Future Ventures India Q1 net loss at Rs 11 crore

NEW DELHI: Future Ventures India today posted a consolidated net loss of Rs 11.38 crore for the first quarter ended June 30.

The company had posted a net loss of Rs 36.41 crore during the same period of 2011012 fiscal.

Net sales of the company stood at Rs 171.69 crore for the reported quarter, as against Rs 155.44 crore during the same period of previous fiscal, Future Ventures India said in a filing to the BSE.

Shares of Future Ventures India today closed at Rs 8.76 on the BSE, up 8.82 per cent from their previous close. PTI MSS RAH ns YB 08142023 NNNN
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RBI asks banks to keep int rates variations on FDs to minimum

Mumbai, Aug 14 (PTI) The Reserve Bank today asked banks to ensure the variation in interest rates on single-term deposits of Rs 15 lakh and above and other deposits is minimal for corresponding maturities.

Stating that there was wide variations in the interest rates on single term deposits of corresponding maturities, RBI said in a notification that banks should put in place a Board approved transparent policy on pricing of liabilities.

It said that such practice of banks suggested "inadequate liquidity management system" and "inadequate pricing methodologies".

Banks are allowed to offer differential rates of interest on term deposits at their own discretion, on condition that they should disclose to the depositor in advance the schedule of interest rates payable on deposits, including deposits on which differential interest is paid.

"The Board/ALCO should ensure that the variation in interest rates on single term deposits of Rs 15 lakh and above and other term deposits (i.e. deposits less than Rs 15 lakh) is minimal for corresponding maturities," RBI said.