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Financial Briefing
FE NEWS SERVICE
ANZ Grindlays Bank hikes deposit rates: ANZ Grindlays Bank hiked interest rates on short-term deposits by half a percentage point (50 basis points) to one-and-a-half a percentage points (150 basis points) with effect from January 13. At the shortest end, the hike is the highest. Under the new structure, interest rate on 30 days up to 50 days and 61 days up to 90 days domestic term-deposit will fetch a uniform 7.5 per cent, up from two different slabs of 6 and 7 per cent, respectively. The rate on deposits of 91 days up to 365 days was increased by 0.5 percentage point, from 8 per cent to 8.5 per cent. Rates on domestic or NRO deposits over two years and up to five years remained unchanged. The interest rate on NRE deposits of six months up to one year was increased to 8.5 per cent from 8 per cent. The rate on NRNR deposits of six months up to one year has also increased from 8 per cent to 8.5 per cent.Syndicate Bank deposit rates: Syndicate Bank has hiked its deposit rates with effect from
January 15, 1998. This is for the second time, in less than a month, that the Manipal-based bank has hiked its deposit rates. The bank earlier announced a revision in deposit rates with effect from December 22, 1997. Under the new structure, while the interest rate on deposits of over one year to three years remains unchanged, term-deposits of over three years will now fetch 11.5 per cent against 11 per cent earlier. The interest rate on deposits of 46-90 days, 91-179 days and 180 days to one year has also been increased by 0.5 per cent. Bank of Baroda revises interest rates: Bank of Baroda announced revised its interest rates with effect from January 12, 1998. The bank has revised the interest rate for the first time after the credit policy. Under the new structure, domestic term deposits for 30 days to 45 days is 5 per cent, 46 days to 90 days is 6.50 per cent, 180 days upto one year is 8 per cent, over one year and upto two years is 10 per cent, over two years and up to three years is 10.50 per
cent and over three years is 11 per cent. On the NRNR deposits, for period exceeding 6 months upto one year, the interest rate is 10 per cent, over one year to 2 years the rate is 11 per cent and over two years to three years the rate is 12 per cent. Repo rate: The Reserve Bank of India on Tuesday announced a three-day fixed rate repo at seven per cent in government of India dated securities for parties holding SGL and current account. The Reserve Bank of India did not receive any application for its three-day fixed rate repo instrument in government of India dated securities. The interest rate for the three-day fixed rate repo was pegged at seven per cent. Sahai on IBA legal panel: SN Sahai, general manager, SBI has been appointed as the alternate chairman of the legal committee of the Indian Bank Association (IBA). Earlier, he was a member of the legal committee of IBA. At present, he is the head of the department of law at the central office of the State Bank of India. Bharat DiamondBourse risk cover: New India Assurance company has given a risk cover worth Rs 615 crore to Bharat Diamond Bourse(BDB) under-construction at the Bandra-Kurla complex, thereby making it the largest insurance policy for a single building complex in India till date. The insurance will provide cover for three years beginning from the year 2000. The construction cost of the complex is estimated at Rs 840 crore. BDB has already paid a cheque of Rs 13,202,370 last month as the first instalment of the total insurance premium which ammounts to Rs 3 crore. Moody's arm to review SBI credit portfolio: International rating agency Moody's subsidiary, Financial Performa Incorporated, will review the credit management system of State Bank of India. The rating agency will do a detailed analysis of the bank's credit portfolio and study the credit side of the bank. The agency will also analyse the cash flow of the bank.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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