Tue, Apr 25, 2017 | updated 04:05 PM IST

After SBI, PNB and UBI cut base lending rate by up to 90 basis points

Updated: Jan 02, 2017 10:34 IST      
After SBI, PNB and UBI cut base lending rate by up to 90 basis points

New Delhi [India], Jan 2 (ANI): A day after Prime Minister Narendra Modi asked banks to prioritize their lending towards the poor and middle class, the country's top PSU lenders such as the State Bank, PNB and Union Bank announced a rate cut in their benchmark lending rates by up to 90 basis points.

Earlier, the country's largest lender, SBI reduced marginal cost of funds based lending rate (MCLR) by 0.9 percent from 8.90 percent to eight percent for one-year tenure, the bank said in a statement.

Flushed with funds after demonetisation, the base interest rate for other tenures, including one month, three months and six months, has been slashed by 0.9 percent. MCLR has been reduced by 0.9 percentage points to 8.10 percent for two-year term and 8.15 percent for three-year tenure.

Also, the Punjab National Bank (PNB) and Union Bank of India ( UBI) too have brought down the benchmark interest rate by up to 0.9 percent.

PNB has cut its one-year MCLR rate by 0.7 percent to 8.45 percent from 9.15 percent, effective today.

Yesterday, the Prime Minister had asked banks to pay special attention towards the need of poor and middle class.

Banks have moved to MCLR as their new benchmark lending rate from June, replacing the base rate system for new borrowers. It is calculated on the marginal cost of borrowing and return on net worth for banks. It was introduced by RBI to ensure fair interest rates to borrowers as well as banks. (ANI)

AKAI introduces new range of air conditioners

Updated: Apr 25, 2017 16:00 IST     

New Delhi [India], Apr 25 (ANI-NewsVoir): AKAI India launches a new series of high performance, energy efficient air conditioners this summer. The new range of air conditioners is developed with AKAI's cutting edge Japanese technology catering to the fast-evolving consumer demands.

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New Delhi [India], Apr 25 (ANI-Newsvoir): AKAI India on Tuesday launched a new series of high performance, energy efficient air conditioners this summer.

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Aye finance empowers expansion of south Indian MSMEs

Updated: Apr 25, 2017 15:41 IST     

New Delhi [India], Apr 25 (ANI): In order to empower the expansion of the Indian MSME sector , Aye Finance is delivering business loans against mortgage or simple hypothecation accessible to India's thriving and underserved MSME sector.

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New Delhi [India], Apr 25 (ANI-NewsVoir): Achieving two major milestones for its LNG re-gasification project at Jaigarh port in Maharashtra on the west coast of India, H-Energy Gateway Private Ltd. signed an agreement with ENGIE for chartering its FSRU GDF SUEZ Cape Ann.

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New Delhi [India], Apr 25 (ANI): According to credit-rating body ICRA, the growth of the renewable energy (RE) sector was driven by the large capacity additions in the wind and solar power segments.

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New Delhi [India], Apr 25 (ANI): Aiming to strengthen its engineering footprint in Eastern Europe, IT major Infosys Ltd. on Monday announced the opening of its first office and delivery center (DC) in Karlovac, Croatia.

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Rannvijay Singh to be face of The Spartan Poker

Updated: Apr 24, 2017 19:55 IST     

Mumbai [India], Apr 24 (ANI-Businesswire India): Popular actor/ TV host and youth icon, Rannvijay Singh has joined hands with The Spartan Poker, country's leading and most popular poker gaming portal as their first brand ambassador.

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New Delhi [India], Apr 24 (ANI): Global specialist in energy management and automation Schneider Electric India on Monday announced its signing of an agreement with Naya Raipur Development Authority (NRDA) for the development of the first green field integrated smart city of Naya Raipur, Chhattisgarh.

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New Delhi [India], Apr 24 (ANI-NewsVoir): The tremendous response that our existing Indiqube centres have received in Bangalore, we are now expanding our footprints in city's shared work space map with launch of four new centers in important areas in order to cater to the growing demand for shared spaces.

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Ola launches biggest driver partner engagement initiative

Updated: Apr 24, 2017 12:44 IST     

New Delhi [India], Apr 24 (ANI): Taxi aggregator Ola on Monday announced the launch of 'Ola Partners League' - a unique virtual cricket game for its driver partners.

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New Delhi [India], Apr 24 (ANI): International Management Institute (IMI) conducted its 33rd Annual Convocation Ceremony at IMI-New Delhi campus where it awarded 299 students of the premier Business School with diplomas.

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L&Technology Services wins smart city and campus project

Updated: Apr 24, 2017 11:36 IST     

New Delhi [India], Apr 24 (ANI-BusinessWireIndia): L&T Technology Services Limited, a leading global pure play engineering services provider, announced the development of Smart City and Campus solutions that will be used to develop a smart office campus in Israel for a leading technology company - a result of its expanded partnership with Microsoft.

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New Delhi [India], Apr. 23 (ANI-BusinessWireIndia): We welcome the PMO's intervention on the National Medical Device Policy (NMDP). We are thankful that the Government has acknowledged the importance of FDI (Foreign Direct Investment) in this sector and is now further consolidating the gains it has already made in this regard post bringing the FDI on automatic route. We are also hopeful that before the finalisation of the NMDP, MedTech associations like Medical Technology Association of India (MTaI) are also consulted.

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Jakarta [Indonesia]/Bangkok [Thailand]/Singapore City [Singapore], April 22 (ANI): Japan's Shimizu Corporation has a history of over 200 years in building safe and reliable infrastructure, protecting these structures against natural disasters, and promoting the concept of environmental sustainability.

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New Delhi [India], Apr 22 (ANI): eShopbox an end to end ecommerce service provider has now on-boarded with Affiliate fulfillment program of all three major ecommerce players like Amazon, Flipkart and Snapdeal.

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New Delhi [India], Apr 22 (ANI-NewsVoir): Mindmine Summit, one of India's most influential ideas exchange platforms organized by the Mindmine Institute, an independent think tank set up by Hero Enterprise concluded its 11th edition in the national capital today.

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