Axis Bank partially reverses rate cut on bulk deposits
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Private sector lender Axis Bank on Friday partially reversed the 100-basis-point (bps) cut in the interest rates on fixed deposits of more than R5 crore that it had effected on November 25. The lender will now pay interest at the rate of 6.25%, as against 5.5% till Thursday.
The move comes even as most banks are reducing rates on term deposits amid a flush of liquidity resulting from the government’s decision to withdraw the legal tender status of old R500 and R1,000 notes. Banks received deposits worth Rs 11.55 lakh crore since.
November 10, R Gandhi, deputy governor of the Reserve Bank of India, said on Wednesday. State-owned lender Bank of India reduced rates on deposits of more than Rs 10 crore of maturities between one year and less than eight years by 40 bps to 5.1%.
Other Latest News
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Voting in the first phase of the Lok Sabha elections 2024 started early morning on Friday. The first phase will see 102 out of 543 Lok Sabha seats go to polls in 17 states and four Union Territories (UTs).
Social networking service Instagram launched a new feature aimed at encouraging voters to participate in the elections. Upon opening the app, Instagram gives an alert on top which says, "Voting in India’s Lok Sabha elections starts today, April 19."
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The Supreme Court on Friday asked yoga guru Ramdev to implead the complainants, who have lodged cases against him over his alleged remarks against the use of allopathic medicines during the Covid pandemic, as party in his plea seeking stay of criminal proceedings.
The Patna and Raipur chapters of the Indian Medical Association (IMA) have lodged complaints in 2021 alleging Ramdev's remarks were likely to cause prejudice to Covid control mechanism and may dissuade people from availing proper treatment.
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Shares of Bharat Petroleum Corporation Ltd (BPCL) were down by 4.2 per cent at Rs 560.20 intraday on Friday.
Similarly, other oil and marketing companies (OMCs) such as Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) slumped 4.1 per cent each at Rs 162.20 and Rs 457, respectively in intraday deals.
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Cryptocurrencies fell heavily and bitcoin broke below $60,000 on Friday in a rush out of risky assets following reports of an Israeli missile strike on Iran.
Bitcoin slid more than 5.5 per cent to $59,961 in the Asia session as the US dollar rose broadly. Ether fell by a similar margin, dropping below the $3,000 barrier to $2,895.
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Israeli missiles targeted a site in Iran in response to a recent drone and missile attack launched by Iran, reportedly in retaliation against an alleged Israeli airstrike on Iranian embassy in Syria, according to a report in ABC News.
ABC News reported on the unfolding situation, amid fears that the clash between Israel and Iran might escalate into a wider regional conflict.
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