Haj Stampede: VK Singh Heads to Saudi Arabia for Helping Indian Nationals
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NEW DELHI: Minister of State for External Affairs VK Singh is being rushed to Saudi Arabia to coordinate with the authorities there to trace the missing Indians in the Haj stampede last month.
Mr Singh has been asked by External Affairs Minister Sushma Swaraj to leave tonight after Saudi government informed India that it will be interacting with individual countries regarding their nationals -both dead or missing.
The Minister of State will coordinate with the local authorities and strengthen the efforts of Consul General there.
"Haj Stampede -General VK Singh, MOS External affairs is going to Saudi Arabia today to help Indian nationals," Ms Swaraj later tweeted.
Yesterday, Ms Swaraj had tweeted that India has lost 58 nationals in the stampede while 78 were still missing.
The Minister said the government was making every effort to locate its people.
According to Saudi authorities, 769 Muslim pilgrims were killed in a stampede at the annual Haj near the holy city of Mecca on September 24. As per reports, tallies of the dead from foreign officials and media put the toll at 1,036.
The stampede broke out after two massive lines of pilgrims converged on each other at an intersection close to the five-storey Jamarat Bridge in Mina for symbolic stoning of the devil.
It was the second major accident this year for pilgrims, after a construction crane collapsed on September 11 at Mecca's Grand Mosque, killing over 100 people, including 11 Indians.
NEW DELHI: Minister of State for External Affairs VK Singh is being rushed to Saudi Arabia to coordinate with the authorities there to trace the missing Indians in the Haj stampede last month.Mr Singh has been asked by External Affairs Minister Sushma Swaraj to leave tonight after Saudi government informed India that it will be interacting with individual countries regarding their nationals -both dead or missing.
The Minister of State will coordinate with the local authorities and strengthen the efforts of Consul General there.
"Haj Stampede -General VK Singh, MOS External affairs is going to Saudi Arabia today to help Indian nationals," Ms Swaraj later tweeted.
The Minister said the government was making every effort to locate its people.
According to Saudi authorities, 769 Muslim pilgrims were killed in a stampede at the annual Haj near the holy city of Mecca on September 24. As per reports, tallies of the dead from foreign officials and media put the toll at 1,036.
The stampede broke out after two massive lines of pilgrims converged on each other at an intersection close to the five-storey Jamarat Bridge in Mina for symbolic stoning of the devil.
It was the second major accident this year for pilgrims, after a construction crane collapsed on September 11 at Mecca's Grand Mosque, killing over 100 people, including 11 Indians.
Bihar Elections Will Decide India's Future, Says Tejaswi Yadav
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PATNA: The Bihar assembly election will determine the future of India and Prime Minister Narendra Modi, says the cricketer-turned-politician son of Rashtriya Janata Dal (RJD) leader Lalu Prasad.
Tejaswi Yadav, 26, who once played with Indian Test cricket captain Virat Kohli, is confident that the Grand Alliance of the RJD, the Janata Dal-United and the Congress will win the October-November polls.
The importance of the five-phase election cannot be confined to Bihar, said the school dropout from Delhi who is contesting the election along with his elder brother Tej Pratap, both widely seen as Mr Lalu Prasad's successors in the RJD.
"The election will decide the fate of the country. Modi's future will also be decided by the Bihar election result," the younger Yadav, clad in a light colour cotton kurta pyjama, told IANS at the sprawling official residence of his parents.
"It will determine the policies and decisions of the government of India on land acquisition and reservation (of jobs and in education) for Dalits and OBCs."
Mr Tejaswi Yadav, as he is widely known, is contesting his first election. At home with both Hindi and English, he launched a bitter attack on Mr Modi, the Bharatiya Janata Party's main face in the Bihar battle.
"The BJP has double standards and a double face," he said.
"In his Lok Sabha election campaign, Modi promised two crore (20 million) jobs to youths every year, return of black money from abroad, Rs.15 lakh to each person from that black money, and control of price rise, and an end to corruption.
"Nothing has happened... Go and ask anyone from villages and towns, people will echo what I say."
Mr Tejaswi Yadav is contesting from the rural assembly constituency of Raghopur, a family fiefdom.
"We have been fighting for the poorest of the poor, the backwards and for social justice," he said, explaining his father's and the RJD's ideology of social justice.
The RJD leader denied charges that a victory for the JD-U and RJD would mean a return of 'jungle raj' in Bihar.
"Our rivals call us 'jativad' (casteist) as if we created caste. All of us know who has created caste and for what.
"Laluji only tried to give power to castes that were denied a share in development."
Like religion, caste was a hard reality, he said. "Most people have been guided by it from birth to death.
"If we are 'jativadi' because we talk about those who are yet to taste the fruits of development, then, yes, we are 'jativadi'."
Mr Tejaswi Yadav accused the BJP and Mr Modi of defaming Bihar.
"Bihar was defamed in the name of 'jungle raj' by vested interests because the son of poor parents (Lalu Prasad) reached the top in politics and tried to empower the poor.
"What about Gujarat when over 1,000 people were killed in broad daylight over a month in 2002? When houses, shops and businesses of one community were targeted? Was that 'mangal raj'?
Even today, he argued, the crime figure of BJP-ruled Jharkhand, Madhya Pradesh, Rajasthan, Gujarat and Maharashtra is far worse than Bihar's.
Mr Tejaswi Yadav pointed out how periodically Pakistani flags were raised in Jammu and Kashmir, which is ruled by an alliance of the Peoples Democratic Party and the BJP.
"Is that not a good example of 'jungle raj'?
"Bihar has been defamed and given a bad name due to the campaign of the BJP.
"The BJP is to blame for lack of industries in Bihar. Its propaganda about so-called lawlessness has created an image of Bihar which is not the reality and discouraged private investors," the RJD leader added.
PATNA: The Bihar assembly election will determine the future of India and Prime Minister Narendra Modi, says the cricketer-turned-politician son of Rashtriya Janata Dal (RJD) leader Lalu Prasad.Tejaswi Yadav, 26, who once played with Indian Test cricket captain Virat Kohli, is confident that the Grand Alliance of the RJD, the Janata Dal-United and the Congress will win the October-November polls.
The importance of the five-phase election cannot be confined to Bihar, said the school dropout from Delhi who is contesting the election along with his elder brother Tej Pratap, both widely seen as Mr Lalu Prasad's successors in the RJD.
"The election will decide the fate of the country. Modi's future will also be decided by the Bihar election result," the younger Yadav, clad in a light colour cotton kurta pyjama, told IANS at the sprawling official residence of his parents.
"It will determine the policies and decisions of the government of India on land acquisition and reservation (of jobs and in education) for Dalits and OBCs."
Mr Tejaswi Yadav, as he is widely known, is contesting his first election. At home with both Hindi and English, he launched a bitter attack on Mr Modi, the Bharatiya Janata Party's main face in the Bihar battle.
"The BJP has double standards and a double face," he said.
"In his Lok Sabha election campaign, Modi promised two crore (20 million) jobs to youths every year, return of black money from abroad, Rs.15 lakh to each person from that black money, and control of price rise, and an end to corruption.
"Nothing has happened... Go and ask anyone from villages and towns, people will echo what I say."
Mr Tejaswi Yadav is contesting from the rural assembly constituency of Raghopur, a family fiefdom.
"We have been fighting for the poorest of the poor, the backwards and for social justice," he said, explaining his father's and the RJD's ideology of social justice.
The RJD leader denied charges that a victory for the JD-U and RJD would mean a return of 'jungle raj' in Bihar.
"Our rivals call us 'jativad' (casteist) as if we created caste. All of us know who has created caste and for what.
"Laluji only tried to give power to castes that were denied a share in development."
Like religion, caste was a hard reality, he said. "Most people have been guided by it from birth to death.
"If we are 'jativadi' because we talk about those who are yet to taste the fruits of development, then, yes, we are 'jativadi'."
Mr Tejaswi Yadav accused the BJP and Mr Modi of defaming Bihar.
"Bihar was defamed in the name of 'jungle raj' by vested interests because the son of poor parents (Lalu Prasad) reached the top in politics and tried to empower the poor.
"What about Gujarat when over 1,000 people were killed in broad daylight over a month in 2002? When houses, shops and businesses of one community were targeted? Was that 'mangal raj'?
Even today, he argued, the crime figure of BJP-ruled Jharkhand, Madhya Pradesh, Rajasthan, Gujarat and Maharashtra is far worse than Bihar's.
Mr Tejaswi Yadav pointed out how periodically Pakistani flags were raised in Jammu and Kashmir, which is ruled by an alliance of the Peoples Democratic Party and the BJP.
"Is that not a good example of 'jungle raj'?
"Bihar has been defamed and given a bad name due to the campaign of the BJP.
"The BJP is to blame for lack of industries in Bihar. Its propaganda about so-called lawlessness has created an image of Bihar which is not the reality and discouraged private investors," the RJD leader added.
BJP Slams UP Minister Azam Khan Over Letter to UN on Communal Incidents
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LUCKNOW: The BJP today lashed out at Uttar Pradesh Minister Azam Khan for writing to the UN on "communal incidents" in the state.
Bharatiya Janata Party's state spokesman Vijay Bahadur Pathak told reporters in the state capital that it would have been "prudent" that the minister first spoke on the issue to Chief Minister Akhilesh Yadav before taking it to international fora.
"Azam Khan is only interested in gaining political brownie points out of an unfortunate incident," Mr Pathak said.
He said maintenance of law and order was a state subject and that Chief Minister Akhilesh Yadav and his Samajwadi Party should explain why such an incident took place.
There have been many incidents in the state which would not have spiralled into big issues if the administration had intervened at the right time, the BJP leader said.
He said prohibitory orders were being violated in Dadri village where a mob lynched a Muslim man over rumours of eating beef.
The BJP spokesman said that in Muzaffaranagar in 2013, police had failed to act on time, and when they acted the action was biased, which led to violence that left 63 people dead and thousands displaced.
"This government continues to be in denial mode and is now trying to master the art of diversion. Sadly, the people of the state are not seeing through their political games," he said.
Earlier, Urban Development Minister Azam Khan had released a letter he wrote to UN Secretary General Ban Ki-moon seeking time for audience so that he can petition the UN with regard to the rise in communal unrest in the country, mostly after the Narendra Modi government took over.
He alleged that the Rashtriya Swayamsewak Sangh (RSS) planned to convert India into a Hindu country and had let loose volunteers to take on the Muslim population.
Mr Khan also slammed Mr Modi for not speaking on the Dadri lynching.
LUCKNOW: The BJP today lashed out at Uttar Pradesh Minister Azam Khan for writing to the UN on "communal incidents" in the state.Bharatiya Janata Party's state spokesman Vijay Bahadur Pathak told reporters in the state capital that it would have been "prudent" that the minister first spoke on the issue to Chief Minister Akhilesh Yadav before taking it to international fora.
"Azam Khan is only interested in gaining political brownie points out of an unfortunate incident," Mr Pathak said.
He said maintenance of law and order was a state subject and that Chief Minister Akhilesh Yadav and his Samajwadi Party should explain why such an incident took place.
There have been many incidents in the state which would not have spiralled into big issues if the administration had intervened at the right time, the BJP leader said.
He said prohibitory orders were being violated in Dadri village where a mob lynched a Muslim man over rumours of eating beef.
The BJP spokesman said that in Muzaffaranagar in 2013, police had failed to act on time, and when they acted the action was biased, which led to violence that left 63 people dead and thousands displaced.
"This government continues to be in denial mode and is now trying to master the art of diversion. Sadly, the people of the state are not seeing through their political games," he said.
Earlier, Urban Development Minister Azam Khan had released a letter he wrote to UN Secretary General Ban Ki-moon seeking time for audience so that he can petition the UN with regard to the rise in communal unrest in the country, mostly after the Narendra Modi government took over.
He alleged that the Rashtriya Swayamsewak Sangh (RSS) planned to convert India into a Hindu country and had let loose volunteers to take on the Muslim population.
Mr Khan also slammed Mr Modi for not speaking on the Dadri lynching.
Most of the Jails in Jammu and Kashmir Overcrowded
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SRINAGAR: Most of the jails in Jammu and Kashmir are overcrowded, so the state government was taking steps, including construction of new central jail in Srinagar, to address the issue.
The total number of jails in the state at present is 14, out of which nine have the inmate position on the higher side, Minister In-charge Home said in a written reply to a question raised by National Conference (NC) MLC Bashir Ahmad Veeri.
Compared to the total capacity of 3011 in these 14 prisons, 2406 prisoners are in jails. However, some of the prisons have the inmate position much above their original capacity, the reply said.
Though the central jails at Jammu and Srinagar have the capacity of 920 and 360 respectively, the number of prisoners lodged, as on September 30 this year, is on the lower side at 311 and 329 respectively.
However, most of the district jails are overcrowded with District Jail in south Kashmir's Anantnag having more than double the occupancy at 158 compared to the capacity of 60.
Similarly, district jail Jammu has the capacity of 450, while its occupancy is 522, and Baramulla jail 158 against 120, the official data suggests.
The government said it is taking steps to address the issue of overcrowding in the jails.
The Prisons Department has identified 200 kanals of land belonging to Agriculture Department at Zawoora Zewan in Srinagar for the construction of new Central Jail Srinagar, the government said.
It, however, said the records of the Prison Headquarters relating to the subject were washed away in the floods last year.
In view of this, the department has again requested the Divisional Commissioner Kashmir to furnish the relevant records for processing the case further, the minister incharge Home said.
He also said the major construction work of the new district jail in Pulwama has been completed except minor renovation works of some structure which could not be taken up due to occupation of the premises by an army unit earlier.
He said DGP has been advised to effect necessary deployment of a company of either CRPF or SSB for the security of the jail so that it is operationalized and the issue of overcrowding of inmates in other jails is addressed.
SRINAGAR: Most of the jails in Jammu and Kashmir are overcrowded, so the state government was taking steps, including construction of new central jail in Srinagar, to address the issue.The total number of jails in the state at present is 14, out of which nine have the inmate position on the higher side, Minister In-charge Home said in a written reply to a question raised by National Conference (NC) MLC Bashir Ahmad Veeri.
Compared to the total capacity of 3011 in these 14 prisons, 2406 prisoners are in jails. However, some of the prisons have the inmate position much above their original capacity, the reply said.
Though the central jails at Jammu and Srinagar have the capacity of 920 and 360 respectively, the number of prisoners lodged, as on September 30 this year, is on the lower side at 311 and 329 respectively.
Similarly, district jail Jammu has the capacity of 450, while its occupancy is 522, and Baramulla jail 158 against 120, the official data suggests.
The government said it is taking steps to address the issue of overcrowding in the jails.
The Prisons Department has identified 200 kanals of land belonging to Agriculture Department at Zawoora Zewan in Srinagar for the construction of new Central Jail Srinagar, the government said.
It, however, said the records of the Prison Headquarters relating to the subject were washed away in the floods last year.
In view of this, the department has again requested the Divisional Commissioner Kashmir to furnish the relevant records for processing the case further, the minister incharge Home said.
He also said the major construction work of the new district jail in Pulwama has been completed except minor renovation works of some structure which could not be taken up due to occupation of the premises by an army unit earlier.
He said DGP has been advised to effect necessary deployment of a company of either CRPF or SSB for the security of the jail so that it is operationalized and the issue of overcrowding of inmates in other jails is addressed.
Curfew in Parts of Varanasi After Clashes Between Protesters and Police
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VARANASI: A curfew was imposed in parts of Prime Minister Narendra Modi's constituency Varanasi in Uttar Pradesh after clashes between protesters and the police.
The violence took place during protests today against police action on September 22 on a religious procession during the immersion of Ganesha idols.
Police lathi-charge on a religious leader and his followers, who were heading to the banks of river Ganga for the immersion ritual, led to anger.
Today, several religious leaders took out a protest march in the afternoon and locals also joined in.
When the march reached a key crossing in the city, there was stone throwing between the police and protesters, who allegedly burnt vehicles. The police also used batons again.
Curfew has been imposed in areas like Dashashwamedh, Chowk, Kotwali and Luxa.
VARANASI: A curfew was imposed in parts of Prime Minister Narendra Modi's constituency Varanasi in Uttar Pradesh after clashes between protesters and the police.The violence took place during protests today against police action on September 22 on a religious procession during the immersion of Ganesha idols.
Police lathi-charge on a religious leader and his followers, who were heading to the banks of river Ganga for the immersion ritual, led to anger.
Today, several religious leaders took out a protest march in the afternoon and locals also joined in.
When the march reached a key crossing in the city, there was stone throwing between the police and protesters, who allegedly burnt vehicles. The police also used batons again.
Curfew has been imposed in areas like Dashashwamedh, Chowk, Kotwali and Luxa.
Business Affairs
Sensex, Nifty rise over 2%, gain most since January
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The BSE Sensex and Nifty rose more than 2 per cent on Monday, posting their biggest single-day percentage gain in nearly nine months as expectations for a US rate hike faded after weaker-than-expected US jobs data.
Indexes posted a fourth consecutive day of gains after earlier hitting their highest intraday levels since August 21. Markets were closed on Friday for a public holiday. The Sensex gained 2.15 per cent to end at 26,785.55, while the Nifty rose 2.12 per cent to end at 8,119.30. Both posted their biggest single daily gains since January 15.
The BSE Sensex and Nifty rose more than 2 per cent on Monday, posting their biggest single-day percentage gain in nearly nine months as expectations for a US rate hike faded after weaker-than-expected US jobs data.
Indexes posted a fourth consecutive day of gains after earlier hitting their highest intraday levels since August 21. Markets were closed on Friday for a public holiday. The Sensex gained 2.15 per cent to end at 26,785.55, while the Nifty rose 2.12 per cent to end at 8,119.30. Both posted their biggest single daily gains since January 15.
Investor wealth surges by Rs 1.84 lakh crore as stocks soar
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A 565-points rally in the benchmark index Sensex added over Rs 1.84 lakh crore to total investor wealth on BSE today. Total investor wealth of BSE-listed companies went up by Rs 1,84,664.63 crore to Rs 98,39,357 crore.
The index rising for the fourth straight session surged 564.60 points to settle at 26,785.55. A couple of factors had a role to play in the near 600- points Sensex rally witnessed today. "The weaker-than-expected US employment data last week provided the Asian and European stock markets a reason to cheer, as it led to the market participants building in the assumption of the US interest lift-off getting postponed probably beyond December," said Hitesh Agrawal - Head Research, Reliance Securities.
"The optimism spilled over to Indian equities as well, which already had gathered some momentum post the higher-than -expected 50 bps interest rate cut by the RBI last week," he said.
Further, with the Q2 results round the corner, there are also expectations of a better earnings picture this results season in the wake of the soft global commodity prices benefiting companies, Agrawal added.
Among the 30-Sensex components, 26 ended the day with gains led by Tata Motors , Tata Steel, ICICI Bank and Hindalco Industries. Those which suffered losses were Maruti, Lupin, Dr Reddy's and Hindustan Unilever Ltd.
Among BSE sectoral indices, capital goods gained the most by surging 3.28 per cent, followed by infra 3.04 per cent, bankex 2.80 per cent and metal 2.49 per cent. The benchmark index has rallied by 1,168.71 points in four straight sessions, since the Reserve Bank cut key rates by 0.50 per cent to 6.75 per cent on September 29.
At BSE, 2,001 stocks advanced, 787 declined and 99 remained unchanged.
A 565-points rally in the benchmark index Sensex added over Rs 1.84 lakh crore to total investor wealth on BSE today. Total investor wealth of BSE-listed companies went up by Rs 1,84,664.63 crore to Rs 98,39,357 crore.
The index rising for the fourth straight session surged 564.60 points to settle at 26,785.55. A couple of factors had a role to play in the near 600- points Sensex rally witnessed today. "The weaker-than-expected US employment data last week provided the Asian and European stock markets a reason to cheer, as it led to the market participants building in the assumption of the US interest lift-off getting postponed probably beyond December," said Hitesh Agrawal - Head Research, Reliance Securities.
"The optimism spilled over to Indian equities as well, which already had gathered some momentum post the higher-than -expected 50 bps interest rate cut by the RBI last week," he said.
Further, with the Q2 results round the corner, there are also expectations of a better earnings picture this results season in the wake of the soft global commodity prices benefiting companies, Agrawal added.
Among the 30-Sensex components, 26 ended the day with gains led by Tata Motors , Tata Steel, ICICI Bank and Hindalco Industries. Those which suffered losses were Maruti, Lupin, Dr Reddy's and Hindustan Unilever Ltd.
Among BSE sectoral indices, capital goods gained the most by surging 3.28 per cent, followed by infra 3.04 per cent, bankex 2.80 per cent and metal 2.49 per cent. The benchmark index has rallied by 1,168.71 points in four straight sessions, since the Reserve Bank cut key rates by 0.50 per cent to 6.75 per cent on September 29.
At BSE, 2,001 stocks advanced, 787 declined and 99 remained unchanged.
Stocks that made news today: Tata Motors, Maruti Suzuki and more
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The benchmark S&P BSE Sensex on Monday closed at one and a half months high of 26,785.55 with a surge of 564.60 points as inventors sensed diminishing chances of the Fed rate hike in the near future after a weak US jobs report .
The broader NSE Nifty after regaining the 8,100-level, further rose to a session's high of 8,128.90, before settling 168.40 points or 2.12 per cent to close at 8,119.30. Both the indices posted their biggest single day gains since January 15. Below are the key stocks that remained in focus today:
- Tata Motors: Shares of Tata Motors surged over 8 per cent intraday to close at Rs 315.20, up 6.13 per cent on media reports that the company was in talks with PSA Peugeot Citroen to form a partnership that might result in Tata producing and distributing the French giant's cars for the Indian market.
- Hindustan Construction: Shares of HCC rallied 20% intraday to close at Rs 23.15, up 19.33 per cent post big block deal on NSE. In a block deal on exchange, 35.77 lakh equity shares (0.45 percent equity) changed hands at a price of Rs 20.25 apiece, which amounted to Rs 7.24 crore.
- Maruti Suzuki: Shares of Maruti Suzuki fell over 4 per cent intraday to settle at Rs 4415.45, down 3.59 per cent after global investment bank Jefferies downgraded the stock to "underperform" from "buy" and cut its target price by nearly 20 per cent to Rs 3,952.
- Adani Ports, L&T: Shares of L&T and Adani Ports surged up to 4 per cent after they signed a pact to oversee operations of Kattupalli port in Tamil Nadu. Adani Ports closed the day at Rs 317.25, up 4.14 per cent, while L&T settled at Rs 1550.70, up 4.12 per cent.
- PFC and REC: Shares of government-owned power sector lenders Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) surged up to 11 per cent on reports that the Cabinet is likely to meet this week to consider a proposal to recast Rs 4.3 lakh crore loans of nine state power distribution companies. PFC ended the day at Rs 251.15, up 11.13 per cent, while REC closed at Rs 293.15, up 7.05 per cent.
The benchmark S&P BSE Sensex on Monday closed at one and a half months high of 26,785.55 with a surge of 564.60 points as inventors sensed diminishing chances of the Fed rate hike in the near future after a weak US jobs report .
The broader NSE Nifty after regaining the 8,100-level, further rose to a session's high of 8,128.90, before settling 168.40 points or 2.12 per cent to close at 8,119.30. Both the indices posted their biggest single day gains since January 15. Below are the key stocks that remained in focus today:
- Tata Motors: Shares of Tata Motors surged over 8 per cent intraday to close at Rs 315.20, up 6.13 per cent on media reports that the company was in talks with PSA Peugeot Citroen to form a partnership that might result in Tata producing and distributing the French giant's cars for the Indian market.
- Hindustan Construction: Shares of HCC rallied 20% intraday to close at Rs 23.15, up 19.33 per cent post big block deal on NSE. In a block deal on exchange, 35.77 lakh equity shares (0.45 percent equity) changed hands at a price of Rs 20.25 apiece, which amounted to Rs 7.24 crore.
- Maruti Suzuki: Shares of Maruti Suzuki fell over 4 per cent intraday to settle at Rs 4415.45, down 3.59 per cent after global investment bank Jefferies downgraded the stock to "underperform" from "buy" and cut its target price by nearly 20 per cent to Rs 3,952.
- Adani Ports, L&T: Shares of L&T and Adani Ports surged up to 4 per cent after they signed a pact to oversee operations of Kattupalli port in Tamil Nadu. Adani Ports closed the day at Rs 317.25, up 4.14 per cent, while L&T settled at Rs 1550.70, up 4.12 per cent.
- PFC and REC: Shares of government-owned power sector lenders Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) surged up to 11 per cent on reports that the Cabinet is likely to meet this week to consider a proposal to recast Rs 4.3 lakh crore loans of nine state power distribution companies. PFC ended the day at Rs 251.15, up 11.13 per cent, while REC closed at Rs 293.15, up 7.05 per cent.
SBI to charge up to 10 per cent for home loans
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SBI may have cut its base lending rate by 40 basis points to 9.3 per cent following RBI 's latest policy rate cut, but home loan customers of the top lender will have to pay up to 0.7 per cent above the base rate, and interest of as much as 10 per cent for their loans.
Accordingly, the actual reduction in home loan rate will be a maximum of only 20 basis points, while a higher margin above the base rate will mean that customers will have to pay the same rate of interest for home loans above Rs 1 crore.
The rate for Maxgain home loans above Rs 1 crore, at 9.75 per cent for women, would come down by only 20 basis points, while for other customers it would actually remain unchanged at 10 per cent with effect from tomorrow despite a reduction of 40 basis points in base rate.
For the CRE (Commercial Real Estate) Maxgain loans, SBI would charge as much as 65 basis points above base rate or 9.95 per cent for the women customers and 70 basis points above the base rate or 10 per cent for other customers.
The bank spokesperson was not immediately available for comments. However, bank officials tried to justify the increase in the mark-up over base rate, saying the decline in actual home loan rates has been 75 basis points since December 2013, as against a reduction in base rate by 70 basis points.
They also said that the base rate for other lenders continues to be higher at 9.55 per cent, while in December 2013 also it was higher at 10.3 per cent as against SBI's 10 per cent.
Interestingly, state-owned SBI was among the first to announce a reduction in its rates after RBI surprised with a 50 basis points reduction in its policy rate on September 29 as it lowered its minimum lending rate or base rate by 40 basis points, the highest for any lender so far, from 9.7 per cent to 9.3 per cent with effect from October 5, that is tomorrow.
"RBI has cut interest rate by 0.50 per cent, we have reduced it by 0.40 per cent," SBI Chairperson Arundhati Bhattacharya had said on Tuesday about cut in SBI's base rate soon after RBI Governor Raghuram Rajan announced a 50 basis point cut in the central bank's policy rate to 6.75 per cent, the lowest level in his tenure.
However, in its latest circular, dated October 3, to all local head offices SBI has explained the actual home loan interest rates that would be applicable across various categories following the latest reduction in the base rate coming into effect from tomorrow.
As per the circular, women customers, who typically get a subsidised rate would be charged 20 basis points above the base rate, resulting in an actual interest rate of 9.5 per cent tomorrow onwards, down by only 20 basis points from the existing rate of 9.7 per cent.
Till today, women home loan customers were being given housing loans at the base rate of 9.7 per cent without any mark-up, but tomorrow onwards they will be charged 20 basis points above the base rate of 9.3 per cent or an interest rate of 9.5 per cent.
Other customers, who were being charged 5 basis points above the base rate or 9.75 per cent, would have to pay 25 basis points above base rate or 9.55 per cent for home loans, resulting again in an actual reduction of 20 basis.
For Maxgain home loans for amount more than Rs 1 crore, SBI was till today charging 25 basis points above the base rate or an actual rate of 9.95 per cent to women customers and 30 basis points over and above the base rate or a final rate of 10 per cent for others.
This rate would come down to only 9.75 per cent for women customers, as the mark-up has been increased to 45 basis points over the base rate, while the rate for other customers in this category would come down to only 9.8 per cent as the margin has gone up to 50 basis points.
Tomorrow onwards, the rate for women customers in the CRE Maxgain category would be 65 basis points above base rate or an actual rate off 9.95 per cent, while the same for other customers would be 10 per cent or 70 basis points over the base rate.
Explaining the revised rates, SBI said these would be applicable to all home loans including takeover proposals from other lenders and those sanctioned by various branches with effect from October 5.
The revised rates would also be applicable to those existing home loan borrowers who are paying higher interest rate than the current rate and want to switch over to the current rates on upfront payment of one-time switchover fee.
"No further interest concession would be available under any arrangement and in any case, the effective interest rate should not be allowed to go below (these) rates," SBI said.
SBI may have cut its base lending rate by 40 basis points to 9.3 per cent following RBI 's latest policy rate cut, but home loan customers of the top lender will have to pay up to 0.7 per cent above the base rate, and interest of as much as 10 per cent for their loans.
Accordingly, the actual reduction in home loan rate will be a maximum of only 20 basis points, while a higher margin above the base rate will mean that customers will have to pay the same rate of interest for home loans above Rs 1 crore.
The rate for Maxgain home loans above Rs 1 crore, at 9.75 per cent for women, would come down by only 20 basis points, while for other customers it would actually remain unchanged at 10 per cent with effect from tomorrow despite a reduction of 40 basis points in base rate.
For the CRE (Commercial Real Estate) Maxgain loans, SBI would charge as much as 65 basis points above base rate or 9.95 per cent for the women customers and 70 basis points above the base rate or 10 per cent for other customers.
The bank spokesperson was not immediately available for comments. However, bank officials tried to justify the increase in the mark-up over base rate, saying the decline in actual home loan rates has been 75 basis points since December 2013, as against a reduction in base rate by 70 basis points.
They also said that the base rate for other lenders continues to be higher at 9.55 per cent, while in December 2013 also it was higher at 10.3 per cent as against SBI's 10 per cent.
Interestingly, state-owned SBI was among the first to announce a reduction in its rates after RBI surprised with a 50 basis points reduction in its policy rate on September 29 as it lowered its minimum lending rate or base rate by 40 basis points, the highest for any lender so far, from 9.7 per cent to 9.3 per cent with effect from October 5, that is tomorrow.
"RBI has cut interest rate by 0.50 per cent, we have reduced it by 0.40 per cent," SBI Chairperson Arundhati Bhattacharya had said on Tuesday about cut in SBI's base rate soon after RBI Governor Raghuram Rajan announced a 50 basis point cut in the central bank's policy rate to 6.75 per cent, the lowest level in his tenure.
However, in its latest circular, dated October 3, to all local head offices SBI has explained the actual home loan interest rates that would be applicable across various categories following the latest reduction in the base rate coming into effect from tomorrow.
As per the circular, women customers, who typically get a subsidised rate would be charged 20 basis points above the base rate, resulting in an actual interest rate of 9.5 per cent tomorrow onwards, down by only 20 basis points from the existing rate of 9.7 per cent.
Till today, women home loan customers were being given housing loans at the base rate of 9.7 per cent without any mark-up, but tomorrow onwards they will be charged 20 basis points above the base rate of 9.3 per cent or an interest rate of 9.5 per cent.
Other customers, who were being charged 5 basis points above the base rate or 9.75 per cent, would have to pay 25 basis points above base rate or 9.55 per cent for home loans, resulting again in an actual reduction of 20 basis.
For Maxgain home loans for amount more than Rs 1 crore, SBI was till today charging 25 basis points above the base rate or an actual rate of 9.95 per cent to women customers and 30 basis points over and above the base rate or a final rate of 10 per cent for others.
This rate would come down to only 9.75 per cent for women customers, as the mark-up has been increased to 45 basis points over the base rate, while the rate for other customers in this category would come down to only 9.8 per cent as the margin has gone up to 50 basis points.
Tomorrow onwards, the rate for women customers in the CRE Maxgain category would be 65 basis points above base rate or an actual rate off 9.95 per cent, while the same for other customers would be 10 per cent or 70 basis points over the base rate.
Explaining the revised rates, SBI said these would be applicable to all home loans including takeover proposals from other lenders and those sanctioned by various branches with effect from October 5.
The revised rates would also be applicable to those existing home loan borrowers who are paying higher interest rate than the current rate and want to switch over to the current rates on upfront payment of one-time switchover fee.
"No further interest concession would be available under any arrangement and in any case, the effective interest rate should not be allowed to go below (these) rates," SBI said.
PM Narendra Modi agrees to fast-track German business deals
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India and Germany signed a deal on Monday to fast-track business approvals, an arrangement to make it easier for German companies to operate in Asia's third largest economy that was announced as Chancellor Angela Merkel visited New Delhi.
The fast-track approvals process will ensure that German firms will have a single point of contact in the Indian administration, helping them to navigate a web of red tape that often thwarts business initiative.
The agreement is the first of its kind and comes as Prime Minister Narendra Modi seeks to attract foreign investment in support of his "Make in India" drive to boost industrial investment and create skilled jobs.
Indian Commerce Secretary Amitabh Kant said that under the fast-track arrangement India "would monitor on a monthly basis all issue for German companies.'
"The prospects are huge because India is just beginning its long spurt for growth," Kant told a business round table.
Merkel was expected to urge Modi to return to the negotiating table to discuss a proposed free-trade agreement with the European Union that has been on ice since India walked out of talks this year.
India and Germany signed a deal on Monday to fast-track business approvals, an arrangement to make it easier for German companies to operate in Asia's third largest economy that was announced as Chancellor Angela Merkel visited New Delhi.
The fast-track approvals process will ensure that German firms will have a single point of contact in the Indian administration, helping them to navigate a web of red tape that often thwarts business initiative.
The agreement is the first of its kind and comes as Prime Minister Narendra Modi seeks to attract foreign investment in support of his "Make in India" drive to boost industrial investment and create skilled jobs.
Indian Commerce Secretary Amitabh Kant said that under the fast-track arrangement India "would monitor on a monthly basis all issue for German companies.'
"The prospects are huge because India is just beginning its long spurt for growth," Kant told a business round table.
Merkel was expected to urge Modi to return to the negotiating table to discuss a proposed free-trade agreement with the European Union that has been on ice since India walked out of talks this year.
General Awareness
World’s highest terrestrial research centre by DRDO – Habitat in Ladakh
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The world’s highest terrestrial centre labelled as “Extreme Altitude Research Centre” has been inaugurated by Defence Research and Development Organisation(DRDO) chief S Christopher at its habitat in Chang La near Pengong Lake in Ladakh, Jammu & Kashmir.
- It has been established by Defence Institute of High Altitude Research (DIHAR) in Leh, which is one the 52 laboratories of DRDO
- It is instituted at 17,600 feet above sea level and is 75 Km away from leh town.
WORKS TO BE UNDERTAKEN
This high altitude terrestrial centre will preserve rare and endangered medical plantsfor next generations by acting as their natural cold store.
- Research & Development work will be undertaken regarding food, agriculture and bio-medical sciences for the welfare of soldiers positioned in the cold desert.
- Life Sciences activities will be taken forward at this centre which includes long term conservation of plant genetic resources, designing, testing, validation and demonstration of mobile and portable greenhouses, soil-less micro-farming technologies in remote posts entirely surronded by land.
- Provide opportunities for testing and evaluation of batteries, fuel cells, UAV’s micro engines, electronics and communication devices for performing high altitude applications.
- Studies related to shelf life and for minimally processed fresh food.
ABOUT DRDO
DRDO works under the control of Department of Defence Research and Development of Ministry of Defence.
It was established in 1958
Headquarters – New Delhi
Defence Minister – Manohar Parrikar
- The world’s highest terrestrial centre labelled as “Extreme Altitude Research Centre” has been inaugurated by Defence Research and Development Organisation(DRDO) chief S Christopher at its habitat in Chang La near Pengong Lake in Ladakh, Jammu & Kashmir.
- It has been established by Defence Institute of High Altitude Research (DIHAR) in Leh, which is one the 52 laboratories of DRDO
- It is instituted at 17,600 feet above sea level and is 75 Km away from leh town.
WORKS TO BE UNDERTAKEN
This high altitude terrestrial centre will preserve rare and endangered medical plantsfor next generations by acting as their natural cold store.- Research & Development work will be undertaken regarding food, agriculture and bio-medical sciences for the welfare of soldiers positioned in the cold desert.
- Life Sciences activities will be taken forward at this centre which includes long term conservation of plant genetic resources, designing, testing, validation and demonstration of mobile and portable greenhouses, soil-less micro-farming technologies in remote posts entirely surronded by land.
- Provide opportunities for testing and evaluation of batteries, fuel cells, UAV’s micro engines, electronics and communication devices for performing high altitude applications.
- Studies related to shelf life and for minimally processed fresh food.
ABOUT DRDO
DRDO works under the control of Department of Defence Research and Development of Ministry of Defence.
It was established in 1958
Headquarters – New Delhi
Defence Minister – Manohar Parrikar
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