Author: root

Top 7 Best FMCG Company Stocks To Invest in India 2021

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Hindustan Unilever Limited (HUL)

HUL was founded in 1931 as Hindustan Vanaspati Manufacturing Co. and was renamed Hindustan Lever Limited in 1956 after a merger of constituent organizations. In June 2007, the firm was renamed Hindustan Unilever Limited. The stock gained 54.25 percent over three years, compared to 43.81 percent for the Nifty 100 index. Over three years, the stock returned 54.25 percent, while the Nifty FMCG provided investors a 27.06 percent return. It is a large-cap firm in the FMCG industry with a market capitalization of Rs 587,391.95 crore. Surf, Excel, Dove, Lux, Lifebuoy, Clinic Plus, Wheel, Sunsilk, Knorr, Axe, and other well-known brands are among the popular brands.

ITC Limited

ITC Limited

ITC is India’s leading FMCG marketer, the clear market leader in the Indian Paperboard and Packaging industry, a globally recognized pioneer in farmer empowerment through its substantial Agri-Business, and India’s leading hotel network. ITC Infotech, a wholly-owned subsidiary of ITC, is a global digital solutions specialist. The stock has returned -23.08 percent over the last three years, while the Nifty 100 has returned 43.81 percent. With a market value of Rs 250,423.44 crore, it is a Tobacco-related Large Cap company.

Nestlé India

Nestlé India

The margin improvement was assisted by lower raw material costs, particularly milk. Recent price hikes in several other basic commodities, such as sugar and palm oil, may, however, restore some pressure in the second quarter. Sales through the e-commerce sector are rapidly expanding. Nestle India Ltd., formed in 1959, is a large-cap company in the FMCG industry with a market valuation of Rs 167,715.14 crore.

Britannia Industries

Britannia Industries

Biscuits are the company’s most well-known product. Biscuits, breads, and dairy products under the Britannia and Tiger brands are sold in India and over 60 countries across the world. The company with a 100-year history and yearly revenues of over Rs. 9000 crore. Britannia is one of India’s most trusted food companies, producing popular brands like Good Day, Tiger, NutriChoice, Milk Bikis, and Marie Gold, which are household names in the country. In March 21, Britannia Industries reported a flat financial result. In the last three months, the score has dropped from 7 to -5. It is traded on the BSE under the symbol 500825, the NSE under the symbol BRITANNIA, and the ISIN is INE216A01030. Over three years, the stock returned 22.8 percent, compared to the Nifty FMCG, which returned 27.19 percent.

Marico

Marico

Marico had revenue of Rs 73 billion (USD 1 billion) in 2019-20 from sales in India and other selected rising Asian and African regions. In the sectors of hair care, skincare, edible oils, health foods, male grooming, fabric care, and hygiene, Marico has cultivated over 25 brands. Over the last three years, the company has maintained a respectable ROE of 29.28 percent. The company’s promoters own 59.61 percent of the corporation. Over three years, the stock yielded 54.48 percent, while the Nifty FMCG yielded 27.19 percent.

Tata Consumer Products,

Tata Consumer Products,

Tata Consumer Products, a subsidiary of the Tata Group, is a fast-moving consumer products corporation located in Mumbai, Maharashtra, India. It is the world’s second-largest tea producer and distributor, as well as a major coffee grower. Tata Consumer Products Limited, formerly Tata Global Beverages Limited (TGBL), is a subsidiary of the Tata Group. Tata Consumer Products was founded in February 2020 when Tata Chemicals consumer products division joined with Tata Global Beverages Ltd. For the past three years, the company has grown its sales by 30.52 percent. Over three years, the stock returned 186.43 percent, while the Nifty FMCG provided investors a 27.19 percent return. The company has almost decreased its debt by Rs35 Crore.

Godrej Consumer Products

Godrej Consumer Products

Godrej Consumer Products Limited (GCPL) is a Mumbai-based Indian consumer goods firm. GCPL has seven manufacturing plants in India, divided into four working clusters. Over the last three years, the company has maintained a respectable ROE of 27.50 percent. The company has been able to keep its typical operating margins at a healthy level.

7 Best FMCG Company Stocks To Invest In India 2021

7 Best FMCG Company Stocks To Invest In India 2021

Company Name Price in Rs MARKET CAP in Rs P/E DIV. YIELD
Hindustan Unilever Limited 2,448.65 5,75,332.07 Cr. 72.33 1.65%
ITC 205.05 2,52,392.85 Cr 19.37 5.27%
Nestle India 17,506.70 1,68,792.10 Cr 78.17 1.14%
Marico 511.65 66,073.80 Cr 59.74 1.32%
Britannia Industries 3,670.05 88,399.87 Cr 50.23 1.69%
Tata Consumer Products 757.60 69,816.76 Cr 112.7 0.53%
Godrej Consumer Products 870.55 89,012.54 Cr 72.7 0.92%

Disclaimer

Disclaimer

Our content is designed for and must be used solely for the purpose of providing information and education. Before making any investment based on your own unique circumstances, it is critical to conduct your own analysis. If you want to rely on any information you see on our Website, whether for the purpose of making an investment choice or otherwise, you should seek independent financial advice from a professional or independently study and verify it.



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Axis Bank Revises Interest Rates On Fixed Deposit, Check New Rates Here

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Investment

oi-Vipul Das

|

Axis Bank, a leading private sector lender, has adjusted interest rates on fixed deposits (FDs) with effect from June 22, 2021. Axis Bank provides FDs with terms ranging from 7 days to 10 years. Axis Bank is providing a 2.50 per cent interest rate on FDs maturing between 7 and 29 days, a 3 per cent interest rate on FDs maturing between 30 days and less than 3 months, and a 3.5 per cent interest rate on FDs maturing between 3 months and less than 6 months. After the most recent adjustment, Axis Bank offers a 4.40 per cent interest rate on FDs maturing in six months to less than one year. For fixed deposits, maturing in 1 year to less than 1 year 5 days, the bank is now offering an interest rate of 5.10%.

Axis Bank Revises Interest Rates On Fixed Deposit, Check New Rates Here

Whereas, an interest rate of 5.15% is provided by the bank on deposits maturing in 1 year 5 days to less than 1 year 11days. On FDs maturing in 1 year 11days to less than 1 year 25days and 17 months to less than 18 months, the bank is now promising an interest rate of 5.10% after the most recent revision. An interest rate of 5.25% on deposits maturing in 18 months and less than 2 years is currently being provided by the bank. Axis Bank provides a 5.40 per cent interest rate on deposits maturing in 2 to 5 years, and a 5.75 per cent interest rate on deposits maturing in 5 to 10 years, after the recent revision.

Axis Bank FD Rates

Below are the latest fixed deposit interest rates of Axis Bank for a deposit amount of less than Rs 2 Cr:

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 2.50% 2.50%
15 days to 29 days 2.50% 2.50%
30 days to 45 days 3.00% 3.00%
46 days to 60 days 3.00% 3.00%
61 days to less than 3 months 3.00% 3.00%
3 months to less than 4 months 3.50% 3.50%
4 months to less than 5 months 3.50% 3.50%
5 months to less than 6 months 3.50% 3.50%
6 months to less than 7 months 4.40% 4.65%
7 months to less than 8 months 4.40% 4.65%
8 months to less than 9 months 4.40% 4.65%
9 months to less than 10 months 4.40% 4.65%
10 months to less than 11 months 4.40% 4.65%
11 months to less than 11 months 25 days 4.40% 4.65%
11 months 25 days to less than 1 year 4.40% 4.65%
1 year to less than 1 year 5 days 5.10% 5.75%
1 year 5 days to less than 1 year 11 days 5.15% 5.80%
1 year 11 days to less than 1 year 25 days 5.10% 5.75%
1 year 25 days to less than 13 months 5.10% 5.75%
13 months to less than 14 months 5.10% 5.75%
14 months to less than 15 months 5.10% 5.75%
15 months to less than 16 months 5.10% 5.75%
16 months to less than 17 months 5.10% 5.75%
17 months to less than 18 months 5.10% 5.75%
18 Months to less than 2 years 5.25% 5.90%
2 years to less than 30 months 5.40% 6.05%
30 months to less than 3 years 5.40% 5.90%
3 years to less than 5 years 5.40% 5.90%
5 years to 10 years 5.75% 6.50%
Source: Axis Bank, W.e.f 22.06.2021

Story first published: Saturday, June 26, 2021, 16:57 [IST]



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EPFO Has Asked These Bank A/c Holders To Update Their Bank Details In UAN

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Personal Finance

oi-Roshni Agarwal

|

EPFO- the provident fund managing body in the country has released a notice wherein it said “It is hereby notified that with effect from 1st April 2021 the IFSC of Andhra Bank, Oriental Bank of Commerce, Allahabad Bank, Syndicate Bank, United Bank of India and Corporation Bank has become invalid.”

How EPF Members Can Update Bank A/c Details In UAN?

EPFO Has Asked These Bank A/c Holders To Update Their Bank Details In UAN

Further it added that “Member needs to get the correct IFSC added through an employer as till then no online claim filing will be facilitated. Kindly get the correct IFSC from your bank and get the details uploaded and approved. This will ensure that member’s claim amount is not returned by banks.”

For the Updation of the UAN in EPF A/c, you need to follow the below specified process:

1. Go to EPF’s unified portal, login to your account using the credentials such as UAN and Password

2. Now you need to click on the manage tab and choose the KYC option from the Drop Down menu

3. Now you need to select the relevant documents, enter bank account number as well as IFSC. Click on save option

4. Now as and when the details are saved successfully, it shall show in the KYC i.e. pending for approval.

5. You need to also submit the documents with the employer. Now as and when the employer approves the same the status for the KYC shall change to Digital Approved KYC

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Slips towards $30,000 as strategists flag Bitcoin’s near-term risks, BFSI News, ET BFSI

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By Joanna Ossinger

Strategists are struggling to see a turnaround ahead for Bitcoin, at least for now, as the digital coin hovers around the $30,000 level.

The near-term setup is “challenging,” a JPMorgan Chase & Co. team including Josh Younger and Veronica Mejia Bustamante wrote in a note Friday, while Fundstrat Global Advisors LLC’s David Grider recommended reducing risk or buying some protection.

The JPMorgan team said blockchain data suggests recent cryptocurrency sales were made to cover losses and that “there is likely still an overhang of underwater positions which need to be cleared through the market.”

Bitcoin has halved from a peak near $65,000 in April, hurt by a cryptocurrency clampdown in China, tightening regulatory scrutiny elsewhere and concerns that the servers underpinning the virtual coin consume too much energy. The prospect of reduced emergency stimulus amid the recovery from the pandemic has also emerged as a possible obstacle for the most speculative investments.

Still, the JPMorgan strategists pointed to stability in the Bitcoin futures market as a positive factor, alongside the possibility of increased production costs as China’s crackdown pushes Bitcoin mining abroad. Some researchers argue the marginal production cost plays an important role in Bitcoin prices.

So while the “cryptocurrency market shows signs that it is not yet healthy, it does also appear to be beginning the process of healing,” they wrote.

The largest cryptocurrency fell as much as 6% to $30,296 on Saturday after dropping almost 8% on Friday. Other coins were also under pressure, with Ether dropping more than 5%. Some chart watchers view the $30,000 level as key for Bitcoin, contending a decline below it could open the way to retreat to $20,000.

Grider, lead digital asset strategist at Fundstrat, noted that a large short position has been building again on the crypto exchange Bitfinex — and said the last time there was a similar situation, negative news out of China took prices lower.



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Top 10 Lenders With The Lowest Interest Rates On Home Loans

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oi-Vipul Das

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When it comes to purchasing your dream house or let’s say the most valuable investment of your life, availing of a home loan can be the first preference of your personal finance. A home loan tenure generally ranges from 10 to 30 years, and you need to repay the amount you borrowed within the preferred tenure. The amount of your home loan is determined by the interest rate imposed by banks and HFCs. So when it comes to paying your home loan EMI (equated monthly instalment), interest rates play an important role. The bulk of home loans were available from lenders with floating interest rates which are linked to the external benchmark. As a result, home loan rates of lenders based on the loan amount may vary from one another. So if you want to add a home loan to your personal finance portfolio to purchase or construct your dream house, then here are the top 10 public sector, private sector banks and housing finance companies (HFCs) providing the cheapest interest rates on home loans for a loan amount of more than Rs 30 lakhs up to Rs 75 lakhs.

Home Loan Rates of Public Sector Banks

Home Loan Rates of Public Sector Banks

Currently, the cheapest home loan interest rate provided by a public sector bank is 6.65 percent by Punjab & Sind Bank, followed by Bank of Baroda and Punjab National Bank. Here are the top ten public sector banks that are currently providing the best home loan rates.

Banks Interest Rates In %
Punjab & Sind Bank 6.65 – 7.60
Bank of Baroda 6.75 – 8.25
Punjab National Bank 6.80 – 7.90
Central Bank of India 6.85 – 7.30
UCO Bank 6.90 – 7.25
Union Bank of India 6.90 – 7.65
State Bank of India 6.95 – 7.65
Bank of Maharashtra 6.90 – 8.40
Canara Bank 6.90 – 8.90
Bank of India 6.85 – 8.35
Source: Bank Websites

Home Loan Rates of Private Sector Banks

Home Loan Rates of Private Sector Banks

Currently, Kotak Mahindra Bank offers the lowest home loan interest rate among private sector banks, at 6.65 percent, followed by ICICI and Axis Bank. Here are the top 10 private sector banks offering the lowest home loan rates now.

Banks Interest Rates In %
Kotak Mahindra Bank 6.65 – 7.30
ICICI Bank 6.75 – 7.45
Axis Bank 6.90 – 12.0
HSBC Bank 7.20 – 7.75
Karur Vysya Bank 7.35 – 9.55
Karnataka Bank 7.50 – 8.75
Federal Bank 7.70
Dhanlaxmi Bank 7.85 to 9.00
South Indian Bank 7.95 to 9.45
Tamilnad Mercantile Bank 8.25
Source: Bank Websites

Home Loan Rates of Housing Finance Companies (HFCs)

Home Loan Rates of Housing Finance Companies (HFCs)

Bajaj Finserv currently provides the cheapest home loan interest rate at 6.75 percent among housing finance companies, followed by LIC Housing Finance and Tata Capital Ltd. Below are the top 10 housing finance companies providing the cheapest rates on home loans.

HFCs Interest Rates In %
Bajaj Finserv Ltd. 6.75 – 9.00
LIC Housing Finance 6.90 – 7.80
Tata Capital 6.90% onwards
HDFC Ltd. 7.00 – 7.55
PNB Housing Finance 7.35 – 9.55
Repco Home Finance 7.75 onwards
Indiabulls Housing 8.65 onwards
Aditya Birla Capital 9.00 – 12.50
GIC Housing Finance 9.10 onwards
Reliance Home Finance 9.75 – 13.00
Source: As per the official websites of HFCs

Story first published: Saturday, June 26, 2021, 15:00 [IST]



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Covid-19 impact: Federal Bank provides about 400 part-time jobs in Kerala

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Federal Bank on Saturday said it has provided 400-odd part-time jobs with a monthly salary of Rs 18,000 at its branches in Kerala so far, in a bid to help those who lost their employment due to the Covid-19 pandemic.

Designated as ‘Covid Wardens’, these people were hired to manage crowds, provide masks and sanitiser to the public visiting the branches in the State, it said.

The livelihood enhancement project was started as part of its corporate social responsibility (CSR) initiative in August 2020 and is continuing even now.

Federal Bank Chief Human Resource Officer Ajith Kumar K K said, “This is a part-time job given to tide over the situation, not a full-time employment.” The bank hired these people at a monthly salary of Rs 18,000 per month. About Rs 6 crore has been spent towards salary in the last 10 months, he said.

Since many had lost jobs due to the pandemic in the State there were requests for creating part-time jobs from several agencies and organisations.

“We thought of finding a way to provide livelihood to people who lost jobs due to the pandemic and help them tide over the economic hardship. That’s why we decided to hire such people,” he added.

Kumar further said crowd management at branches had become a big issue during the pandemic as the Kerala government has restricted entry of not more than five people at a particular time.

“Therefore, we thought hiring part-time ‘Covid Wardens’ will be helpful to both. We provided jobs to about 400-odd people in Kerala,” he said.

Hiring was done in Kerala because the State was having many positive cases at that time and moreover the footfall in branches were also high.

Whereas in other states, ‘Covid Wardens’ were not hired as there were security guards managing the crowd at bank branches, Kumar added.

Asked if the initiative will continue, Kumar said the bank will discontinue if the Covid-19 positivity rate falls below five per cent in a particular locality.

“We are keeping a close watch on positivity rate in the state,” he said.

Kumar also mentioned that the needy people were hired irrespective of their education qualification through reputed agencies and organisations, and the salary is being paid through these agencies.

Although there is a jobless situation in many sectors due to the pandemic, the bank however cannot take care of all jobless people, Kumar said. He added, “We are playing our small part under our CSR initiative.”

The Kochi-based Federal Bank said it spent the entire allocated CSR funds of Rs 35 crore during the 2020-21 fiscal. The bank expects the CSR budget for the current year would be around Rs 40 crore.

The bank has been implementing CSR initiatives for the last 10 years through the Federal Bank Hormis Memorial Foundation.

Among other CSR initiatives, the bank has spent Rs 4 crore on setting up a separate 100-bed ward with ICU facility in a hospital in Kochi. It is operating an outreach programme ‘Sanjivini Vehicle’ in five districts to create awareness about vaccination.

Besides, the bank provides scholarships for higher studies to 150 students, supplies to select health institutions, equipment required for treatment of neurological disabilities besides running skill academies to train local youth.

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3 Best Investment Options To Park Short Term Funds

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Investment

oi-Roshni Agarwal

|

If you have some funds and wants to earn good return from this fund that you almost want to redeem after some time i.e. wishes to make a short term investment, here are some good investment options:

3 Best Investment Options To Park Short Term Funds

3 Best Investment Options To Park Short Term Funds

Remember here the point made is these returns may or may not fetch you a higher return but may enable you to balance your total portfolio risk as a whole:

1. Arbitrage funds:

These funds tend to advantage from the price differential in the spot and futures market to generate handsome returns. Here in the fund manager managing the arbitrage fund buys securities from the cash market and simultaneously sells that in the futures or derivatives space, so this gives a profit to the investor.

For the investment, these are hybrid mutual fund products which invest both in debt and equity but primarily in equities and so accordingly are taxed at equity funds. In the last one year, the average return from the category has been to the tune of 3.2% as per Value Research.

2. Low Duration Mutual Funds:

These funds typically invest in money market and other debt instruments but they hold assets of longer maturity or lower credit quality. Hence they have a higher credit as well as interest rate risk.

In the case of low duration mutual funds, if the holding period is up to 3 years then short term capital gains tax at the individual’s tax slab rate are applicable.

And for a holding period of over 3 years, the indexation benefit is allowed for long term capital gains tax. Indexation means that for the purpose of capital gain calculation the purchase price can be increased to make up for the inflation. Long term capital gains are currently taxed at a lower rate of 20%.

3. Corporate Bond funds:

For short term investors can consider corporate bond funds with lower maturity. These are indeed the best funds which lend at least 80% of their corpus to companies to highest credit rating.

Investors with a time horizon of 2-3 years can invest in the scheme for a good return.

These funds offer investors a better return in comparison to fixed deposits of the same maturity.

Further, long term investment into these funds can be highly beneficial as they then offer tax efficient returns due to indexation benefits.

GoodReturns.in

Story first published: Saturday, June 26, 2021, 11:54 [IST]



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In Covid year, banking sector sees record profit of Rs 1 lakh crore, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The banking sector has recorded its highest ever profits of Rs 1,02,252 crore in FY21, a year when the economy was battered by the pandemic. This is a significant turnaround compared to a net loss of nearly Rs 5,000 crore for the industry in FY19.

Two banks — HDFC Bank and SBI — contributed half of the industry’s profits. Of the total profits, HDFC Bank at Rs 31,116 crore accounted for 30%, an 18% increase over the previous year. The country’s largest lender SBI accounted for another 20% at Rs 20,410 crore. The third-highest was ICICI Bank, which earned Rs 16,192 crore, more than double what it earned in the previous year. Private banks also gained market share as public sector banks (PSBs) went slow in lending.

The biggest turnaround was among PSBs which reported a collective net profit for the first time in five years. Only two of the 12 PSU banks — Punjab & Sind Bank and Central Bank of India — reported a net loss for the year. In the private sector, Yes Bank remained in the red with a net loss of Rs 3,462 crore as it continued to make provisions. However, for banks in the red, the losses were lesser than what they reported in the previous year.

The single biggest reason for PSBs to post such a Rs 57,832-crore turnaround was the end of their legacy bad loan problem. This burden reached a peak after the RBI forced banks to classify 12 large defaulting accounts, followed by another 40 accounts, as non-performing assets and initiate bankruptcy proceedings. Given the size of these exposures, the move resulted in loans worth Rs 4 lakh crore turning bad. By March 2020, banks had completed making provisions for most of these loans. Additional provisions were offset by large recoveries from earlier written-off accounts, and banks stopped bleeding.

According to rating agency ICRA, the profits for the current year were the windfall gains on bond portfolios of public banks account, which contributed two-thirds of their profits before tax in FY21. The rating agency added that barring SBI, profit from the sale of bonds exceeded the pre-tax profits of all other public banks. The profit from bond sales was higher than the Rs 20,000-crore capital infused by the government in FY21.

The value of government bonds rises when interest rates fall. The RBI’s aggressive move to keep rates low has reduced interest income but provided huge gains in treasury income. The year 2020-21 was also a year of consolidation for the 10 public sector banks that merged into four. Last year, the merging entities recorded huge losses in the fourth quarter before the merger, which contributed to the Rs 26,015-crore loss among PSU banks in FY20. This year, the acquiring banks made profits with Indian Bank topping the list at Rs 3,004 crore followed by Union Bank at Rs 2,905 crore.



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Top 5 Banks With Higher Interest Rates On 1-2 Year Fixed Deposits

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Investment

oi-Vipul Das

|

For investors who do not want to take a risk or do not have much exposure to market-based returns, fixed deposit (FD) investments are the most secure bet. Due to the guaranteed interest rates across the maturity period, a flexible tenure which generally ranges from 7 days to 5 years, high liquidity, DICGC insurance cover up to Rs 5 lakhs, additional interest rates to senior citizens, overdraft facility and so on, a fixed deposit investment is more appealing for investors who have both short-term and long-term goals. And when it comes to short-term goals of the customers, some banks are now currently offering higher interest rates than small savings schemes on short-term fixed deposits. So if you are an investor with a risk-averse attitude and want to invest for short-term, then here are the top 5 banks that are currently providing higher interest rates in the market on 1-2 year fixed deposits but for a deposit amount of less than Rs 2 Cr.

1-2 Year Fixed Deposits of Small Finance Banks

1-2 Year Fixed Deposits of Small Finance Banks

Generally, small finance banks provide higher and decent returns on fixed deposits than public and private sector banks. Here are the top 5 small finance banks with higher interest rates on 1-2 year fixed deposits.

Banks 1-year FD rates for regular customers 1-year FD rates for senior citizens 2-year FD rates for regular customers 2-year FD rates for senior citizens W.e.f.
Utkarsh Small Finance Bank 6.75% 7.25% 6.75% 7.25% 19.10.2020
Ujjivan Small Finance Bank 6.50% 7.00% 6.50% 7.00% 05.03.2021
ESAF Small Finance Bank 6.50% 7.00% 6.00% 6.50% 02.05.2021
Equitas Small Finance Bank 6.35% 6.85% 6.25% 6.75% 01.06.2021
Jana Small Finance Bank 6.25% 6.75% 6.50% 7.00% 07.05.2021
Source: Bank Websites

1-2 Year Fixed Deposits of Private Banks

1-2 Year Fixed Deposits of Private Banks

For a deposit tenure of 1-2 years, here are the top private sector banks offering higher returns on 1-2 year fixed deposits.

Banks 1-year FD rates for regular customers 1-year FD rates for senior citizens 2-year FD rates for regular customers 2-year FD rates for senior citizens W.e.f.
RBL Bank 6.10% 6.60% 6.10% 6.60% 01.06.2021
Yes Bank 6.00% 6.50% 6.00% 6.50% 03.06.2021
IndusInd Bank 6.00% 6.50% 6.00% 6.50% 04.06.2021
DCB Bank 5.70% 6.20% 6.00% 6.50% 15.05.2021
Karur Vysya Bank 5.00% 6.00% 5.50% 6.00% 11.01.2021
Source: Bank Websites

1-2 Year Fixed Deposits of Public Sector Banks

1-2 Year Fixed Deposits of Public Sector Banks

On fixed deposits for 1-2 years, these public sector banks are currently promising higher interest rates.

Banks 1-year FD rates for regular customers 1-year FD rates for senior citizens 2-year FD rates for regular customers 2-year FD rates for senior citizens W.e.f.
Union Bank 5.25% 5.75% 5.30% 5.80% 15.12.2020
Canara Bank 5.20% 5.70% 5.20% 5.70% 08.02.2021
Punjab & Sind Bank 5.15% 5.65% 5.15% 5.65% 16.05.2021
Bank of India 4.50% 5.00% 5.25% 5.75% 01.06.2021
State Bank of India 4.40% 4.90% 5.00% 5.50% 08.01.2021
Source: Bank Websites

Story first published: Saturday, June 26, 2021, 10:29 [IST]



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ED, BFSI News, ET BFSI

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A State Bank of India (SBI)-led consortium that lent loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said. Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore.

The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai.

These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.

“Today, SBI led consortium received Rs 5824.5 crore in its account from the sale of shares of United Breweries Limited.”

“The sale had taken place on 23.06.2021 as sequel to the transfer of the shares to the Recovery Officer by ED,” the central agency tweeted.

The rest of the shares worth about Rs 800 are “expected” to be sold and realised in the accounts of the SBI-led group of banks by June 25, it had earlier said.

The ED had issued a statement on Wednesday stating that about 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Mallya has been recovered so far due to its “swift” action in attaching and freezing their assets.

Mallya, who fled to the UK, is being probed by the ED and the CBI for a Rs 9,000 crore alleged bank fraud linked to the operations of his now defunct Kingfisher Airlines.

On Wednesday, the ED had said the banks had “recovered” Rs 1,357 crore by a similar sale of shares in the case against Mallya.

The liquor baron has lost his case against extradition to India and as he has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final, the ED had said.

Commenting on the development, Union Finance Minister Nirmala Sitharaman had tweeted on Wednesday that “Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered.”



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