Recently SBI(State Bank of India) announced a cut in retail fixed deposit or FD rates, by balancing adequate liquidity in the system. The new rates will be effective from 10th November. Many banks have been lowering their deposit rates after Reserve Bank of India or RBI cut deposit rates by a cumulative 135 basis points so far this year. As part of the latest rates revision, SBI will cut the interest rate of FD rates by 15 bps for maturity between one year to less than two years.SBI has also slashed interest rates on bulk deposits by 30-75 bps across tenors.The MCLR cut down by 5bps and now it is 8% from 8.5%.
The SBI Latest FD Rate Updates For General Public
7 days to 45 days 4.50%
46 days to 179 days 5.50%
180 days to 210 days 5.80%
211 days to less than 1 year 5.80%
1 year to less than 2 years 6.25%
2 years to less than 3 years 6.25%
3 years to less than 5 years 6.25%
5 years and up to 10 years 6.25%
The SBI latest FD rates for senior citizens
7 days to 45 days 5.00%
46 days to 179 days 6.00
180 days to 210 days 6.30
211 days to less than 1 year 6.30
1 year to less than 2 years 6.75
2 years to less than 3 years 6.75
3 years to less than 5 years 6.75
5 years and up to 10 years 6.75
Bill Gates Once Again Reclaimed As World’s Richest Person
Bill Gates had briefly topped Bezos on an intraday basis last month after Amazon posted its first profit drop in two years. While Microsoft has surged 48% this year, boosting the value of Gates’s 1% stake. Microsoft Corp. co-founder Bill Gates overtook Amazon.com Inc.’s Jeff Bezos as the world’s richest person on Friday, reclaiming the top ranking for the first time in more than two years.
Gates, 64, had briefly topped Bezos, 55, on an intraday basis last month after Amazon posted its first profit drop in two years, but shares of the world’s biggest online retailer pared the decline. The index, which tracks the wealth of the richest 500 people, is updated each trading day after US markets close. Europe’s richest person, Bernard Arnault, is third with $102.7 billion.
Amazon’s Cloud arm AWS losing $10 billion Pentagon project to Microsoft has also helped the Satya Nadella-led company gain on the stock market. Following the announcement, Microsoft shares jumped 4 percent, increasing Gates’ fortune by $110 billion, as per the Bloomberg Billionaires Index, amid Amazon lackluster Q3 result.
Bezos had ended Gates’ 24-year run as the richest man in 2018 with a net worth of $160 billion. In October, the roles had reversed on an intraday basis after Amazon lost its first profit shares in two years. Gates had debuted on Forbes’ first-ever billionaire list in 1987 with a net worth of $1.25 billion.At the same time, Bezos had joined the ‘Forbes 400 list of richest Americans’ in 1998, one year after Amazon went public, with a net worth of $1.6 billion.
Bezos was subjected to further loss after he and his wife finalised their divorce in April in what was reported as the biggest divorce settlement in history. The Bezos divorce entitled MacKenzie Bezos to Jeff Bezos’ stocks worth around $36 billion.
India`s forex reserves rise by $1.71 bn and overall increased by $447.80 billion
India’s foreign exchange reserves rise by $1.71 billion during the week ended November 8, official data showed on Friday. According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves increased to $447.80 billion from $446.09 billion reported for the week ended November 1.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).On a weekly basis, FCAs – the largest component of the forex reserves – edged higher by $2.17 billion at $415.82 billion.
However, the RBI’s weekly report showed that the value of the country’s gold reserves went down by $443 million to $26.91 billion. Similarly, the country’s reserve position with the IMF fell by $17 million to $3.63 billion, while the SDR value inched down by $3 million to $1.44 billion.
Economy In crisis – Food cunsumption falls after 40 years
According to the latest survey of the Modi, Sarkar’s report revealed the economy is in crisis. People are not buying food as they used to a few years ago, poverty is increasing fast in rural areas and malnutrition is prevalent among all sections increasing economic woes of the country (under Modi regime), says a report released by National Sample Survey Organisation.
In what is being described as the first stance of the downfall in rural consumption after 40 years, it has been recorded that due to slump in demand, consumer spending in the rural area has declined by around 9 percent in 2017-2018. Data released NSSO revealed that while total expenditure fell by around 9 percent in villages, in cities it rose by merely 2 percent, indicating an overall slump in the economy. Analysts believe that the downfall in rural expenditure is an indication of increasing poverty in rural areas.
Business Standard has reported that the survey was held between July 2017 and 2018, however, it was withheld because of the “adverse findings”.”On average, rural people spent 580 on a monthly basis on food in 20170-18, almost a 10 percent fall from 643 in 2011-12,” says the report.
According to the survey not only the average spending fell in rural areas but per capita income and food consumption have also gone down.NSSO data shows that for the first time, domestic food consumption had fallen in the 1960s and later almost a decade after in 1972-1973 due to the oil crisis. Analysts believe that the fall in food consumption for the first time in decades implies growing malnutrition in India.
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