NRI ( Page 76 of 82 )

Indian Banks Hike Rates to Lure NRI Deposits December 22, 2011 06:56

Interest rates paid by Indian banks on NRE savings, term deposits and ordinary non-resident (NRO) savings accounts were deregulated by RBI. As stated by Central Bank, rates on non-resident deposits cannot go higher than the rates paid on term deposits of same maturities. The revised deposit rates are said to be applied only to latest deposits and on renewal of maturing deposits. To strengthen their non-resident bases, mid-size private banks are looking forward to offer higher rates on deposits followed by deregulation of interest rate on these deposits by the Reserve Bank of India (RBI). A rise of 268-324 basis points has been announced by Federal Bank and South Indian Bank in their Non-resident (External) Rupee (NRE) term deposits. Other private banks are expected soon to follow this. An interest of 6.5 percent on NRE term deposits with one year maturity period will be offered by Kochi-based Federal Bank, compared to 3.82 percent previously. On the other hand, South Indian Bank increased NRE deposit rates from 1 to 10 years to 6.75 percent for maturities. Previously, the rate offered on these deposits was 3.51 to 3.82 across maturities. N. Kamakodi, Managing Director and Chief Executive, City Union Bank, said, "We will be increasing our rates in a week's time. The rates would be closer to domestic deposit rates. The rise is most likely to happen in a one-year bracket." Interest rates paid by Indian banks on NRE savings, term deposits and ordinary non-resident (NRO) savings accounts were deregulated by RBI. As stated by Central Bank, rates on non-resident deposits cannot go higher than the rates paid on term deposits of same maturities. The revised deposit rates are said to be applied only to latest deposits and on renewal of maturing deposits. Banks are supposed to offer uniform rates at all their branches. According to the Central Bank, the banks might take approval of their respective boards or asset liability committees, while fixing interest rates on such deposits. External liabilities arising due to deregulation have to be monitored by bank as directed by the banking regulators and asset-liability compatibility from a systemic risk point of view also needs to be ensured. P. R. Somasundaram, Managing Director and Chief Executive of Laxmi Vilas Bank, said, "We have a small base of non-resident deposits right now. But it would be one of our focus areas. We would take a decision on raising rates on these deposits soon. Our asset-liability committee would meet shortly to decide on this." According to Bipin Kabra, Chief Financial Officer, Dhanlaxmi Bank, the deregulation of non-resident deposit rates has allowed banks to attract non-resident Indians to park their deposits with Indian lenders. The bank's asset-liability committee would soon meet to revise the non-resident deposit rates.The state run lenders are unsure about increasing those rates aggressively or not. Having a major foreign presence, Bank of India is still waiting others to revise their rates. A senior official of Bank of Baroda said, "No firm view has been taken so far. I cannot give a timeline as to when these rates will be revised." Officials at State Bank of India are expecting a rise of 200-300 basis points in non-resident deposits rates. They also added that they are yet to decide the effectiveness of rise in rates. Whereas, State Bank of Travancore can increase the deposit rates before SBI does, because the bank is competing hard with mid-sized private banks in Kerela. In a data revealed by RBI, outstanding deposits in NRE accounts stood at $25 billion and NRO accounts stood at $11 billion at the end of October.

Jagan's birthday celebrations held in Dallas December 22, 2011 06:37

Hundreds of enthusiastic YSR Congress party associates attended the birthday celebrations of Y.S.Jaganmohan Reddy with a difference! The Dallas YSR Congress party associates chose to serve the poor by donating/serving the food at a homeless…

ATA expressed condolences to Komatireddy December 22, 2011 04:52

American Telugu Association (ATA) expressed condolences to former minister Komatireddy Venkat Reddy for the loss of his son Pratik Reddy and two others who died in a tragic road accident on the Outer Ring Road…

10 Indians stand tall with Mark Zuckerberg December 21, 2011 07:31

An Indian is rubbing shoulders with the likes of Facebook founder Mark Zuckerberg and pop star Lady Gaga as one of the top achievers in the world under the age of 30. Kunal Shah, 29, managing director at Goldman Sachs, is one of the 10 Indians on the Forbes list of under-30 achievers after he became the firm's youngest MD at 27 last year. A promotion to the post of a managing director before 30 is rare at Goldman Sachs, the most profitable securities firm in Wall Street history. Shah is an emerging markets trader for Goldman in London. The Cambridge math graduate joined Goldman in 2004, analysing interest rate products, before trading on the global macro desk, according to Forbes, which looked at people across 12 different categories, including law, social, mobile and technology. In finance, Forbes has also featured Vikas Mohindra, financial advisor at Bank of America Merrill Lynch. The 25-year-old broker gathered $38 million in three years from scratch. Also on the list is Manvir Nijhar, co-head of European equity derivatives sales at Citigroup. The 28-year-old London School of Economics graduate left BNP Paribas after four years to give "Citi's derivatives business a jolt".

Indian artist's new animated web series launched in US December 21, 2011 05:17

A digital entertainment company founded by three Indian Americans is launching a new animated web series by noted filmmaker John Woo created with writer Garth Ennis and Indian artist Jeevan J. Kang. Liquid Comics, founded…

NATS Balala Sambaralu in Memphis December 20, 2011 13:28

The North America Telugu Society (NATS) organized their first balala sambaralu in Memphis at Cordova Center on Dec 17, 2011. As you all know, NATS celebrated PunditNehru Jayanti by organizing Balala Sambaralu in November across…

RBI frees rates on NRI deposit schemes December 20, 2011 09:50

The Reserve Bank freed interest rates on various non-resident deposit schemes, a move that will help attract more funds from NRIs and arrest the slide in rupee in the forex market. The decision to de-regulate interest rates on such deposits comes within 24 hours of RBI putting restrictions on forward contract in rupee to check speculations in the forex market. The decision will give banks the freedom to fix rates on Non-Resident (External) rupee deposits and Ordinary Non-Resident (NRO) accounts with immediate effect. In a circular, the central bank said: “With a view to providing greater flexibility to banks in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates (such accounts).” “Interest rates offered by banks on NRE and NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits,” it added. The deregulation in rates on NRE and NRO deposits is intended to make such funds more attractive at a time when the rupee has depreciated sharply during last few months.

NRI Sunita Gupta jumps to death from 14th floor December 20, 2011 09:33

A non-resident Indian woman from the US Sunday committed suicide by jumping off the 14th floor of an apartment block in Ghaziabad, police said. Sunita Gupta, 55, who came to India 20 days ago, jumped off Kaushambi’s Malayagiri Tower in the afternoon. “Prima facie it seems a case of depression,” said Kamlesh Bahadur, police circle officer III. She and her husband Bharat Prakash Gupta, a senior manager US aerospace major Boeing, had come to visit her mother and younger brother here. The two got married 10 years ago. Both had divorced their previous partners. On Saturday afternoon, Sunita climbed up to the 14th floor and jumped to the ground, police said. Her 78-year-old mother was ill and her younger brother had recently been divorced, police said.

Sonu Nigam: The lord Of Cords!! December 19, 2011 13:01

Perhaps that is the reason why entertainers preoccupy us so much. "Music is food for soul so pay attention"- my music teacher used to command when my attention would be more on the hot "samosas"…

NATA to launch social service activities in AP from Dec20 December 19, 2011 06:32

The North America Telugu Association will be launching several social service programs with slogans “NATA maata” for cultural progress and “NATA Baata” for social service activities in the State from December 20. The NATA president AVN Reddy Speaking to media persons here on Saturday, organization would organize several social service programs in various districts extensively for ten days from December 20 to December 29. He said that NATA will be conducting a two-day health camp in Nadiguntapalem in Nellore district on December 20, Parakal in Warangal district on December 24 and Nemili village in Nizamabad district on December 25. On December 26, the NATA will launch 500 litre capacity drinking water projects in 23 villages in Nalgonda district at a cost of $40,250 each, he said, adding that a concluding function will be held in the State capital on December 29. Reddy said that poor students will be distributed scholarships through the hands of the Chief Minister Nallari Kiran Kumar Reddy.

A Grand success: UTAA Mahila Sambaralu 2011 December 16, 2011 08:00

The success of UTAA (United Telugu American Association) Mahila Sambaralu 2011 has set a benchmark to all the events of this kind. The event was held at Royal Albert's Palace, Edison NJ on Sunday, Dec 11th 2011. Over 1000 Telugu women and teenage girls participated in the event making it grand success. This is the consecutive third year to organize UTAA Mahila Sambaralu, since 2009. UTAA Mahila Sambaralu 2011 was third event of the kind and its third year this event surpassed all the events of this kind. The resounding success of the event once again proved the faith and commitment of the members and the goodwill for the organization. The event was backed by sponsors, vendors to make it a wonderful journey. Lakshmi Manchu, who was the chief guest and celebrity judge of UTAA Mahila Sambaralu 2011, needs a special mention. She has made the event a special one for every woman present there with her mesmerizing presence. The idea behind this event is to bring all the Telugu women in North America on one stage and also to promote the unity and integrity of the Telugu people. All the participants who gave a grand farewell to the Mahila Sambaralu 2011 are now looking forward to the Mahila Sambaralu 2012. Way to go UTAA!!!

Indian-origin journalist Davan Maharaj named editor of LA Times December 15, 2011 05:03

Indian-origin journalist Davan Maharaj has been named the new editor and executive vice president of the Los Angeles Times in succession to Russ Stanton, who led the paper to three Pulitzer Prizes, the paper announced.…