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Briefly Business: OBC reduces fixed deposits and lending rates

OBC reduces fixed deposits and lending rates

Written by Agencies | Published: September 8, 2012 1:39:22 am

OBC reduces fixed deposits and lending rates

Mumbai: Oriental Bank of Commerce has announced cut in its deposit rates by 50 basis points for various term deposits,and at the same time trimming rates on home loans and auto loan by 25 bps and 40 bps,respectively.

IRDA’s R22 lakh fine on Kotak insurance

Mumbai: IRDA on Friday slapped a fine of Rs 22 lakh on Kotak Mahindra Old Mutual Life Insurance for violation of various norms,including payment of death claims.

OVL to buy Hess’ stake in Azeri-Chirag field

New Delhi: ONGC Videsh will buy US energy firm Hess’ stake in Azerbaijan’s giant Azeri-Chirag-Gunashli (ACG) oil field for an undisclosed amount.

Godrej to exit from Godrej Hershey

Mumbai: Godrej Industries has said that it will exit from the joint venture Godrej Hershey Ltd by divesting its 43 per cent stake to the Hershey Company for an undisclosed consideration.

RBI okays investment in Pak by India Inc

New Delhi: Reserve Bank on Friday permitted Indians to invest in Pakistan,a move which will help enhance bilateral trade and investment.

No safety assessment of DGCA: FAA

New Delhi: The Federal Aviation Administration (FAA) is convinced that there has been no compromise on Directorate General of Civil Aviation (DGCA’s) function of continuous oversight of the industry.

“It has been categorically stated by FAA that there is no requirement to start any consultation process in the direction of conducting a fresh International Aviation Safety Assessment of the DGCA,” said a government release.

Renault launches ‘Scala’ sedan at Rs 6.99 lakh

New Delhi: Carmaker Renault India on Friday launched sedan ‘Scala’ in both petrol and diesel variants,priced between Rs 6.99 lakh and Rs 9.57 lakh (ex-showroom,Delhi),respectively.

“Scala will consolidate what Renault has brought to India. It will enter a very competitive segment. With the launch of this car,we are completing the first cycle of introducing five products in India,” Renault India managing director Marc Nassif said.

The company has already launched small car Pulse,premium sedan Fluence and sports utility vehicles Koleos and Duster. Scala is powered by 1.5 litre petrol and diesel engines and has 5-speed manual transmission. It has 80-85 per cent local content in parts.

Nokia to start selling new smartphone in November

HELSINKI: Nokia will start selling its new smartphone,potentially its last chance to break into the most profitable part of mobile phone market and secure its future,in November,sources said on Friday. The Lumia 920,which uses Microsoft’s Windows software,is Nokia’s attempt to catch up with Apple’s iPhone.

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