Current affairs of the month of June 2012

  1.  Reserve Bank permitted cooperative banks to formulate policies to check the practice of premature conversion of fixed deposits into other deposit schemes by customers with a view to obtaining higher interest rates. Previously customers of banks’ do not have to pay any charge for conversion of premature deposit schemes to the other scheme of that bank if the new scheme was for larger duration in comparison with the previous scheme.

     

2.     

UCO BANK BASE RATE	10.50%
UCO BANK BPLR	15.00%
UCO Fixed Deposit Rate (1 yr.)	9.10%

3.     

Policy Rate (%)		Policy Stance
Repo Rate	8.0		Unchanged
Reverse Repo Rate	7.0		Unchanged
Marginal Standing Facility	9.0		Unchanged
Cash Reserve Ratio	4.75		Unchanged
Bank Rate	9.0		Unchanged
Statutory Liquidity Ratio	24.0		Unchanged

4.     

Currency vs INR Absolute Change
USD $	57.16	0.85
EURO €	71.61	1.13
GOLD (10 gm)	Rs. 29940	(-) 125

5.    The UCO Bank has launched a new FD scheme “UCO DOU-BLE” to double the principal amount in 90 months. Rate of interest will be 9.35% per annum. Offer would be valid for a limited period from 1st June to 30th Sep, 2012.

“Everything has beauty, but not everyone sees it.”

                                                          -Confucius