Top headlines: SBI cuts savings a/c & FD rates, Diwali gift for govt staff

Chinese President Xi Jinping will visit India from October 11 to 12 to take part in the 2nd informal summit with Prime Minister Narendra Modi

The government on Wednesday announced the highest ever 5 per cent increase in dearness allowance (DA) which will bring cheer to 50 lakh central employees and 65 lakh pensioners ahead of Diwali. In a double boost for customers, the country’s largest lender, State Bank of India, will cut its MCLR by 10 basis points across all tenors from Thursday. The one-year marginal cost of funds-based lending rate (MCLR) would come down to 8.05 per cent from 8.15 per cent from October 10.

In another major development amid a Kashmir crisis, Xi Jinping will visit India from October 11 to 12