Govt to provide Rs 495 crore to IDBI, Rs 300 crore to IFCI

The government will give about Rs 495 crore to IDBI as part of a ADB line of credit as also for implementing USAID Green House Pollution Pre...

The government will give about Rs 495 crore to IDBI as part of a ADB line of credit as also for implementing USAID Green House Pollution Prevention Project and restructuring its liabilities. The finance ministry has also decided to extend an assistance of Rs 300 crore to IFCI and Rs 150 crore to IIBI next fiscal for restructuring their operations.

Centre to infuse Rs 280 crore in LIC
NEW DELHI: The country’s largest insurer LIC will get about Rs 280 crore from the government for hiking its capital base and carrying out expansion. The finance ministry has also decided to marginally hike the interest subsidy to Rs 269.19 crore to LIC for meeting the additional cost of providing 9 per cent return to senior citizens under Varishtha Pension Bima Yojana, official sources said on Tuesday.

SBI revises NRI term deposit rates
MUMBAI: State Bank of India (SBI) has raised the interest rate on new NRI term deposits up to 0.30 per cent across various maturities effective on Tuesday. The revised rate for one year but less than two years is 4 per cent (3.8 per cent being the previous rate), SBI said in a statement here. The rate for two years but less than three years is 4.4 per cent (4.1 per cent) and for the three years to five years 4.6 per cent (4.3) per cent.

Polyster fibre prices down Rs 6,000 a tonne
NEW DELHI: Following the excise duty cut, Association of Synthetic Fibre Industry on Tuesday announced a price cut of up to Rs 6,000 a tonne on polyster yarn. “We have decided to pass on the benefits of 8 per cent cut in excise duty on polyster yarn. All our members have agreed to reduce the price of different varieties of yarn by up to Rs 6,000 a tonne,” chairman of the association, Nikhil Meswani said. —Agencies