Bank of India has announced that it will lower some deposit rates by 25-50 basis points from June 7.
The bank did not give any reasons for the cut. Bankers say reductions in deposit rates are needed to align them with lower bond yields.
Bank of India said it will now offer 4.75 per cent interest on deposits maturing between 46-90 days, as against five per cent earlier.
For deposits with maturities between one year and three years, the bank will pay 5 per cent, instead of 5.50 per cent. In May, the bank had lowered rates on its short-term deposits maturing within 45 days, but left other rates unchanged.
Eli Lilly & Company and Shasun Chemicals & Drugs have signed a letter of intent for the manufacture and supply of anti-tuberculosis drug cycloserine.
The move is part of Eli Lilly`s commitment to address the expanding health threat of multi-drug resistant tuberculosis (MDR-TB).
On Thursday, Shasun Chemicals closed Rs 4.50 or 2.78 per cent lower at Rs 157.20, as against its previous close of Rs 161.70.
