interest

Indian warship INS Trikand reaches Sri Lanka

India’s frontline warship INS Trikand has reached Sri Lanka in a goodwill visit. Senior Indian officers, including Lt. Colonel Ravi Shekhar Mishra held discussions on matters of mutual interest with their Lankan counterparts. INS Trikand is a state-of-the-art warship of the Indian Navy equipped with a versatile range of weapons & sensors capable of addressing threats in all 3 dimensions.

Small savings interest rates unchanged

The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the July-September quarter. PPF and NSC will fetch annual interest rate of 7.6% while KVP will yield 7.3% and mature in 11 months. The move is aimed at matching the hardening interest rates in the banking sector.

Brazil & India firm most vulnerable to hikes

According to a report from Mckinsey Global Institute, a 200 basis-point increase in interest rate would spark a sharp price in corporate debt especially in case of Brazilian and Indian firms. This is seen as central banks of many emerging economies have raised interest rates, a similar thing done by RBI. It also said advanced economies would be protected from such increase of interest.

HDFC bank to offer Digital Loans

HDFC Bank has launched its Digital Loans against Mutual Funds in partnership with transfer agent CAM. Customers will be able to leverage their mutual fund portfolio to avail funds for any emergencies without liquidating their investments. The ticket size of the loans will range from Rs 1 lakh to Rs 1 crore at an interest rate of 10.5 -11%.

CBDT facilitates seamless tax payment

The Central Board of Direct Taxes (CBDT) released a one-page simplified Income Tax Returns Form-1 ‘Sahaj’ for the assessment year 2018-19.It can be filed by an individual having income up to Rs.50 lakh and who is receiving income from salary, one house property/other income such as interest. This initiative benefited around 3 crore taxpayers, who filed their return in this simplified Form.

Rivigo ties up with IDFC & YES Bank

Rivigo is tying up with YES Bank, IDFC and 10 other financial institutions to make cheaper funds available to truck owners and operators on its platform. The funds will be available at an interest rate of 1-2% per month, lower than the usual industry standard of 2-3%. Rivigo is a homegrown logistics start-up that owns as well as acts as an aggregator of trucks.

Equitas Bank ties up with CSK

Equitas Small Finance Bank has launched a new =Yellow Army Savings Account‘ to increase its customer base through its association with Chennai Super Kings. The yellow army savings account will offer an interest rate of 6% per annum for balance below Rs.10 lakh and 6.5% per annum for balance above Rs.10 lakh. Equitas will be the principal sponsor of CSK and the banking partner of CSK for 3 years.

Bharti Defence delivers C-162 to Coast Guard

Bharati Defence and Infrastructure Ltd., Mangaluru, delivered an interceptor boat, C-162, to the Indian Coast Guard on its premises. Sixth in a series of 15 high-speed interceptor boats being procured by the ICG, C-162 was launched on January 31 at BDIL. The Indian Coast Guard protects India‘s maritime interests and enforces maritime law. It is headquartered in New Delhi.

EPFO fixes interest rate at 8.55 %

The Employees’ Provident Fund Organisation, EPFO has declared 8.55% interest rate for 2017-18 for its about 5 crore members, the lowest in five years.The move will affect around 6 crore subscribers and leave EPFO with a surplus of Rs 586 crore against Rs 695 crore in the previous financial year. Cut comes at a time when returns on debt funds have decreased to 6.75% from 7.5-8% last year.

Centre to consolidate small savings laws

In a bid to consolidate the legislations pertaining to small savings schemes, the government is proposing a merger of the various laws into a Government Savings Promotion Act.The government gives highest priority to the interest of small savers. In order to remove existing ambiguities due to multiple Acts and rules for small saving schemes, the government has proposed merger.