Short change: Mutual funds withdraw Rs 4,000 crore from stocks in October

during October,while they had pulled out a net Rs 2,800 crore in the preceding month,according to latest data available with market regulator Sebi. However,

equity MFs were net buyers in the equity market in August and bought stocks worth Rs 1,600 crore. With the latest outflow,mutual funds net withdrawal from stock market reached to more than Rs 9,200 crore since the beginning of the year

(January-October). In comparison,foreign institutional investors made a net inflow of more than Rs 15,000 crore during October.

Union Bank of India revises fixed deposit rate by up to 1.25%

New Delhi: State-run Union Bank of India has revised fixed deposit rates on select maturity by up to 1.25 per cent in line with other lenders. Fixed deposits between 46 days to 120 days would now fetch 0.25 per cent higher interest rate of 7.50 per cent against the existing 7.25 per cent,Union Bank of India said in a statement. Similarly in the slab of 31 to 45 days,interest rate is increased by 1.25 per cent to 6 per cent,it said. The move is intended to increase the retail term deposit base of the bank,it said. Bank has reduced the interest rate on deposit for 5 to 7 years maturity by 0.25 per cent. The new rates would be effective from November 11,it said.

Issue TDS certificates on time to customers: Reserve Bank to banks

Mumbai: The RBI has asked banks to put in place systems to enable timely issuance

of TDS certificates to their customers. The Reserve Bank in a notification said that it has been brought to its notice that some banks are not providing TDS Certificate in Form 16A to their customers in time,causing inconvenience to customers in filing their income-tax returns. The matter has been examined and with a view to protect interest of the depositors and for rendering better customer service,banks are advised to

provide to their customers from whose income tax has been deducted at source,TDS Certificate in Form 16A, the RBI said. Banks are advised to put in place systems that will enable them to provide Form 16A to the customers within the time-frame prescribed under the Income Tax Rules,it added. Banks should avoid waiting till the last moment, the RBI added.

FIIs invest Rs 3,000 crore in Indian stocks so far in November

New Delhi: Foreign investors poured in almost Rs 3,000 crore in the Indian equity market so far this month amid renewed optimism about the economy and a delayed tapering of the US monetary stimulus. Total foreign investment in the stock market reached Rs 91,892 crore ($16.67 billion) so far in 2013,according to data from the Securities and Exchange Board of India,the market regulator. Foreign institutional investors (FIIs) were gross buyers of equities worth Rs 15,370 crore and sellers of

Rs 12,412 crore of shares during November 1-8,a net inflow of Rs 2,958 crore (about $480 million). They invested a net Rs 28,700 crore in stocks during the past two months (September-October). However,FIIs pulled out Rs 2,916 crore from debt securities so far this month. They have withdrawn a net Rs 53,070 crore from the debt market since the beginning of the year. FII inflows into the stock markets have been buoyant since September 2013 on the back of continued global liquidity as the US Fed postponed the withdrawal of its monetary stimulus for now.