Bank of Baroda, SBI to cut base rate from October 1
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Bank of Baroda said on Thursday it had cut the base rate by 0.35 per cent to 9.15 per cent with effect from Sunday.
State Bank of India has also revised interest rates on some retail domestic term deposits below Rs 1 crore. Revised interest rate on one-year retail domestic term deposit is 6.50 per cent for public and 7 per cent for senior citizens.
Bank of Baroda has revised base rate and BPLR, Bank of Baroda said in a regulatory filing.
The base rate, minimum rate below which a bank cannot lend, has been revised downward from existing 9.50 per cent per annum to 9.15 per cent per annum from October 1, 2017, the bank said.
The benchmark prime lending rate (BPLR), the method which charges interest on credit worthiness of customers, has also been cut to 13.45 per cent per annum from next month.
The BPLR is 13.80 per cent per annum currently.
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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