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State Bank Of India (SBI) Announces Interest Rate Cut

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The largest state-owned lender in the country, State Bank of India (SBI) has decided to cut interest rates by five basis points on its home loans up to Rs 30 lakh. The interest rate cut comes days within the Reserve Bank of India announced to cut repo rate by 25 basis points in its sixth bi-monthly monetary policy.

Rajnish Kumar, State Bank of India Chairman in a statement said that the bank has the highest share of the home loans market and it’s appropriate to empower the large lower and middle-class segment by transmitting the rate cut announced by the RBI.

Kumar at an event in Mumbai also said that the bank’s deposit rates are much lower than peers. He added a reduction in deposit rates will be required to cut the overall lending rates under the marginal cost of funds-based lending rate system.

Kumar also informed that the new rates will be effective from 15 February 2019, Friday. SBI is the latest bank to announce rate cut, as another state-controlled Bank of Maharashtra declared a 0.05 per cent cut in its MCLR for sixth-month loan tenor.

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Jupiter, Saturn ‘Merge’ in Rare Cosmic Event After Nearly 400 Years

Amrita Chakravorty

People across India and the rest of the world witnessed a rare celestial phenomenon, the great conjunction of Saturn and Jupiter on Monday. The celestial event made Jupiter and Saturn appear as one bright star in the night sky.
This is the first time in over 400 years that the two appeared so close to each other, though regular conjunctions take place every 20 years. This is the closest these two planets have been recorded since 1623. That Great Conjunction of Jupiter and Saturn took place more than a decade after the telescope was invented.
The “great conjunction” is popularly referred to as the “Christmas Star.” On December 21, almost all the viewers across the world were able to see the two gas giants very close to each other, while they were still hundreds of millions of miles apart in space.
People gathered to watch the phenomenon, on rooftops and open grounds in different parts of Kolkata and West Bengal though the winter fog partially hindered the view. The celestial event brought many sky enthusiasts, especially students, to terraces with mini telescopes in Kolkata. The Birla Industrial and Technological Museum too saw the turnout of many students who participated in the special viewing of the event and attended the lectures by experts.
“The two planets have never been so close since 1623,” Director of M P Birla Planetarium, Debi Prasad Duari, said.
He said, “If two celestial bodies visually appear close to each other from the Earth, it is called a conjunction. And such conjunction of the Saturn and the Jupiter is at times called a great conjunction” if it happens once in a lifetime.

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