RBI repo rate cut: What to do as a bank FD investor
- The banks also cut the deposit rate if liquidity is comfortable.
- The interest on FDs will fall in the immediate future.
- Punjab National Bank on 3 oct16 had cut interest rates on FDs of various maturities by up to 0.3 per cent.
- State Bank of India is currently offering 7.15 per cent on its one-year deposit.
- HDFC Bank and ICICI Bank are offering 7.25 per cent on 1-10 year deposits.
- Corporate FDs have also fallen in the last month.
SEBI to audit its own governance standards
- The Securities and Exchange Board of India (SEBI) has decided to practice what it preaches in the area of corporate governance and board structure.
- The capital market regulator is also in favour of inducting a woman board member just like the norm for listed companies.
- U.K. Sinha says that the whole-time members will only cooperate and offer assistance while doing it.
- It decided that independent board members will evaluate SEBI’s performance said by SEBI Chairman U.K. Sinha.
Looming threat! Automation risks 69 per cent jobs in India, says World Bank
- Automation threatens 69 per cent of the jobs in India, while 77 per cent in China, according to a World Bank research.
- They continue to encourage more investment in infrastructure to promote growth.
- Research based on World Bank data has predicted that the proportion of jobs threatened in India by automation is 69 per cent.
- In China it is 77 per cent and in Ethiopia, the percentage of jobs threatened by automation is 85 per cent.
Vedanta to raise up to Rs 1,250 crore through NCDs
- Mining major Vedanta Today(5.10.16) said it will raise up to Rs 1,250 crore through issuance of non-convertible debentures (NCDs).
- They approved issuance of non-convertible debentures up to Rs 1,250 crore.
- Last week, on September 30, Vedanta elevated GR Arun Kumar as the Chief Financial Officer (CFO) of the Vedanta Group.
- Kumar will be the CFO for both London-listed Vedanta Resources as well as BSE and NSE-listed Vedanta Ltd, like the outgoing CFO D D Jalan.
E commerce war: Flipkart clocks record Rs 1,400 cr in single day sales; can Amazon match up?
- Flipkart, Amazon and Snapdeal to outperform each other, Flipkart, the Bengaluru-headquartered company seems to be in an advantageous position as of now.
- The company’s Big Billion Days sale is on between 2-6 October 16.
- Flipkart said the company recorded its highest-ever single day sales on Monday and sold products worth Rs 1,400 crore.
- On 3 oct 16 sales was more than double of what the company achieved in a single day sales last year.
- In 2014, Flipkart had clocked sales of about Rs 650 crore.
Cabinet approves land to HLL Lifecare to set up Medipark in Chennai
HLL Lifecare Ltd, received approval from the Union Cabinet to sub-lease 330.10 acres of land at Chengalpattu, in the outskirts of Chennai, to set up a medical devices manufacturing park (Medipark) through a special purpose vehicle.
- The Medipark would be the first manufacturing cluster in the medical technology sector in the country.
- The government has announced that the Medipark will be completed over a period of seven years, developed in various phases.
Cabinet paves way for India-European Union MoU on water cooperation
- The Union Cabinet on 5 oct 16 gave its approval for the signing of Memorandum of Understanding (MoU) between India and the European Union in the field of water resources.
- The decision was taken at a cabinet meeting here chaired by Prime Minister Narendra Modi.
- The MoU envisages strengthening the technological, scientific and management capabilities of India and the European Union in the field of water management on the basis of equality, reciprocity and mutual benefit.
- It provides for technical exchange on water issues, including on integrated water resource management plans within river basins and through study visits.