Top headlines: SBI cuts savings a/c & FD rates, Diwali gift for govt staff

Chinese President Xi Jinping will visit India from October 11 to 12 to take part in the 2nd informal summit with Prime Minister Narendra Modi

The government on Wednesday announced the highest ever 5 per cent increase in dearness allowance (DA) which will bring cheer to 50 lakh central employees and 65 lakh pensioners ahead of Diwali. In a double boost for customers, the country’s largest lender, State Bank of India, will cut its MCLR by 10 basis points across all tenors from Thursday. The one-year marginal cost of funds-based lending rate (MCLR) would come down to 8.05 per cent from 8.15 per cent from October 10.

In another major development amid a Kashmir crisis, Xi Jinping will visit India from October 11 to 12 on a second informal meet with Prime Minister Narendra Modi at Mamallapuram near Chennai. The 2019 Noble Prize in Chemistry was awarded to Scientists John Goodenough, Stanley Whittingham and Akira Yoshino.

Early Diwali for govt employees and pensioners

The Union Cabinet chaired by Prime Minister Narendra Modi approved the 5 per cent additional DA/DR (dearness relief) over the existing rate of 12 per cent of the basic pay/pension due in July, 2019, the government said. The decision will cost the exchequer Rs 16,000 crore, Information and Broadcasting Minister Prakash Javadekar said while briefing media on the decisions taken by the Cabinet. 


SBI slashes deposit and lending rates again

The country’s largest lender, State Bank of India, will cut its MCLR by 10 basis points across all tenors from Thursday.

The one-year marginal cost of funds-based lending rate (MCLR) would come down to 8.05 per cent from 8.15 per cent from October 10. This is the sixth consecutive cut in MCLR in the current financial year (FY20), the SBI said in a statement. It has also reduced interest rates on saving bank deposits (upto Rs one lakh) by 25 basis points to 3.25 per cent from November 01.

Xi Jinping to visit India on Oct 11-12

Chinese President Xi Jinping will visit India from October 11 to 12 to take part in the second informal summit with Prime Minister Narendra Modi during which they are expected to hold comprehensive talks on a host of issues concerning the bilateral relations and exchange views on regional and international issues. Xi will attend the second informal meeting with Modi at Mamallapuram near Chennai from October 11 to 12.


Global economy in synchronised slowdown: IMF chief

In her first speech as managing director of the International Monetary Fund, Kristalina Georgieva said, research shows the impact of the trade conflict is widespread and countries must be ready to respond in unison with cash infusions.

"In 2019, we expect slower growth in nearly 90 percent of the world. The global economy is now in a synchronized slowdown," Georgieva said in a speech ahead of IMF-World Bank autumn meetings next week.

Tata Motors launches Tigor EV with extended range at Rs 944,000

Tata Motors on Wednesday launched Tigor EV with an extended range to cater to both fleet and personal segment customers with price starting at Rs 9.44 lakh (ex-showroom Delhi after deducting government subsidies). The vehicle, which now comes with 213 km of range, qualifies for incentives under the FAME II scheme for commercial usage.

2019 Nobel Chemistry Prize awarded for research on lithium-ion batteries

Scientists John Goodenough, Stanley Whittingham and Akira Yoshino won the 2019 Nobel Prize for Chemistry for the development of lithium-ion batteries, the award-giving body said on Wednesday.