“The bank has taken in-principle decision to cut (interest on) education loans,” SBI managing director and chief finance officer Diwakar Gupta told reporters. Without giving details of quantum of rate cut, he said, it may be up to 100 basis points
New Delhi: State Bank of India (SBI), the country's largest lender, has taken an in-principle decision to slash interest on education loans by up to one percentage point, reports PTI.
“The bank has taken in-principle decision to cut (interest on) education loans,” SBI managing director and chief finance officer Diwakar Gupta told PTI.
“Announcement would be made soon. The bank will issue the notification shortly,” he added.
Without giving details of quantum of rate cut, he said, it may be up to 100 basis points.
Interest rates on education loans range from 12.25% to 14.50%, depending on their quantum and the duration.
The education loan book of SBI constitutes less than 7% of its Rs1.75 lakh crore retail loan portfolio. In the quarter ended December, the bank saw its education loan books swell by 14.17%.
SBI is also offering a concession of 50 basis points on interest rates for loans given to female students.
Earlier this month, SBI chairman Pratip Chaudhuri had said the possibility of a reduction in base rate at this point of time looks bleak as the bank has absorbed last three Reserve Bank of India’s (RBI) policy rate hikes without raising its base rate.
The lender’s base rate stands at 10% as of now, which is the lowest in the country.
About the possible slashing of home loan rates, he had said the possibility was ‘less’.
“The possibility of (reduction) in home loans is less as the rate is 10.50% and the base rate is 10%. Hence, the possibility is less. Moreover, the tenor of a home loan is 25-30 years, (so) we have to think about it a lot,” Mr Chaudhuri had said.
He, however, had said in case of further CRR cut by the central bank, the entire rate structure will come down.
On 24th January, the RBI had reduced the cash reserve ratio (CRR) by 0.5% to 5.5% to infuse liquidity into the system, and indicated a reversal of tight money policy stance.
The objective of the investor education programme is “to create general awareness on securities market, various products available in securities market and facilitate the participation of the retail investors in the securities market to invest with knowledge,” SEBI said
Mumbai: Capital market regulator Securities and Exchange Board of India (SEBI) will launch a big investor education programme through short films, TV and radio commercials in English and regional languages, reports PTI.
To spread the awareness drive, it plans to hire a creative agency having annual revenue of at least Rs100 crore in the past three fiscal years.
The objective is “to create general awareness on securities market, various products available in securities market and facilitate the participation of the retail investors in the securities market to invest with knowledge,” SEBI said.
The selected agency will provide creative services including production of short films, TV commercials, radio spots and printing advertisements to carry out “SEBI’s Investor Education and Awareness campaign” across the country.
Besides, there will be a separate agency for release of the creative work to various media.
Inviting expression of interest (EOI), the regulator said the agency to be contracted will have to provide in-depth knowledge on the communication strategy to be followed for this campaign.
“The main functions of the agency will be the creation of advertising products which will successfully convey the desired message to the target audience...” SEBI added.
The awareness campaign will be done through five 25-30 minutes short films, ten 30 seconds TV commercials, ten 30 seconds radio spots and ten print advertisements.
The decision to synergise activities in oil exploration, mining and non-ferrous metal will save the group Rs1,000 crore per annum, Vedanta Resources’ chairman Anil Agarwal told reporters after meetings of the boards of the merging entities in Mumbai on Saturday
Mumbai: In a major revamp, billionaire Anil Agarwal-led metal and mining major Vedanta Resources Saturday decided to merge Sterlite Industries with Sesa Goa to create a $20 billion controlling entity for simplifying its group structure, reports PTI.
Merger of Sterlite Industries and Sesa Goa will lead to a new entity, Sesa Sterlite which will be the seventh largest natural resources company in the world.
The decision to synergise activities in oil exploration, mining and non-ferrous metal will save the group Rs1,000 crore per annum, its chairman Anil Agarwal told reporters after meetings of the boards of the merging entities here in the western Indian city.
Vedanta’s 38.8% stake in oil and gas producer Cairn India, which was acquired last year, will also be transferred to Sesa Sterlite with the related debt of $5.9 billion.
“This transaction is a natural evolution, leading to simplification of the Group’s structure,” Mr Agarwal said.
Shareholders of Sterlite will get three shares of Sesa Goa for every five shares held, as per the swap ratio fixed.
Eventually, they will become shareholders of Sesa Sterlite to be listed on bourses, after receiving regulatory approvals, including that of shareholders of the concerned companies.
Besides Cairn India, seven other group companies including Hindustan Zinc, Bharat Aluminium, Talwandi Sabo Power and Australian Copper Mines will become subsidiaries of Sesa Sterlite in which the London-listed Vedanta Resources will hold 58.3% stake.
However, Vedanta Resources will continue to directly control its African operations. This is the second restructuring attempt by the group after it faced opposition to the proposal in 2008.