A Central Bank of India customer has won a lucky prize of Rs. 1 crore under a government scheme to promote cashless transactions. The identity of the winner has not been made public. The lucky winner had made a transaction of Rs. 1,590 using the RuPay debit card, and his transaction number was selected for the first prize. PM Narendra Modi will felicitate the prize to the lucky winner on April 14, 2017.
A report by ICRA has stated that Central bank of India will need to raise funds of Rs. 6,500 during the next two years to meet its regulatory capital adequacy ratio. Analysts at ICRA have maintained a cautious outlook on the bank’s profitability and expect the bank’s financial performance too remain under pressure resulting in additional capital requirements to achieve the minimum capital adequacy level.
Central Bank of India has raised funds of Rs. 500 crore via Basel III compliant tier II bonds on private placement basis. The non redeemable convertible debentures carry interest rate of 8.62 percent with the maturity period of 122 months. The bank plans to utilise the funds in strengthening their capital planning, performance and profitability.
Central Bank of India has reduced its Marginal Cost Lending Rate (MCLR) by 0.05 percent or 5 basis points across maturities. This has reduced its one-year MCLR to 9.35 percent, from the current rate of 9.4 percent . The month MCLR is reduced to 9.3 percent and 3 month MCLR is reduced to 9.25 percent. Overnight MCLR has been reduced to 8.9 percent , while 1 month MCLR has remained same at 9.2 percent. The new MCLR is effective from August 1,2016.
This rate cut of the bank will lead to lower interest rates on home loan, car loan, personal loan, etc, for loans taken under floating rate schemes. However, borrowers who have taken a loan at fixed rate, will not be benefitted by this reduction.
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