Short change: Mutual funds withdraw Rs 4,000 crore from stocks in October

Nov 11 2013, 01:20 IST
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SummaryThe funds sold shares worth a net Rs 4,018 crore in the equity market.

Mutual funds withdraw Rs 4,000 crore from stocks in October

New Delhi: Continuing their selling spree in the stock market, domestic mutual funds have offloaded shares worth more than Rs 4,000 crore in October amid profit booking. The funds sold shares worth a net Rs 4,018 crore in the equity market

during October, while they had pulled out a net Rs 2,800 crore in the preceding month, according to latest data available with market regulator Sebi. However,

equity MFs were net buyers in the equity market in August and bought stocks worth Rs 1,600 crore. With the latest outflow, mutual funds net withdrawal from stock market reached to more than Rs 9,200 crore since the beginning of the year

(January-October). In comparison, foreign institutional investors made a net inflow of more than Rs 15,000 crore during October.

Union Bank of India revises fixed deposit rate by up to 1.25%

New Delhi: State-run Union Bank of India has revised fixed deposit rates on select maturity by up to 1.25 per cent in line with other lenders. Fixed deposits between 46 days to 120 days would now fetch 0.25 per cent higher interest rate of 7.50 per cent against the existing 7.25 per cent, Union Bank of India said in a statement. Similarly in the slab of 31 to 45 days, interest rate is increased by 1.25 per cent to 6 per cent, it said. The move is intended to increase the retail term deposit base of the bank, it said. Bank has reduced the interest rate on deposit for 5 to 7 years maturity by 0.25 per cent. The new rates would be effective from November 11, it said.

Issue TDS certificates on time to customers: Reserve Bank to banks

Mumbai: The RBI has asked banks to put in place systems to enable timely issuance

of TDS certificates to their customers. The Reserve Bank in a notification said that it has been brought to its notice that some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing their income-tax returns. The matter has been examined and with a view to protect interest of the depositors and for rendering better customer service, banks are advised to

provide to their customers from whose income tax has been deducted at source, TDS Certificate in Form 16A, the RBI said. Banks are advised to put

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