SBI ANNOUNCED CUT IN MCLR ON 7TH MAY 2020

State Bank Of India ( SBI ) countries largest lender announce reduction in Margin Cost of fund based Lending Rate (MCLR ) on 7th May 2020. MCLR will be reduced by 15 basis points. One year MCLR will come down to 7.25% from 7.40 % which is effective from 10th May 2020.

With the cut in MCLR Emi of Home loan will be cheaper. MCLR is totally based on bank own cost of fund. If MCLR is linked to home loan it will not bring down your EMI's immediately as MCLR based loan typically have one year resting clause.

SBI has also cut interest rate on retail term deposits by 20 basic points for tenure upto 3 years, effective from 12th May 2020. This is the third cut in FD rate in two months. For senior citizen it has introduced " SBI Wecar Deposit "Under this 30 basic point premium will be paid on retail senior citizen deposits. This scheme is in effect till 30 Sep 2020.

Date :7/5/20  Information from Sources

J. CREW FILES FOR BANKRUPTCY PROTECTION ON MONDAY 4TH MAY 2020

J. CREW Group filed for bankruptcy protection on 4th May 2020 during period of COVID - 19.It is New York based retail cloth chain. It is known for Preppy Clothing. Apparels were worn by Michelle Obama at time of Obama when President of USA. 

Bankruptcy was filed in Virginia Federal Court with approximate $2 billion total debt.

J. Crew has about 13000 employees before April 2020. It is the first High - Profile retailer to seek protection since the spread of corona virus spread across the world. 

Date : 5/5/20  Information from Sources

RBI MAY EXTEND MORATORIUM PERIOD BY ANOTHER 3 MONTHS

By declaring 3.0 lock-down till May 17 by Government of India, Certain relaxation are given on category bases of Red , Orange and Green Zone. Moratorium period is near to end hence RBI is thinking on extending another 3 months period.

The repayment of the loan will be started once moratorium period ends after 3 months. If  RBI consider proposal and give second moratorium period for 3 months it will help people and industries impacted by present situation of Covid-19 in lock-down.

Suggestion for the same came from many PSU and Private sector bank.

Date :5/5/20 Information from Sources.  

THE CKP CO.- OP. BANK LICENCE CANCELLED BY RBI

The CKP Co-Operative Bank's Licence was cancelled by RBI in ongoing lock-down. Depositors are entitled upto Rs 5 lakh post liquidation.

Presently there are approximately 1.25 lakhs Account holders and Approximately 0.11 lakhs Depositors and Investors. The total Net worth is around Rs 230 Cr. Total cumulative amount under Fixed deposit is around Rs 480 Cr.

In 2014 after first Stroke bank Board has tried to improve the financial condition. On March 31,2020 RBI extended permit for another 2 months. But due to some issue on 2nd May 2020 RBI cancelled the Licence.

Date : 3/5/20  Information by Sources.