HDFC Mutual Fund launches HDFC FMP 100D September 2010 (1); SBI Mutual Fund introduces SBI Debt Fund Series-90 Days-34; DSP BlackRock MF announces dividend under DSP BlackRock India Tiger Fund; Birla Sun Life MF announces dividend under two equity schemes; IndiaBulls Housing Finance launches new home loan scheme at 8.5%
HDFC Mutual Fund launches HDFC FMP 100D September 2010 (1)
HDFC Mutual Fund has launched HDFC FMP 100D September 2010 (1), a close-ended debt scheme. The investment objective of the plans under the scheme is to generate income through investments in debt/money market instruments and government securities maturing on or before the maturity date of the respective plan(s). The exit load for the scheme is nil. The scheme offers two options - growth and dividend (payout). The new fund offer (NFO) price is Rs10 per unit. The issue opens on 8 September 2010 and closes on 13 September 2010. Minimum investment amount is Rs5,000. The benchmark index for the scheme is Crisil Liquid Fund Index.
SBI Mutual Fund introduces SBI Debt Fund Series-90 Days-34
SBI Mutual Fund has introduced SBI Debt Fund Series-90 Days-34, a close-ended debt scheme. The investment objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising debt instruments such as government securities, corporate bonds and money market instruments maturing on or before the maturity of the scheme. The new fund offer (NFO) price is Rs10 per unit. The new issue opens on 8 September 2010 and closes on 14 September 2010. Minimum investment amount is Rs5,000. The benchmark index for the scheme is Crisil Liquid Fund Index. The exit load for the scheme is nil. The scheme offers two options - growth and dividend (payout).
DSP BlackRock MF announces dividend under DSP BlackRock India Tiger Fund
DSP BlackRock Mutual Fund has declared dividend under its scheme - DSP BlackRock India Tiger Fund. The quantum of dividend decided for distribution under the scheme is Rs1.25 per unit. The record date for distribution of dividend is 9 September 2010. DSP BlackRock India Tiger Fund is an open-ended diversified equity scheme. The investment objective of the scheme is to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of corporate, which could benefit from structural changes brought about by continuing liberalisation in economic policies by the government and/or from continuing investments in infrastructure, both by the public and private sector.
Birla Sun Life MF announces dividend under two equity schemes
Birla Sun Life Mutual Fund has declared dividend under two of its schemes, namely Birla Sun Life Buy India Fund and Birla Sun Life New Millennium Fund. The quantum of dividend decided for distribution is Rs1.75 per unit and Rs0.85 per unit respectively on the face value of Rs10 per unit. The record date decided for distribution of dividend is 9 September 2010. Birla Sun Life Buy India Fund and Birla Sun Life New Millennium Fund are open ended equity sector schemes and are benchmarked against BSE 200 and BSE Teck respectively.
IndiaBulls Housing Finance launches new home loan scheme at 8.5%
IndiaBulls Financial Services Ltd has launched a new home loan scheme for salaried people under which it will offer home loans at 8.5% up to March 2011, followed by 9.5% till 2012. After that, the rates will be floating in nature. The offer is available across 140 cities.
New Delhi: Silver prices surged to record levels in futures trade today by adding Rs662, or 2.08%, to Rs32,400 per kg on brisk buying by speculators, driven by firming global and spot market trends, reports PTI.
Market analysts said that the white metal prices spurted on reports of a firming overseas trend, as investors kept buying amid fears that the global economic recovery might falter.
They said the industrial units and coins manufacturers buying for the coming festivals and marriage season mainly kept the market in a bullish mood.
Demand for precious metals like silver and gold normally pick up in domestic markets here during the festival season. Silver on the Multi-Commodity Exchange for July-month contract shot up by Rs662, or 2.08%, to Rs32,400 per kg, with a trading volume of three lots. The precious metal has never touched such high levels above Rs32,000 per kg.
The metal in December month contract rose by Rs150, or 0.47%, to Rs31,607 per kg, with a business volume of 5,734 lots, while March contract added Rs145, or 0.45%, to Rs31,707 per kg, with a business turnover of 230 lots.
Mumbai: The Reserve Bank of India (RBI) today said deregulation of interest rates on savings accounts is on its radar and it will soon be examining the possibility of implementing the same, reports PTI.
"Deregulation of interest rate is on our radar. A working group will soon be set up to examine the possibility of deregulating interest rates," RBI's deputy governor, Usha Thorat, said while addressing a banking conference organised by FICCI and IBA here.
"We have to examine whether the deregulation can help bring more people into the formal banking system," she said.
At 3.5% per annum, interest on savings accounts is the only regulated rate in the banking system presently and a highly contentious one given its impact on the common man.
For achieving the goal of financial inclusion, there is a need for a higher number of tie-ups between banks and the non-banking financial companies (NBFCs) who have better delivery systems to ensure better last mile connectivity, Ms Thorat said.
The senior RBI official also said that the apex bank is in the process of "tweaking" regulations on securitisation to ensure the growth of the securitised market in an orderly manner.
Banks should also ensure that there is no excessive borrowing as such borrowings can lead to the formation of bubbles which can deter stability, she said.
Looking at the high growth in credit in recent years, Ms Thorat advised banks to do more "forward looking provisions" to cover their non-performing assets (NPAs) whose increase is "inevitable" in the future.
In her address, Ms Thorat laid a greater stress on rating agencies and asked them to provide a "holistic approach" while rating as it has a direct link to the bank's assets.
She also highlighted the need for development finance institutions to launch more ventures like the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) which offers collateral-free loans for the benefit of small farmers, landless agricultural labourers, those engaged in allied activities related to agriculture and ones affected by natural calamities.