NITI bats for separate debt office in India

NITI Aayog Vice-Chairman Rajiv Kumar made a strong case for setting up an independent debt management office, saying better servicing of loans could lead to substantial reduction in India’s interest payments.At present, the government debt is managed by the RBI. The interest payment on the public debt is estimated to rise from Rs 5.3 lakh crore in 2017-18 to Rs 5.75 lakh in 2018-19.

SBI posts a quarterly loss for in 17 years

India’s largest lender State Bank of India (SBI) on Friday reported a loss of ?2,416.4 crore for the December quarter, marking its first quarterly loss in at least 17 years.The bank had reported a standalone profit of ?2,610 crore in the corresponding quarter last fiscal.The bank’s net interest income during the quarter rose to ?18,688 crore.

New interest rates for senior citizens

Mr. Jaitley made an effort to ease the cash flows of senior citizens that are largely dependent on interest income.The exemption limit on interest income on bank and post office deposits has been raised from ` 10,000 to ` 50,000 a year.The deduction available for health insurance premium and medical expenditure has been raised from ` 30,000 to ` 50,000.

IOB, NHB Tie up for Rural Housing Push

Indian Overseas Bank has signed an MoU with NHB for the Rural Housing Interest Subsidy Scheme of the Ministry of Rural Development.Aim of the RHISS is to provide subsidy for housing loans taken by those living in rural areas for construction and modifications of their dwelling units. The interest subsidy under the scheme is 3% for a loan amount of Rs2 lakh for 20-year tenure.

Paytm, IndusInd to provide FD facility

Paytm Payments Bank has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs 1 lakh at the end of the day.Paytm Payments Bank customers can redeem their deposits instantly, anytime without paying any pre-closure or miscellaneous charges. Customers can also earn up to 6.85 percent annual interest.

Government launches MyGov platform

The government has launched MyGov platform where interested people can give their considered view on the subject.The platform invites citizens, members of civil society, journalists etc to give their suggestions. The platform with people asking for different sorts of changes they would like to see in the coming days.

‘Electoral Bonds’ Scheme

The Centre unveiled the ‘Electoral Bonds’ scheme, which seeks to ensure the flow of clean money to political parties, without revealing the donors’ names.The electoral bonds will be a bearer instrument in the nature of a Promissory Note and an interest-free banking instrument.The bonds can be purchased for any value in multiples of ` 1,000; ` 10,000; ` 1 lakh; ` 10 lakh; and Rs1 crore.

SBI Reduces Base Rate

SBI announced a 30-basis-point cut in old lending rate benchmarks — Base Rate and Benchmark Prime Lending Rate.It is done to bring new year cheer to customers whose loans are still linked to these benchmarks.With effect from January 1, 2018, the revised base rate is 8.65 percent (8.95% earlier) for existing customers and Benchmark Prime Lending Rate is 13.40 percent (13.70%).

China developed surveillance network

China has developed a new underwater surveillance network to help its submarines get a stronger lock on targets while protecting the nation’s interests along the maritime Silk Road.The system, which has already been launched, works by gathering information about the underwater environment and detect threats.The project is led by the South China Sea Institute of Oceanology.

PNB hikes interest on term deposits

PNB has announced raising interest rates by up to 1.25% on domestic term deposits of up to Rs. 10 crore for different tenures, effective from Jan 1, 2018.For 1 yr term, rate has been increased from 5% to 5.7% on bulk term deposits.In maturity buckets of 3 yrs to 10 yrs, rate has been increased from 5% to 5.25%. In maturity bucket of 91 to 179 days, rate is up from 6 to 6.25%.