State Bank of India announced an increase in FCNR(B) deposit rates for the 35-year tenure bucket to 5.25%-6.00%. According to reports from Business Standard, the bank raised the 5-year rate by up to 295 basis points, the 4 to under 5-year rate by up to 280 basis points, and the 3 to under 4-year rate by nearly 215 basis points. This rate adjustment reflects SBI's strategy to optimize its deposit portfolio across different tenure categories.
Aurionpro Solutions outlined its strategic direction for FY27, targeting a stronger presence in modular and edge products while actively rebuilding and repricing its banking software portfolio. As reported by Business Standard, this dual approach represents the company's strategy to expand into high-growth technology segments while optimizing its existing banking solutions business. The company's focus on modular and edge products aligns with current market trends in AI and edge computing infrastructure.
MedPlus Health informed that its subsidiary received a drug license suspension for one of its stores in Karnataka, according to Business Standard reports. Honasa Consumer reported around 30% growth in its focus categories for FY26 and is targeting a 15% EBITDA margin through a 500 basis points margin expansion. Bharat Wire Ropes received a notice from the Maharashtra Pollution Control Board directing it to halt operations at its manufacturing facility in Chalisgaon. IOL Chemicals & Pharmaceuticals reported a minor fire at its Minoxidil manufacturing unit, resulting in a temporary shutdown of operations for 8-10 days with no injuries or plant damage.
Bank of Baroda increased its 1-month, 3-month, and 6-month MCLR by 5 basis points, while Canara Bank announced a 5 basis point increase in its 1-month and 3-month MCLR, effective June 12, as reported by Business Standard. KFin Technologies approved a $2 million investment in its Singapore subsidiary and the transfer of its GIFT City branch operations to its IFSC subsidiary. The government approved the merger of REC with Power Finance Corporation (PFC).
