BOI & Syndicate Bank lower rates by 5 to 10 bps

The Reserve Bank of India on Tuesday lowered the repo rate plan at which it lends to banks by 25 basis points to 6.25%. Syndicate Bank and Bank of India have taken a sign from the Reserve bank of India and reduced MCLR (Marginal Cost of Fund Based Lending Rates) in the scope of 5 to 10 basis points. Higher banks like ICICI Bank and State Bank Of India (SBI) bank already reduced their lending rates a few days before this policy was declared.

The policy of calculating base rate according to the marginal cost of funds comes into occurred from April 1, 2016. All banks are following after the (MCLR) Marginal Cost of Fund Based Lending Rates, another uniform system which guarantees reasonable interest rates to borrowers and also to banks.

For a term of one year, the new rate for Bank of India stands at 9.35%, against 9.40% prior; while new rate for Syndicate Bank stands at 9.45% against 9.55%. The new rates are effective from October 7 2016, Friday. Country’s biggest bank State Bank of India and another biggest bank ICICI bank reduced rates by 5 bps to 9.05% for one year with effective from October 1, 2016.

However, this is great news for everyone who is looking for a loan. This is Diwali come early for them, with the repo rate cut translating into lower interest rates on their loans.

October 7, 2016 / by / in , , , , ,
Allahabad High Court upholds validity of Patwari land acquisition

The Allahabad High Court upheld the justice of the land acquisition notice and also the award of compensation to landowners or farmers of Patwari village in Greater Noida, Gautam Budh Nagar. Nearly 1500 farmers were affected by the acquisition. Compensation of over Rs 500 crore has already been paid to the farmers and the majority are not against the acquisition. Construction work on the land has already started.

A huge number of writ petitions filled by landowners against the land acquisition procedures, a division bench comprising that there is no illegality in the award, nor can it be quashed on the grounds urged by the petitioners. The order was passed on writ petitions filed by several other farmers of Patwari village who had scrutinized the legality and validity of the award dated July 10, 2015 passed by extra district magistrate (land acquisition) of Greater Noida.

October 6, 2016 / by / in , , , , ,