Banks told to share interest burden on crop loans
Amid hardening interest rates, the government has ruled out in a easing the subsidy to crop loans and instead asked PSU banks to share the burden of 1 -2% rise in interest rates.
“There is no proposal to raise interest subsidy of 2% on short-term crop loans, We have asked banks to share the burden and provide crop loans up to Rs 3 lakh at 7%,” said a senior finance ministry official. Sources said banks had recently urged the finance ministry to raise interest subsidy on farm loans, but without any success so far.
CENTRAL BANK OF INDIA REVISED INTEREST RATES ON NRE & FCNR - B DEPOSITS
Central Bank of India has revised upward interest rates on NRE and Foreign Currency Non-Resident (B) deposits across all maturities, with effect from 1st June 2007.
Interest rates on NRE Time Deposit has been revised one year to less than two years to 5.39 per cent from 5.30 per cent, for two years to less than three years to 5.32 per cent from 5.06 per cent and for three years to 5.30 per cent from 5.01 per cent.
Interest rates on FCNR-B deposit in USD are also revised upward to 4.64 per cent for one year to less than two years from 4.55 per cent, 4.57 per cent for two years to less than three years from 4.31 per cent, 4.55 per cent for three years to less than four years from 4.26 per cent, 4.55 per cent for four years to less than five years from 4.26 per cent and 4.57 per cent for five years from 4.29 percent.
Reliance Money plans kiosks at Barista outlets
KOLKATA: Coffee and coins have always made great partners. Reliance Money of the Anil Dhirubhai Ambani Group and Barista Coffee have entered into a strategic agreement for setting up the former’s retail kiosks at the latter’s retail outlets in the country. The financial distribution company of the Anil Dhirubhai Ambani Group also plans to unveil a buy-back scheme for its recently launched gold coins. It also intends to launch gold coins of smaller denomination sometime during Dhanteras and add a bit of excitement in the gold market.
