Private sector lender ICICI Bank on Thursday has reduced its base rate by 5 basis points (bps) to 9.7 percent with effect from 26 June, 2015. The bank’s new rate is equal to that of State Bank of India (SBI).ICICI Bank, which is India’s second largest bank in terms of market capitalization, had cut its base rate by 25 bps to 9.75 percent in April this year. Many banks had announced similar cuts in base rates in response to 25 bps cut in repo rate by the Reserve Bank of India (RBI) at its 2 June meeting.The first was SBI, which announced a 15 bps cut in base rate to 9.7 percent.Overall, the RBI has reduced the key rate by 75 bps since the beginning of the year.On 12 June, Finance Minister Arun Jaitley held a meeting with chiefs of various banks, asking them to pass on the benefits of the recent rate cuts by RBI to end users.Bank credit growth, a major indicator of economic growth, slowed to a two-decade low in the fiscal year ending March 2015. In 2014-15, credit growth was up 9.52 per cent, down from the 13.83 per cent increase in 2013-14.Bankers cite continued tight liquidity conditions and poor uptake in credit growth as reasons for the absence of higher cuts in lending rates.”With effect from July 1, 2010, interest rates on new loans and advances, including consumer loans, are determined with reference to I-Base (ICICI Bank Base Rate),” ICICI Bank said in a statement.
Thanks to global warming; your morning cup of coffee could be a lot more pricey in the years to come. Researchers have estimated that climate change could reduce coffee growing areas in Latin America – the world’s largest coffee-producing region – by as much as 88 per cent by 2050. The study published in the journal Proceedings of the National Academy of Sciences (PNAS) offers climate change’s projected impacts on coffee, and the bees that help coffee to grow. “Coffee is one of the most valuable commodities on earth, and needs a suitable climate and pollinating bees to be produce well,” said study co-author Taylor Ricketts, Professor at University of Vermont in the US.”This is the first study to show how both will likely change under global warming – in ways that will hit coffee producers hard,” Ricketts said. While other research has explored climate – coffee scenarios, no other study has explored the coupled effects of climate change on coffee and bees at the national or continental scale. The study was conducted with advanced modeling, spatial analysis and field data. It forecasts much greater losses of coffee regions than previous global assessments, with the largest declines projected in Nicaragua, Honduras and Venezuela. The scientists projected a slight increase in coffee suitability in Mexico, Colombia and, mainly in mountainous areas.
One of the oldest lane surrounding the north campus – ‘Hudson Lane’ – has stood the test of time, competing with fancy restaurants and cafes in the Capital. But what is so special about this place that people choose it over lavish restaurants?With a plethora of hangout options that are not only easily accessible but exceptionally budget-friendly, it is an ideal place for foodies. Lying close to the Kamla Nehru College, the place is highly popular among the students. Also Read – Add new books to your shelf”I went to this place on the first day of my college and haven’t been able to get enough of it,” said Harshit Jain, a student of Kamla Nehru College, adding, “This is one place where all my friends meet every single day. Besides offering myriad flavors from different cuisines, the aura of the place is amazing. It’s a stop where can just sit and chill for hours, without any sort of restriction.”Despite the sudden rise in cafes and changing food scene of the lane, this place stays true to its roots. Also Read – Over 2 hours screen time daily will make your kids impulsive”I have seen this place grow and change. When I was a student, I used to be excited all the time for Charan Singh’s food van or Surinder’s chole bhature. Eating shahi paneer and rajma chawal over a few laughs was one of those memories I still cherish. The best part was interacting with the cooks in the food joint while learning how to make our favourite dishes. People in this area have always been extremely friendly and cheerful. We feel at home when we come here,” said Tanmay Goel, student from Shaheed Bhagat Singh. Though Satya Niketan – the area surrounding south campus, is equally popular among the college goers, Hudson lane gets an upper hand when it comes to a society meeting or a casual lunch gathering. One of the major reason for people choosing Hudson over Satya Niketan is the open space it has. Hudson is designed over a big place and the cafes are widely spread. People don’t have to necessarily to go and sit in cafes. They can eat street food or sit in parks in this area. On the other hand, Satya Niketan is congested and has cafes next to each other, making it extremely crowded. Even though new restaurants are opened on a daily basis in this cute-little lane, people preferably sit and eat in their favorite old restaurants. “I personally love trying new cuisines and places. But even though there are quite a few nice cafes that have opened up in this area, Ricos, Hudson Cafe or BYD will always remain my favourite. It’s not that I don’t like the new cafes, but the old ones have a homely feel to it. We are accustomed to the ambiance and are really not over it yet,” said Anushi Arora, Miranda House.If you haven’t visited the area yet, go and check out. It has a number of options which will convince you to come back again.