Bizbits

Forex reserves drop to 26.61 b
MUMBAI: India8217;S foreign exchange reserves fell to 26.61 billion on August 14 from 27.13 billion in the previous week, the RBI said in its weekly statistical supplement on Monday. This follows the RBI intervention in the forex market and selling by FIIs on the stock markets. India8217;s year-on-year M3 money supply growth was 17.3 in the two weeks to July 31, unchanged from the rate registered in the two-week period ending July 17, the RBI said.

Dena Bank hikes interest rate
MUMBAI: Dena Bank has hiked the differential rates of interest on deposits of above Rs 1 crore with effect from August 24. The bank will now offer 6 per cent for 15-60 days, 7.50 per cent for 61-90 days, 9.50 per cent for 91-179 days, 10.60 per cent for 180 days to one year, 11.50 per cent for above one year to two years, 12.25 per cent for two years to less than three years and 12.50 per cent for over three years.

Bank of India
MUMBAI: Bank of India has revised its domesticterm deposit rates with effect from August 24. As per the new rate structure, the bank will offer 6 per cent on a maturity period of 15-45 days, 8 per cent for 46-90 days, 8 per cent for 91-179 days, 9 per cent for 180 days to one year, 10.50 per cent for over one year and up to two years, 11 per cent for over two years and up to three years and 11.50 per cent for over three years.