Yes Bank hikes NRI deposit rates to 9.6%

Private lender Yes Bank said it will raise interest rates on fixed deposits held by non-resident Indians (NRIs) to 9.6% from 3.82%, continuing its aggressive efforts to broaden its retail base at a time when the weak rupee is spurring capital outflows from India.

The new rate is being offered on term deposits of 15 months 15 days to 16 months. 

This is the second major attempt by Yes Bank in as many days to attract funds from the huge number of Indians living abroad. The bank raised its savings account deposit rate by 200 basis points to 6% on Thursday.

The higher rates, coupled with the dollar's recent rise against the rupee, are sure to encourage foreign exchange inflows, Chief Executive Rana Kapoor said in a statement.

The Reserve Bank of India deregulated interest rates on non-resident external (NRE) rupee deposits and ordinary non-resident accounts last Friday to provide greater flexibility to banks to attract dollars.

So far this year, foreign investors have sold more than half a billion dollars worth of Indian shares against a record inflow of more than USD29 billion in 2010.

The rupee, which hit a record low last week, has fallen about 17% from its July peak as India's economic prospects cool.

No.2 private lender HDFC Bank raised its interest rates for non-resident savings deposits to 9% from 3.82% on Thursday.

Hazare flays Lokpal Bill

Slamming the new Lokpal Bill, Anna Hazare today said the government should involve people in lawmaking and invoked Rajiv Gandhi's name to tell the Congress-led dispensation that he had written to all village heads before coming out with the Panchayati Raj Bill.

Hazare questioned as to why the government was drafting the bill alone. "Why is it so? Why does it not take the advise of the people? People are the masters and they have sent MPs to serve them. So they have to listen to people.

Late Prime Minister Rajiv Gandhi understood this. "He wrote to sarpanches in all the 5.5 lakh villages in the country on the 73rd and 74th amendment. You cannot do it on your whims and fancies. Then what is the difference between autocracy and democracy?" he told reporters here.

Hazare said the new Lokpal Bill was "very weak" and a "wrong one" which will not help in eradicating corruption. Asked whether he read the bill last night, Hazare said, "leave it" and went to say that the government should involve people in the process of drafting law.

Queried about his proposed fast from next Tuesday, he said if he does not get a venue, he will go to jail and fast. "They will keep creating hurdles. In August, they did not give me a venue till last minute. I had to fast in jail...this time also, if they don't give me venue, I will go to jail," he said.

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