Shriram Transport Finance’s NCD Issue: Should You Invest?
Chennai-based Shriram Transport Finance Company, an asset financing non-banking finance company (NBFC), has come out with its biggest non-convertible debentures (NCD) issue. The total issue size is Rs5,000 crore and has been rated ‘CRISIL AA+/Stable’ by CRISIL and ‘IND AA+:Outlook Stable’ by India Ratings credit agencies. The funds raised through this issue will be used for onward lending...
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  • Investment limit for Pradhan Mantri Vaya Vandana Yojana doubled
    The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved extending the investment limit from Rs 7.5 lakh to Rs 15 lakh under the Pradhan Mantri Vaya Vandana Yojana (PMVVY).
     
    It also extended the last date for subscription to the scheme till March 31, 2020. The time limit was earlier supposed to end on May 4 this year.
     
    The PMVVY is being implemented through Life Insurance Corp (LIC) to provide social security during old age and protect the elderly aged 60 years and above against a future fall in their interest income due to uncertain market conditions. 
     
    The scheme provides an assured pension based on a guaranteed rate of return of 8 per cent per annum for 10 years.
     
    The differential return, which is the difference between the return generated by LIC and the assured return of 8 per cent per annum, would be borne by the government as subsidy on an annual basis.
     
    "As a boost to the social security initiatives for senior citizens, the investment limit of Rs 7.5 lakh per family in the existing scheme is enhanced to Rs 15 lakh per senior citizen in the modified PMVVY, thereby providing a larger social security cover to the senior citizens.
     
    "It will enable up to Rs 10,000 pension per month for senior citizens," an official statement said.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
     

     

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    Corporate FD Offers for You
    Bank fixed deposit (FD) rates are slowly inching up. For a three-year FD, State Bank of India (SBI) has increased the rate from 6.5% to 6.7%. Yes Bank offers a rate of 7%; Axis is offering 6.9%; ICICI has a rate of 6.5%; while HDFC Bank’s rate is the lowest among its peers at 6%. Some private banks are offering rates lower than the largest public sector bank—SBI. It is a sign of changing...
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