Bangalore: Bangalore-based Vijaya Bank has raised its interest rates on term deposits of select maturities with effect from 14 July. Interest rates offered on deposits of one-two years have been increased to 9.55% from 9%. For those above two years to three years maturity, interest rate offered have been raised to 9% from 8.50%.
“The intention is to pre-empt any slackness in our business growth in the hardening interest rate regime,” said Prakash P. Mallya , chairman and managing director.
- Deepti Chaudhary
Firms can pledge shares, properties for ECB
Mumbai: The Reserve Bank of India (RBI) said on Friday companies can pledge their shares and immovable properties as well as corporate or personal guarantees to raise funds through external commercial borrowings (ECB), after obtaining a no-objection certificate from banks.
The company board should approve any personal guarantee before they are pledged, specifying names of officials authorised to execute such guarantees on behalf of the company, RBI said in a notification. Before issuing a no objection certificate, banks should ensure that the underlying ECB is strictly in compliance with guidelines. Additionally, banks would also have to ensure the existence of a security clause in the loan agreement, requiring the borrower to create charge on the pledge, RBI said.
- Anup Roy
Reliance Money to buy 26% in NMCE
Mumbai: The brokerage arm of the Anil Dhirubhai Ambani Group, Reliance Money Ltd, is set to acquire a 26% strategic stake in the Ahemdabad-based National Multi-Commodity Exchange of India Ltd, for an undisclosed amount. The acquisition is subject to approval from commodity market regulator Forward Markets Commission or FMC.
Sudip Bandyopadhyay, chief executive of Reliance Money, said this move would “help (his firm) ride the commodity boom.” The Bombay Stock Exchange had earlier this year picked 26% strategic equity stake in NMCE for Rs52 crore.
- Nesil Staney
Samar Halarnkar is new managing editor of HT
New Delhi:Samar Halarnkar was on Friday named the new managing editor of ‘Hindustan Times’, the flagship newspaper of HT Media Ltd.
He takes over from Pankaj Paul who is moving back to the US to take up a teaching job. Halarnkar joined HT in 2006 as resident editor of the paper’s Mumbai edition. A veteran with more than 18 years of journalism experience, Halarnkar will relocate to New Delhi to take up his new responsibilities, HT Media Ltd vice-chairperson Shobhana Bhartia said on Friday in an internal staff memo. The memo also named Vasantha Angamuthu editor (special projects) of ‘Hindustan Times’. HT Media Ltd also publishes ‘Mint’, Hindi daily ‘Hindustan’ and owns the operator of FM radio station ‘Fever 104’.
- Staff Writer