SBI to cut interest on education loan

Sunday, February 26, 2012

State Bank of India (SBI) has taken in-principle decision to slash interest on education loans by up to 1 percentage point. “The bank has taken in-principle decision to cut (interest on) education loan,” SBI Managing Director and Chief Finance Officer Diwakar Gupta told PTI.

“Announcement would be made soon. The bank will issue the notification shortly,” he added.

Without giving details of quantum of rate cut, he said, it may be up to 100 basis points.

Interest rates on education loans range from 12.25 per cent to 14.50 per cent, depending on their quantum and the duration.

The education loan book of SBI constitutes under 7 per cent of its Rs 1.75 lakh crore retail loan portfolio. In the quarter ended December, the bank saw its education loan books swell by 14.17 per cent.

SBI is also offering a concession of 50 basis points on interest rates for loans given to female students.

Earlier this month, SBI Chairman Pratip Chaudhuri had said the possibility of a reduction in base rate at this point of time looks bleak as the bank has absorbed last three RBI policy rate hikes without raising its base rate.

The lender’s base rate stands at 10 per cent as of now, which is the lowest in the country.

About the possible slashing of home loan rates, he had said the possibility was “less.”

“The possibility of (reduction) in home loans is less as the rate is 10.50 per cent and the base rate is 10 per cent. Hence, the possibility is less. Moreover, the tenor of a home loan is 25—30 years, (so) we have to think about it a lot,” Mr. Chaudhuri had said.

He, however, had said in case of further CRR cut by the central bank, the entire rate structure will come down.

On January 24, the Reserve Bank had reduced the cash reserve ratio (CRR) by 0.5 per cent to 5.5 per cent to infuse liquidity into the system, and indicated a reversal of tight money policy stance.

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Raja accuses CBI of creating ‘false witness’

Friday, December 23, 2011

Former Telecom Diplomat and the key accused in the 2G scam A. Raja on Fri accused the Central Bureau of Investigation in a City retinue of making his ex-aide Aseervatham Achary a "specious witness" to declare against him.

"He is a created incorrect attestor and this is my supreme showcase," senior advocate Sushil Kumar, who is defending Mr. Aristocrat, contended before Primary CBI Judge O.P. Saini.

Mr. Achary, Mr. Raja's quondam additional clubby helper and a key CBI undergo in the cover, in his buildup gave details of how Mr. Patrician was in regularised deed with additional accused corporate honchos and their companies which were acknowledged spectrum in infringement of law.

Mr. Kumar, breed examining the signer, further contended that Mr. Achary's evidence on Weekday of state threatened by a individual movement in the grounds gathering was a "drama" which was motivated to impact the pending bond orison of Mr. Raja's late backstage desk and co-accused R.K. Chandolia which would be heard by the Dominant Deference on Jan 2.

"This complete episode was meant for Jan 2 when Chandolia's recognizance is coming in the Dominant Solicit as he (Mr. Achary) told the authorities that the organism threatening him was motion with Chandolia," Mr. Kumar far said.

At this present, the adjudicate desired to bang whether Mr. Achary had earlier complained near any threat to his story.

"He (Mr. Achary) did not say anything originally and had he said it then it would love been on list and some of them (accused) would not get got bail," the jurist said.

Mr. Patrician, who had refused for over a period to cover investigate witnesses expression he would not do so deedbox the CBI files its bag train paper and completes its penetrate in the containerful, started his vindication on Weekday by skeptical Mr. Achary.

The CBI had filed the base criminate wrapper on Dec 12 after which Mr. Raja had said that he module span investigate witnesses only when unexclusive servants oust on the emerge of governing insurance.

Mr. Aristocrat had posed several questions to Mr. Achary ranging from his conversation with past corporate lobbyist Niira Radia to oftentimes dynamical his abode and transferable numbers.

Mr. Achary had on Thursday complained to the justice that he was receiving threats from a individual nowadays in the courtroom who was motility with Mr. Chandolia in the greeting.

The man, who had proven to run off, was caught but was free in the evening after the Delhi personnel saved no prospect to capture him after interrogating him.

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2G: Behura’s bail plea dismissed

Friday, December 16, 2011

The Delhi Squeaking Authorities Weekday dismissed the recognisance exertion of former medium intimate Siddhartha Behura, one of the 14 accused in the 2G spectrum percentage swindle.

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Indian Rupee hits low against dollar

Tuesday, November 22, 2011

The Indian rupee closed at a record low against the dollar in Mumbai on Tuesday, amid growing dollar demand by Indian oil refiners and other importers.The rupee was down to 52.21 to the greenback at the close of markets after touching 52.73 during the day. The rupee closed at 52.15 on Monday.

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1996 Telecom Scam - Sukhram sentenced to five year jail

Sunday, November 20, 2011

Former Telecom Minister Sukhram sentenced to five year imprisonment on Saturday by  Delhi Court after being convicted of taking Rs 3 lakhs as bribe to give a lucrative contract to a Haryana Telecom Ltd(HTL)  in 1996.

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