- IDBI, OBC, BOI raise deposit rates
- FDI in November dips by 7% to Rs. 51,968 cr.
GDP will grow 8.4% in next 5 years
IDBI, OBC, BOI raise deposit rates
Public sector lenders IDBI Bank, Oriental Bank of Commerce (OBC) and Bank of India (BOI) on Tuesday hiked interest rates on certain retail term deposit schemes on account of the higher interest rate scenario, in line with steps by some of their peers.
While IDBI and BOI hiked interest rates on retail deposits by up to 0.75% varying according to maturities, OBC went for an upward revision of 25 basis points on certain offerings.
The rate hike has been done in view of “credit demand, inflation and liquidity scenario“, IDBI said.
Vodafone deposit: SC to waive Rs. 25 cr. free
The Supreme Court on Tues New Delhi: The Supreme Court on Tues day said it would waive off the 1% court fee on the income tax department, on the `2,500 crore deposited by the Vodafone International Holdings, if the government gives an undertaking that it would not make claim of “unjust enrichments“.
A bench comprising Chief Justice S.H. Kapadia and Justices K.S. Radha krishnan and Swatanter Kumar expressed willingness to waive off the fee, if the government gives an under taking before it that it would not make “unjust enrichments“ if they lose their case against Vodafone.
“If you make statement that we will not make unjust enrichments claims if you lose (then we would)”, the bench said to attorney general Goolam E. Vahanvati, representing the government.
Vahanvati said the stake in this mat ter was big and he would make statement on Monday, after consulting the government.
Strong domestic demand will enable the Indian economy to register an average annual growth of 8.4% during next five fiscals, Ratings firm Crisil Ltd said on Tuesday.
Crisil said the Indian economy faced five key constraints, which if addressed, would accelerate growth to 10% annually on a sustained basis.
These involved quantity and quality of physical infrastructure, skill shortages among the workforce, faltering agriculture and high food inflation, less spending on health, education and physical infrastructure, and a governance deficit.
