Briefly Business: Entry of corporates to make banking competitive: RBI

EPFO for PF default as economic offences

Chennai: The EPFO wants defaults on PF remittance by companies to come under economic offences,the retirement fund’s Central Provident Fund Commissioner KK Jalan said here.

Forex reserves up $960 mn to $280.17 bn

Mumbai: India’s foreign exchange reserves shot up by $960.2 million to $280.17 billion on the back of a healthy rise in currency assets in the week ended July 26,Reserve Bank said on Friday. The total reserves had slid by $985 million to $279.20 billion in the previous reporting week.

Indian Bank,Deutsche Bank revise rates

Chennai/ Mumbai: Public sector Indian Bank has revised its foreign currency non-resident (Banking) term deposit interest rates with immediate effect. For FCNR (B) deposits,in dollar,the revised interest rate has been fixed at 2.67 per cent for deposits of one year and above but less than two years,against the existing 2.69 per cent. Meanwhile,Deutsche Bank has raised deposit rates by up to 1.50 per cent.

FM to meet Opposition on insurance bill

New Delhi: Keen to get the insurance bill approved in the monsoon session of Parliament,finance minister P

Chidambaram will meet leaders of opposition parties on Saturday in a bid to arrive at a consensus on hiking the foreign investment cap in the sector to 49 per cent. PTI