Turning negative towards India and its banking sector, global financial services giant UBS on Monday downgraded India from `overweight' to `neutral'.
While India suffered a decline in grade, the neighbouring economy of China was upgraded to `overweight'.
UBS said that it still liked India at the micro level a lot, adding that a re-rating of China over the coming weeks would likely make India comparatively "pale".
State Bank of India announced on Wednesday to scrap the teaser loan from May1 and on Thursday it witnessed a rise of 1.5% in its shares. Investors in the market are cheered with this move as they feel that it will be beneficial for the bank’s margins and now there is no need to make provisions for the teaser loan on its portfolio. They also think that this move will finally put back Reserve Bank of India together with SBI.
Mr. O. P. Bhatt, Chairperson talks with media a day before his superannuation about his working relation with RBI, on special home loans, deregulation of saving bank rate and why difference in opinion is healthy in public conversation.
People in the U. S. who had no jobs, no income, and no assets were given home loans which had resulted in sub-prime crisis. U. S. in last many years is dealing with appreciated real estate market with 5 to 10% appreciation every year. It is predicted that its real estate market will continue this trend for next few years also.
Official reports have confirmed that the Employees' Provident Fund Organisation, or EPFO, has increased the life insurance benefit ceiling for all its 4.7 crore members by as much as 66%, which means that the ceiling has been lifted from Rs. 60,000 to Rs. 1,00,000. In addition, the PF agency's board of trustees also relaxed the investment norms for deployment of workers’ saving in bond which are issued by companies. All the details were made public by EPFO at its Friday meeting.
The Board of Trustees of the Employees Provident Fund Organisation on Friday postponed a pronouncement on paying an elevated interest price on provident fund deposits for the 2010-11 financial years, however determined to make an investment in joint undertaking corporations in which the Government owns a minimum of 26% stake.
The EPFO's peak managerial board which met possibly could not consent on a higher interest charge for PF deposits for 2010-11.
Trade union agents have been demanding to raise the rate to 10.5% from 8.5%, which has been in effect for the preceding five years.
The pressures from the trade unions have forced EPFO to postpone the decision that was to be taken regarding the interest rates on provident fund deposits for 2010-11, the rates were asked to be elevated from 8.5% and
The organizations were permitted to invest funds in the in corporate bonds of joint venture companies as they have Government holdings of 26% by the Central Board of Trustees, which is the head decision making body of the Employees Provident Fund Organization (EPFO), stated official spokesman.
Axis Mutual Fund, promoted by Private lender Axis Bank, has announced the launch of its first equity fund, which will be called as ‘Axis Equity Fund’, a diversified equity fund benchmarked to the S&P CNX Nifty.
Mr Rajiv Anand, Managing Director & CEO, Axis AMC said, “We aim to offer total investment solutions to consumers and not just individual products. Our research has shown that there is a huge demand for simplicity and trust in financial services.''
Major housing finance companies have started to cut interest rates in the home loan segment, in line with interest rate cut announced by leading public and private sector banks for making the housing loans attractive and comfortable for the customers.
Today a number of measures have been taken by Securities & Exchange Board of India (SEBI). These measures will help to bring up investors' confidence in mutual fund schemes and lessens the cost of transaction. Now, the investors are free to negotiate the fee that they give to the agents during investing in mutual funds.