PNB, OBC reduce prime lending rates
The Delhi-based Punjab National Bank (PNB) and Oriental Bank of Commerce (OBC) have reduced their prime lending and deposit rates following the recent rate cut announced by the Reserve Bank of India.

Tax authorities can issue summons only when case is pending
Section 131 of the Income-tax Act, 1961 gives power to Tax Authorities to issue summons or to force attendance of any person for being examined on oath or to compel production of books of account and other documents.

Banks may not lower rates in a bid to protect margins
India's state-run banks, concerned over a squeeze on their margins, are unlikely to lower interest rates any further this year after cutting them last week in response to a central bank initiative, analysts said on Monday.


  Executive Briefing
  Bank of England may hike rates by 25 bps next month
  Gilt prices rise ahead of auction
  IFCI kicks off borrowings plan with Rs 100-crore issue
  Crisil net up 3.3% to Rs 12.92 crore
  Tillari irrigation project approved
  Analysts fear economic recovery may not last
  MSEB revises wind power generation policy