The banks have now decided to slash the interest the owners would pay on savings accounts, with no relief in the mortgage rates.  

The big banks have left no chance in deducting saving rates on term deposits account from the past seven days and thus have left savers in the situation where they will have to face drastic reduced returns when their funds mature.  

Shane Oliver AMP Capital chief economist informed that the banks were running out of excuses for not cutting interest rates.  

Public sector lender Indian Overseas Bank (IOB) on Tuesday announced 0.50% hike in benchmark lending rate to 14% with effect from August 16, following tight monetary measures taken by the Reserve Bank to tame inflation, which has crossed 12%.

However, the existing housing loans and education loans, which are linked to BPLR, are exempted from the present revision. Further, fresh housing loans up to Rs 30 lakhs and fresh education loans are also exempted from the present revision.

Zurich  - Shares in Swiss banking giant UBS AG fell Tuesday after the embattled financial house announced plans for a shakeout in its top management in the wake of another quarterly loss.

Zurich-based UBS, which has emerged as one of the prominent victims of the US mortgage meltdown, said it chalked up a loss of 358 million Swiss francs (330 million dollars) in the three months to the end of June.

The second-quarter loss was the group's fourth consecutive quarterly loss and compared to a 11.5-billion-franc loss in the first quarter this year. UBS reported a
5.5-billion-franc profit in the second quarter last year.

Stock market analysts have maintained ‘buy’ rating on Yes Bank stock with an intraday target of Rs 145.

According to them, interested traders can purchase the stock above Rs 143 with a strict stop loss of Rs 140. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 150.
 
Shares of the company, on Monday (Aug 11), closed at Rs 142.50 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 3350978. The share price has seen a 52-week high of Rs 277.80 and a low of Rs 102 on BSE.

Bogota  - As employees of a bank in Colombia ended their Friday shift and headed out for a welcome weekend break, they forgot to lock the main door.

On Sunday, a homeless person inadvertently nudged the door open as he leaned against it in an effort to make himself more comfortable, witnesses told police.

This immediately set off the alarm at Banco Agrario, located in a busy area full of restaurants and bars, in the city of Cartagena de Indias.