Daily Archives: Tuesday March 5th, 2019

Bank of Baroda debt got cheaper

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Mumbai-Public Sector Bank of Baroda (BOB) has cut the benchmark lending rate by 0.10 per cent. This move of the bank will make housing loans, auto loans and other types of loans cheap.

The bank has deducted 10 basis points in the lending rate for all the periods up to one year. The new interest rates of the bank will be effective from March 7. The bank has given this information on the stock exchanges. It was informed in this information that the marginal cost-based interest rate (MCLR) will be 8.25 per cent and 8.30 per cent respectively for one day and one month.

For the period of one year, MCLR has been reduced from 8.75 per cent to 8.65 per cent. Most retail loans are given at one year’s benchmark rate. In its recent review meeting, the RBI had decided to reduce the repo rate by 0.25 per cent to 6.25 per cent.

Punjab National Bank (PNB) has also cut the marginal cost-based interest rate (MCLR) by 0.10 per cent. These new rates of PNB have come into effect from March 1, 2019. The interest rate on one year loan has been reduced from 8.55 percent to 8.45 percent in the bank. At the same time, the interest rate for the three-year term will be reduced to 8.65 percent.

Pensioners earn less than 15,000

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Mumbai-Prime Minister Narendra Modi on Tuesday launched the Prime Minister Shram Yogi Mannhan Yojana (PMSYM) in Gujarat. The formal beginning of Prime Minister Shram Yogi Mann-Dhan Yojana will be done in Ahmedabad first. Under this scheme, every person working in the unorganized sector whose income is less than 15,000, the government will give him monthly pension. This scheme will be applicable from the current financial year i.e. 2018-19

Under this scheme, pension of 3000 rupees will be available every month from the age of 60 years. This will benefit the workers with low income. It includes domestic servants, drivers, electricians or all such people. If an employee is 29 years old then he will have to deposit 100 rupees every month till the age of 60 to receive a pension. If an employee takes the scheme at the age of 18, he will have to deposit 55 rupees every month.

The government claims that this plan will benefit 10 crore workers in the unorganized sector in the next 5 years. This plan can become the world’s largest pension scheme for the unorganized sector in the coming 5 years. The government is providing 500 crore rupees initially in this scheme in the budget. Later, more money will be provided for this.

The market closed sharply

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Mumbai- The market has started the week with great speed. At the turn of the business, the BSE 30-share index Sensex closed at 37,807 points, or 1.05 per cent, at 36,442.54 level. On the other hand, NSE’s 50-share index Nifty closed 123.95 points, which is 1.14 per cent higher at 10,987.45.

Today, all the shares of the bank Nifty were bought and the market received support from here. Bank Nifty has managed to close 450 points today. Mid-cap stocks have also fueled the market and the mid-cap index has gained 350 points.

NBFC shares have seen good shopping today. Shares of Reppco Home Finance, India Bulls Housing Finance, Ujjivan and Edelweiss Financial, saw strong growth today. In fact, the National Housing Bank has proposed to increase the CER (Capital Compensation Ratio) and reduce the borrowing limit for housing finance companies. The NHB has sought suggestions on this proposal till March 31.

In the mid-caps and smallcap shares, along with legendary shares, they also saw good shopping. BSE’s mid-cap index closed at around 14,794.30 with a rise of 2.01 per cent. BSE’s Smallcap index closed at a record high of 14,416 with a strong rise of 3.11 per cent.

Oil and gas shares have also seen strong growth today. BSE’s oil and gas index has been able to close with a 2.75 per cent surge. Banking stocks were today heavily traded, which led to the bank nifty closing at 27,554.05 with a strong rise of 1.89 per cent. In today’s business, both PSU and Pvt. Banks have seen tremendous purchases. At the turn of the business, the Nifty’s PSU bank index closed at 2.25 per cent and the private bank index rose by 2.07 per cent.

Auto, metal, realty and pharma stocks have seen strong growth. Nifty’s auto index was up 3.13 percent, metal index 2.65 percent, realty index 2.00 percent and pharma index rose nearly 1 percent. However, today IT stocks have seen a huge decline. Nifty’s IT index closed with a weakness of 1.16 percent.