Banks rush to hike deposit rates

 SBI bank raises lending rates and HDFC Bank, ICICI Bank, Axis Bank increase deposit rates. Between the growth in credit and in deposits there was a steep gap. It made a quick raise in the deposit funds and funds. SBI raised its marginal cost fund based lending rates by 15-25 bps. The overnight  MCLR has hiked by 15 bps to 7.85 per cent. HDFC Bank, India's biggest private bank hiked rates  by 75 bps to 7 per cent for deposits of less than 2 crore, that mature between 5 years plus 1 day and 10 years. 

Vi's fundraising put on hold as government delays equity call

 Vodafone Idea's search for a lifeline turned longer and tougher on Tuesday even as it continued to lose customers and delay vendor payments. Vi's much needed Rs.1600-crore fund raising plan got stuck due to the government's silence on picking up a proposed 33 % equity in the financial stressed telecom. On Tuesday Vi informed that the shareholder resolution for issue of optionally convertible debentures to American Tower Corporation(ATC) had lapsed in the absence of an approval from the government for conversion of interest on adjusted gross avenue and spectrum dues into equity.