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SBI hikes interest rates on fixed deposits

The country's largest lender, State Bank of India (SBI) has hiked interest rates on fixed deposits of less than 2 Cr. The bank's website states that the revised rates are effective as of 13.08.2022. Check here the new rates

Axis Bank hikes interest rates on fixed deposits on this tenure

The private sector lender Axis Bank has hiked interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new interest rates are effective from 11/08/2022. Following the revision, the bank has hiked the interest rates on fixed deposits maturing in 17 months to less than 18 months. Click here to read

Salman Rushdie latest news: Eye witnesses recall thinking the act was a ‘stunt'

‘We thought perhaps it was part of a stunt to show that there’s still a lot of controversy around this author,’ said an eyewitness. Eyewitnesses recalled the horrifying incident, that initially looked like a ‘stunt’. Several videos had also emerged of the attack that took place at the institution. Click here to read the eyewitness' statement

HDFC-HDFC Bank's merger receives CCI nod

Fair trade regulator Competition Commission of India (CCI) has approved the merger proposal of HDFC Bank and its parent HDFC Ltd. The proposed combination envisages the merger of HDFC Investments and HDFC Holdings with HDFC Ltd in the first step and subsequently, the merger of HDFC Ltd into HDFC Bank. Read here

IOB revises interest rates on savings accounts

Indian Overseas Bank (IOB), a public sector lender, has modified the interest rates on savings bank accounts. According to the bank's official website, the new savings account interest rates are effective as of 10.08.2022. In accordance with the revised, the bank is now giving holders of savings accounts a maximum interest rate of 2.90%. Read here

MINT MORNING DIGEST

Atal Pension Yojana account of income tax payers who joins after October will be closed

Eligibility rules for opening an Atal Pension Yojana (APY) account opening is going to change from 1st October 2022. From 1st October 2022, an income tax payers won't be eligible for subscribing to the Atal Pension scheme. The central government has made it clear that if an income tax payer opens an APY account under the APY scheme, his or her account shall be liable to be closed. Hence, APY account of income tax payers, who joins APY scheme in and after October 2022 will be closed. Read More Here.

Gold price climbs as dollar index slips to 4-week low. Good opportunity to buy?

Gold prices remained firm and ended with the fourth successive week of gains while hovering close to the psychological $1800 per ounce mark. Gold future contract for October on Multi Commodity Exchange (MCX) finished at 52,579 levels, around 1.37 per cent higher from its last Friday close of 51,864 per 10 gm levels. Read More Here.

Factory activity moderates on fading favourable base effect

India’s industrial activity moderated slightly in June after touching a year’s high in the previous month as the favourable base effect faded, but remained in double digits for the second straight month, official data showed. Read More Here.

Dabur's Amit Burman resigns as Chairman

Fast moving consumer goods company Dabur India Ltd on Friday informed that Amit Burman has resigned as the Chairman of the company. with effect from the close of working hours of August 10, 2022. Though, Burman will continue as Non-Executive Director. Read More Here.

Call for CEO change hits Paytm

Shares of One97 Communications, the parent of Paytm, fell nearly 5% on Friday, following a report by an advisory firm opposing its chief Vijay Shekhar Sharma’s reappointment as chief executive and raising doubts on the company’s path to profitability. Read More Here.

LIC invests 34k cr in equity during Q1

Life Insurance Corp. of India (LIC) made net purchases of shares worth more than 34,000 crore from the equities market in the fiscal first quarter, the country’s largest insurer said on Friday, as it announced a sharply higher net profit of 602.78 crore for the June quarter. Read More Here

Torrent, Sembcorp in fray to buy Vector Green Energy

Torrent Power Ltd and Singapore’s Sembcorp Industries Ltd are in the fray to buy US private equity firm Global Infrastructure Partners’ (GIP) Indian clean energy platform Vector Green Energy, said two people aware of the development, in what is set to become one of the biggest clean energy deals in India. Read More Here.

Retail inflation eases to 6.71% in July, but still far from RBI's target; IIP grows 12.3% in June

India's retail inflation eased in July to 6.71% due to moderation in food inflation, but stayed well above the Reserve Bank of India's tolerance limit of 4-6% for the seventh consecutive month, data from the National Statistical Office showed Friday. Read More Here.

EU should not be a 'supermarket' for rich Russians, says Ukraine's Zelenskiy

Ukrainian President Volodymyr Zelenskiy on 12 August issued a fresh call European Union countries seeking visas ban for Russian nationals to keep the bloc from becoming a "supermarket" open to anyone with the means to enter. Read More Here.

Salman Rushdie latest news: ‘The Satanic Verses’ writer may lose an eye

Author Salman Rushdie, who was stabbed on Friday, would probably lose an eye in addition to having his liver damaged and one arm's nerves severed - according to his representative. Read More Here.

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