State Bank of India Slashes Deposit Rates by 25-50 bps

The State Bank of India(SBI) slashes the deposit rate by 25-20 bps on the deposits for five years of term or more. The reduction in the deposit rate will is adverse for the depositors as they will get less on their deposited amounts. It is expected the cut in the deposit rate due to the current market and slow credit.

Financial sectors are guarding their liquidity considering the current market trends. For the second time the SBI declared cut in the deposit rates. Earlier, SBI had declared a cut of 25 bps on all the maturities. The cut in the deposit rates to be effective from November 9, 2009.

The State Bank of India has reportedly extended its special home loan scheme ‘My Home’ till March of next year. The scheme was launched in August 2009, the bank extended due to go good response to the scheme from the customers.

Top Banks in India

Banks are the best financial institutes on which people can bank upon. Both nationalized and private banks in India are contributing a lot to the Indian economy. State Bank of India is one of the good bank and among top banks in India. SBI is also listed in the Forbes list. It is believed that SBI has maximum number of ATMs in India as comparing to other nationalized and private banks.

Banks in India play vital role in agriculture through their credit and other policies. The directions from the Apex bank - RBI to these banks help them advancing loan to farmers from time to time. There are 27 public sector banks in India and 19 are nationalized banks.

Here is the list of nationalized banks in India:

State Bank of India, Allahabad Bank, Andhra Bank , Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab National Bank, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India and Vijaya Bank.

Private Banks:

Axis Bank, Bank of Rajasthan, Catholic Syrian Bank, City Union Bank, Development Credit Bank, Dhanalakshmi Bank, Federal Bank, HDFC Bank, ICICI Bank, IndusInd Bank , ING Vysya Bank, Jammu & Kashmir Bank , Karnataka Bank , Karur Vysya Bank , Kotak Mahindra Bank , Laxmi Vilas Bank, Nainital Bank Ltd, Ratnagar Bank, SBI Commercial and International Bank, South Indian Bank Ltd, Tamil Nadu Mercantile Bank and Yes Bank.

Source: Wikipedia

50 Crore Telecom Subscribers in India

Telecommunication revolution has change the India, now you come across a person will be having a mobile or nay phone connection. The market is growing and the demand of the mobile usage is on rise. India is the best destination for the major telecom players of the world.

Recently, Telecom Regulatory Authority of India (TRAI) has intimated that the number of base subscribers in India has reached to the mark of 50 crore subscribers (500 million)in September 2009. It was speculated that the number of subscriber could reach to the tune of 50 crores (500 million) by 2010.

Many major telecom companies in India have been in the race to lure customers through introducing various new plans and schemes. The usage of mobile is also very high and depending on the features. The TRAI's report on the subscribers is a good sign for the telecom companies to follow up their existing plans to lure more customers. It is also expected that by 2020 the India could rank first in world for having highest number of telecom subscribers.

What is new in the India's New Defence Procurement Policy?

It is believed that the new revised defence policy of India will help the domestic companies and industries. The policy help Indian companies, firms and industries to have joint ventures with foreign companies. India is the big importer of arms and the policy too help in developing concept of 'Buy and Make'.

The new defence policy is effective from the 1st November. It is big push to the Indian firms, companies and industries in the defence market. It can be considered as protection measure for the domestic companies.

There are mixed reactions over the new defence police in India. On the business side, its is one of the best move the help the industries. But the main question rises -whether India is going to be successful implementing the concept of ' Buy and Make'. Certainly, the new policy is encouraging India industries and it allows companies to access the vast defence market in the world.