interest

Countries with highest NPAs: Report

India has the highest level of NPA among BRICS countries and is ranked fifth on a list of countries with the highest levels of NPAs. It is according to a report by CARE Ratings. The countries ranked higher than India are Greece, Italy, Portugal, and Ireland. NPA is defined as a credit facility in respect of which the interest has remained ‘past due’ for a specified period of time.

Govt cuts small savings interest rate

The government has cut the interest rate on small savings schemes, such as Public Provident Fund (PPF) and National Savings Certificate (NSC), by 0.2 percentage points for the January-March quarter. PPF and NSC will now fetch a lower annual rate of 7.6%.Since April 2016, interest rates of all small saving schemes have been recalibrated on a quarterly basis.

BCCI Appoints Saba Karim as GM

Former India wicket keeper Saba Karim has been appointed as General Manager of the BCCI. Karim will assume office from 1st January and he will report to CEO Rahul Johri. The General Manager’s post has been lying vacant since the resignation of MV Sridhar in September over the issue of conflict of interest. Sridhar passed away on October 30th, 2017.

Import duty increased on Chana & lentils

The government has decided to impose 30% import duty on Chana (Chickpeas) and Masoor (Lentils), with immediate effect. Production of Chana & Masoor are expected to be high during the forthcoming Rabi season.To protect the interest of the farmers Government has decided to increase the said import duty. At present, tur attracts 10% import duty.

OPV ICGS ‘Sujay’ commissed

Indian Coast Guard Ship “Sujay”, the sixth in the series of six 105m Offshore Patrol Vessel was commissioned at Goa.‘Sujay’ meaning ‘Great Victory’ is projection of Indian Coast Guard’s will and commitment “To serve and Protect” the maritime interest of the nation.This 105 meter OPV has been designed and built indigenously by Goa Shipyard Ltd.

Walt Disney buys Murdoch’s Fox for $52bn

Walt Disney has agreed to buy the bulk of 21st Century Fox’s business for $52.4bn.Purchase extends Disney’s global reach, adding media company Star India & Fox’s interests in Sky plc & Tata Sky to its portfolio.Disney will get majority control of video streaming service Hulu, which is partially owned by Comcast & Time Warner.Fox will form a news-focused company with its remaining assets.

US Federal Reserve raises interest rate

US Federal Reserve raised its interest rates by .25%, the third rate rise this year.Officials also boosted economic forecasts, projecting 2.5% growth in GDP in 2017 & 2018.Fed expects to make 3 further increases in rates next year, unchanged from its previous forecast.The move marks a retreat from ultra-low rates that were put in place during financial crisis to boost economic activity.

Syndicate Bank cuts MCLR by 0.05%

Syndicate Bank has slashed the marginal cost based lending rate (MCLR) by 0.05% for select maturities.The bank has cut the overnight, 1-month and 3-month MCLR by 0.05% each to 7.95, 8 and 8.05%.MCLR for 6 month & 1 year lending have been kept unchanged at 8.25% and 8.45%.Banks review their MCLR rates on a monthly basis, which is relatively a new method of charging interest on advances.

Suresh Prabhu to attend WTO meeting

Commerce & Industry Minister Suresh Prabhu will attend the 11th Ministerial conference of WTO in Buenos Aires, Argentina.He will not only have to safeguard the interests of Indian farmers, but will have to put his foot down on blocking introduction of new issues such as e-commerce.The basic purpose of trade remains development & hence Doha Development Agenda will be very much on the table.

Sushil Kumar quits as National Observer

Double Olympic medallist Sushil Kumar has quit his role as a National Sports Observer for wrestling a fortnight after Mary Kom stepped down from the same post for boxing.He was among 12 national observers appointed by the then Sports Minister Vijay Goel. Since both the athletes are still active in their respective fields, sports ministry felt that this could be seen as a conflict of interest