· SBI Plans merger of 5 banks in 18 months
· ICICI, HDFC Bank hike lending rates
· SAIL, Afriplam plan African Steel plant
SBI Plans merger of 5 banks in 18 months
Country's largest lender State Bank of India (SBI) plans consolidation of remaining five associate banks with itself in the next 1218 months.
“The bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to 18 months”, finance ministry told the Standing Committee on Finance.
ICICI, HDFC Bank hike lending rates
India's two leading private sector lenders, ICICI Bank and HDFC Bank, on Wednesday increased their lending rates by up to 50 basis points, making home, auto and commercial loans dearer.
ICICI Bank also increased deposit rates by up to 50 basis points across various maturities. In a release, ICICI Bank said it has hiked base rate, the minimum lending rate, by 50 basis points or 0.5% to 8.25%, effective from Thursday.
For existing customers, it increased the benchmark prime lending rate by a similar percentage. HDFC Bank raised base rate by 45 basis points to 8.20%, effective from Thursday, bank officials said.
ICICI Bank said the existing fixed rate customers will not be affected by the rate hike.
For existing customers, it increased the benchmark prime lending rate by a similar percentage. HDFC Bank raised base rate by 45 basis points to 8.20%, effective from Thursday, bank officials said.
ICICI Bank said the existing fixed rate customers will not be affected by the rate hike.
SAIL, Afriplam plan African Steel plant
Steel Authority of India Ltd (SAIL), the nation's second largest producer, agreed with Afripalm Resources Ltd to build a 21 billion rand ($2.95 billion) South African steel plant to rival ArcelorMittal South Africa Ltd. “The mill will have a capacity of 3 million to 5 million tonnes a year and may take four to six years to build”, Afri palm chairman Lazarus Zim said on Wednesday. “As part of the agreement, Afripalm will begin distributing SAIL's products in Africa's largest economy”. Afripalm is delighted at the prospect of introducing healthy competition into the local market, Zim said.
