Category: Business

FDs now with floating rates

SBI is all set to offer floating interest rates on term deposits. The floating rate term deposit product will offer no guarantee on returns, as the interest will change with the revision of base rates.

So, if a depositor wants flexibility in returns, then he can go in for the floating option, said Central Bank of India Executive Director Arun Kaul said.

LIC, HDFC Standard Life Get IRDA Fine

LIC and HDFC Standard Life have both been imposed on with a fine by Insurance Regulatory and Development Authority (IRDA) for non-compliance under the rural sector target during 2008-09, Finance Minister Pranab Mukherjee told the Lok Sabha.

Against the target of 25 per cent, LIC missed it by a whisker and could only underwrite 24.27 per cent of policies in the rural sector, he said. At the same time, HDFC Standard Life achieved just 12.85 per cent against the target of 19 per cent, he said.

India sees solution on Blackberry

BlackBerry-maker Research In Motion may provide some solution next week to help Indian security agencies access corporate email by obtaining encrypted data in readable format, a government source said on Friday.

Research In Motion (RIM) faces an August 31 deadline to give Indian authorities the means to track and read BlackBerry Enterprise email and its separate BlackBerry Messenger service.

Floating interest now an option

State Bank of India, the country leading bank is about to offer floating rates of interest on fixed deposits thereby giving higher returns to the depositor depending upon market conditions.

Even though the Reserve Bank of India had permitted banks to offer floating interest, SBI is providing it from 6th September this year.

Tycoons set to buy jets

A growing number of Indian billionaires are getting ready to purchase and register their personal jets – the ultimate luxury for travelling, as 157 new private jets are expected to occupy the country’s airspace over the next one year.

India which is currently placed 18th in the world will jump up to the 4th position for corporate jets in a country. At the moment, with 111 registered jets, India is far ahead of China which has more billionaires.

Gold surges

Prices of gold rose by Rs. 50 yesterday to touch a seven week high of Rs. 18,950 per 10 grams in the bullion market on account of the festive season.However,...

Vendata deal raises eyebrows

The petroleum Ministry has pulled a wet blanket over Vedanta group’s celebration for acquiring Cairn India as the ministry said it will approve the deal only if the interests of ONGC and minority investors are protected and total compliance with the production sharing contract Cairn India has with ONGC.

Blackberry sales drop

Sales of BlackBerry have been affected due to the spat between the Indian government and its manufacturer Research In Motion as some dealers in Mumbai have stopped ordering fresh stock of the mobile phone that has emerged as a status symbol for the rich and upcoming.

Ex-Satyam chief gets bail

Former Satyam chief B Ramalinga Raju, the prime accused in the multi-crore Satyam scam was granted bail by the Andhra Pradesh High Court with a condition to co-operate with the investigators and not to leave the country. He has also been asked to furnish two sureties of Rs. 20 lakhs each.

Mr. Raju languished in jail since January 2009 after he confessed to a Rs. 7,800 crore fraud in Satyam Computer Services Ltd., a company founded by him.

British Airways, Kingfisher tie up

A codeshare tie up between British Airways and Kingfisher Airlines which is on the anvil would facilitate seamless travel for passengers who could also enjoy benefits while travelling on their...