payout option. Maturity date of the scheme would be 180 Days from the date of allotment of units. The scheme will not charge any entry and exit load. The investment objective of the scheme is to provide regular income, liquidity and returns to the investors by making investment in debt instruments maturing on or before the maturity of the scheme.

DSP BlackRock MF introduces dividend option under DSP BlackRock Micro Cap Fund

DSP BlackRock Mutual Fund has introduced the dividend option under DSP BlackRock Micro Cap Fund from 1 August 2010. The dividend option includes both dividend reinvestment and dividend payout facility under the fund. The minimum investment amount has been revised to Rs5,000 for Regular Plan and Rs1 crore under Institutional Plan and the exit load for the same will be revised to 1% if redeemed before 24 months from the date of allotment.

CRISIL launches 'Star Ratings' for the realty sector
 
CRISIL has launched 'CRISIL Real Estate Star Ratings', its latest offering for the realty sector. CRISIL Real Estate Star Ratings will provide a city specific all round assessment of real-estate projects and help buyers benchmark and identify quality projects within a city. Such ratings will provide a comprehensive evaluation of all project specific risks which could impact the quality of the project: CRISIL Real Estate Star Ratings would thus be different from credit ratings, which comment exclusively on the credit worthiness of the borrowing entity.     

Bank of Baroda to increase BPLR by 20 bps

Bank of Baroda has decided to increase its benchmark prime lending rate (BPLR) by 50 basis points (bps) from existing 12% per annum to 12.5% per annum with effect from 6 August 2010.

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Banks not following RBI norms for opening no-frill accounts: FM

New Delhi: The government today admitted that certain banks were not following guidelines on opening no-frill, zero balance accounts in rural areas and said efforts were being made to make banking facilities available to remotest part of the country through various means, reports PTI.

Finance minister Pranab Mukherjee said in Lok Sabha that certain banks might not be observing guidelines of the Reserve Bank of India (RBI) in opening no-frill, zero balance accounts in rural areas.

Mr Mukherjee said he has asked banks to listen to the political leadership and the state governments in addressing the grievances of the people.

He was answering a supplementary question by Arjun Singh Meghwal (BJP) on complaints that banks were denying zero balance facility to people in rural areas.

His views were supported by several members across political parties.

He said the chief ministers have been requested to take meetings of state level bankers. Similarly, officers have been directed to meet bank officials at the district level so that the role of the middleman is eliminated.

Stressing the need for a "vigilant mechanism", he said branch officers were being made accountable.

Replying to another question, minister of state for finance Namo Narain Meena ruled out special incentives to bank officials for deployment in rural areas. "It is part of their normal work," he said.

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No decision to decontrol sugar pricing: Agri minister

New Delhi: The government has not taken any decision on the industry's demand to decontrol sugar pricing and remove the sweetener from the purview of Essential Commodities Act, reports PTI quoting food and agriculture minister Sharad Pawar.

Indian Sugar Manufacturers Association (ISMA) and National Federation of Cooperative Sugar Factories Ltd (NFCSFL) have demanded decontrol of sugar, public distribution scheme (PDS) sugar being procured from the open market and removal of the sweetener from purview of Essential Commodities Act, he said during Question Hour.

"Government has not taken a final view (on the demands)," he said.

ISMA and NFCSFL had also demanded that sugarcane price be related to realisation from sugar and direct realisation from by-product on a suitable formula and sugar be decontrolled and release mechanism be dispensed with.

Further there should be no stock holding limits on trade or bulk consumers, they had demanded.

"The proposal of the sugar industry and the proposal relating to deregulating sugar industry is to be discussed with all concerned ministries," he said.

"The government will take appropriate decision in the matter after taking into consideration all aspects of decontrol of sugar including its availability, price situation, its impact on cane growers, impact on consumers of sugar and distribution of sugar through the PDS," he added.

Mr Pawar said the Centre has been fixing the Statutory Minimum Price (SMP) of sugarcane for each sugar season on the basis of the recommendations of the Commission for Agricultural Costs and Prices after consulting the state governments and associations of sugar industry and cane growers.

"The Sugarcane (Control) Order 1966 was amended on 22 October, 2009 by inserting a clause which provides for giving reasonable margins to the growers of sugarcane and powers to the central government to determine a fair and remunerative price," he added.

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