After today's rise, SBI's base rate goes up to 8.50% from 8.25%. SBI's base rate, below which it cannot lend, is still lower than public sector banks' which have set their base rates at around 9%
Mumbai: State Bank of India (SBI), the country's largest bank, today announced a hike in its base rate by 25 basis points, making home and auto loans from the lender dearer, reports PTI.
The lender also increased its benchmark lending rate by the same margin which would mean the existing borrowers also have to pay more for their loans.
The rate hike would be effective from 25 April 2011, the state-run bank said in a statement.
After today's rise, SBI's base rate goes up to 8.50% from 8.25%. SBI's base rate, below which it cannot lend, is still lower than public sector banks' which have set their base rates at around 9%.
The base rate of India's largest private sector lender ICICI Bank is 8.75%.
To bring in more transparency, the base rate was introduced replacing the Benchmark Prime Lending Rate (BPLR) in July last year.
SBI's benchmark prime lending rate has gone up by 25 basis points to 13.25%. This will make equated monthly instalments (EMIs) for the existing loans dearer by at least 25 basis points.
The BPLR is used for determining interest rates on loans and advances sanctioned up to June 30 2010.
Quantitatively, the monsoon season rainfall is likely to be 98% of the Long Period Average with a model error of plus or minus 5%, India Meteorological Department director general Ajit Tyagi said
New Delhi: India's summer monsoon is most likely to be normal for the second consecutive year, news that that could bring cheer to the largely farm-dependent economy, reports PTI.
"Monsoon rainfall for the country as a whole is most likely to be normal. There is very low probability for the seasonal rains to be deficient," earth sciences minister Pawan Kumar Bansal told reporters here.
However, weather scientists said that some pockets of the country, particularly the food bowl north-western region could experience deficit rains.
Quantitatively, the monsoon season rainfall is likely to be 98% of the Long Period Average (LPA) with a model error of plus or minus 5%, India Meteorological Department (IMD) director general Ajit Tyagi said.
The LPA is the average rainfall over the past 50 years, which is 89 cm. IMD considers rainfall within 96% to 104% of LPA as normal monsoon season.
The country witnessed a record foodgrain produce of over 235.88 million tonnes last year after a normal monsoon rainfall. India had witnessed severe drought conditions in 2009.
The only woman director on the board of Infosys Technologies quit last year, and the usually politically-correct company does not have a single woman on the board of the company or its subsidiaries
It is considered to be a company with the highest standards of corporate governance, best financial reporting standards and is said to be most conscious about what is politically correct. But at a time when Murli Deora, Union minister for corporate affairs, is threatening to make it mandatory for all companies to have a woman director, we found that Infosys Technologies, the torchbearer of best corporate practices, has none.
Rama Bijapurkar, the lone woman director on the board of Infosys, quit in April last year. What is more surprising though, is how low-key her exit has been. In fact, we discovered that Ms Bijapurkar was no longer on the board only while checking on the implications of the rejig that would occur at Infosys. A quick search produced a further surprise. Ms Bijapurkar resigned in April 2010 and a notice to this effect was sent to the stock exchanges at the time.
Yet, not even the 24x7 business media that endlessly dissect trivial business developments, found this worth a detailed mention; nor did any of the several publications that regularly carry her columns. After all, a position on the Infosys board is one of the most coveted directorships in the country today.
Ms Bijapurkar joined the Infosys board in March 2001 and quit in just under a decade, effective 13th April 2010. At the time, NR Narayana Murthy recorded the board's appreciation saying, "Rama has been a highly productive member of the Board and we will miss her. We wish her all the best for the future." There was no mention about why she quit, no excuses about health or personal reasons, no statement about nation-building or looking for greener pastures-although which pasture could be greener than a directorship at Infosys?
Our attempts to find out why Ms Bijapurkar quit have drawn a blank so far. Ms Bijapurkar has not responded to our email query and Mr Narayana Murthy has not responded to our text message. Of the three other directors whom we asked, Omkar Goswami said, "We follow a rule that we collectively made a few years ago. All questions regarding the Board would be answered by Mr Murthy as the Chairman". TV Mohandas Pai, who announced his decision to quit on Friday, said, "It is best Murthy answers this; it is not fair for me to answer." Deepak Satawlekar, who is a director and also a member of the nominations committee, said, "The stock exchanges were informed of her leaving the board. The nominations committee is deliberating on the induction of additional directors."
What he does not say is that Ms Bijapurkar quit a year ago. Some insiders tell us that she resigned a few months earlier and that her resignation was accepted only in April last year. The replies seem to indicate that there is more to the exit than meets the eye and it is curious that while the nominations committee has inducted a new director (Ravi Venkatesan), it has not found a woman suitable to induct on the board.
All that will change if the corporate affairs ministry has its way. The ministry's proposal requires all companies with five or more independent directors to ensure that at least one of the directors is a woman. Isn't it ironical that even corporate India will pay lip service only to the contribution of women, and induct them as directors only when the government mandates a quota.