More PSBs have announced linking their lending and deposit rates to the RBI's repo for facilitating faster transmission after the SBI did so in May. While Syndicate Bank has made several changes to its offerings on loans and deposit products, Bank of India, Union Bank and Allahabad Bank also said they are working on the modalities to launch similar products.
To encourage banks and white-label ATM operators to set up more ATMs in rural areas, where penetration is currently low, the government should consider giving incentives such as extra interchange fee or subsidy in electricity and other support structure required to set up ATMs, according to a Director of the Confederation of ATM Industry (CATMi).
3 main state-run fuel retailers — Indian Oil Corpn, Bharat Petroleum Corpn & Hindustan Petroleum Corpn — are looking to turn used cooking oil into biodiesel fuels. The retailers are seeking leftover cooking oils from bulk consumers such as hotels across 100 cities, oil minister Dharmendra Pradhan said.The retailers will pay ₹ 51 per liter to buy used cooking oil in the first year, ₹ 52.7 in the second year and ₹ 54.5 in the third.