Mumbai:The Union Bank of India on Wednesday raised its prime lending rate (PLR) by 75 basis points ahead of a meeting with the finance minister on 13 August in New Delhi. With this, Union Bank’s PLR, or the rate at which banks lend to their most preferred customers, will be 14% from 8 August. However, the rate hike will not be applicable to existing home loans and education loans, the bank said in a statement.
Punjab National Bank (PNB) was the first to raise its lending rate, by 100 basis points, after the Reserve Bank of India hiked its policy rate by 50 basis points and cash reserve by 25 basis points in its July policy. After PNB, only IDBI Bank Ltd, Punjab and Sind Bank, and Central Bank of India Ltd have increased their prime lending rates, while other public sector banks, including the State Bank of India, have kept their rates unchanged.
Trials of anti-tank guided missile complete
Bangalore: India on Wednesday completed development trials of Nag, the anti-tank guided missile at Pokhran in Rajasthan. The missile, with an imaging infrared or IIR seeker system, has capabilities to track and destroy a moving object at distances of four km.
The army gave a go ahead for user trials of the missile and its carrier named Namica, said Prahlada, chief controller (missiles), of Defence Research and Development Organisation or DRDO.
Bharat Dynamics Ltd, a unit of DRDO in Hyderabad is the manufacturer of the Nag missile, while Bharat Electronics Ltd has built the carrier called Namica. Staff Writer
UGC to hike grant for development plans
New Delhi:The University Grants Commission, the regulatory body under the ministry of human resource development that oversees education, has proposed to increase its grant under general plan development grants by (GDG) 100% for central, state and deemed universities over the 10th Plan.
Under the proposal, GDG to the individual university would be made available during the 11th Plan on the basis of the outlays determined. The assistance would be provided for consolidation of existing infrastructure and for modernizing teaching, research and administration and also for field outreach activities to meet the changing needs of the universities. Pallavi Singh