Some trustees of Employees’ Provident Fund Organisation (EPFO) are pitching for investing a part its huge corpus of around Rs6 lakh crore in equity of profit-making public sector blue-chip companies.
Ashok Singh, president of Uttar Pradesh INTUC, suggested this during a recent informal meeting of the non-official members of EPFO’s central board of trustees (CBT) with labour minister Narendra Singh Tomar. “I have suggested that a small portion of EPFO funds should be invested in profit-making navratna public sector firms to improve returns,” said Mr Singh who is also an EPFO trustee. He said, “I have also suggested that EPFO should go ahead with investment in public sector equity only with expert advice and must have a monitoring system for the purpose.”
State-owned Punjab National Bank realigned interest rates on fixed deposits between Rs1 crore-Rs10 crore by up to 2%. Term deposits of 7-14 days would now earn interest of 6%, an increase of 2%, PNB said in a statement. Further, FDs in the maturity bucket of 15-29 days would attract an interest rate of 6%, up from 4.50%. In case of maturity period of 30-45 days, the interest rate has been cut by 25 basis points to 6.25%. Similarly, for 46-90 days, interest is 7%, down from 7.25%. Fixed deposits longer than 271 days and less than 1 year would now earn 8.50% compared to the existing 8.75%.
The realignment is with immediate effect. The decision of deposit rate hike came days after RBI kept its policy rate unchanged.
The Reserve Bank of India (RBI) has asked banks to comply with the one-address-proof norm.
Despite its clear instructions on the requirement of one proof of address, permanent or current, it was brought to RBI’s notice that some banks were still insisting on submission of a proof of current address even when a customer produced a proof of permanent address.
“Banks are requested to confirm latest by 17 October 2014, that the above-mentioned instruction has been communicated to all their branches and the same have been meticulously complied with,” RBI wrote in a communication to bank CEOs/chairpersons.
RBI said the insistence for proof of local address prevents many prospective customers, especially migrant workers, from opening bank accounts.