Mumbai, Jun 17 (PTI) State-owned Union Bank of India on Friday said it has increased interest rates on term deposits across all maturity buckets.

The new rates are applicable across various tenures for domestic term deposits, Non-Resident Ordinary (NRO) and Non-Resident External (NRE) term deposits.

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Interest rates on domestic/NRO term deposits (below Rs 2 crore) of 46-90 days tenure have been increased by 55 basis points (bps) to 4.05 per cent from 3.50 per cent, the bank said in a release.

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Sa-Dhan appoints H P Singh as Chairman

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Sa-Dhan, India's largest and oldest association of community development finance institutions, has elected HP Singh as its Chairman.

Singh is the Managing Director and Chairman of Satin Creditcare Network Limited, a microfinance institution (MFI).

He has been a veteran of microfinance institutions in India for over three decades now and has been serving as the Co-Chair of Sa-Dhan up until now, it said in a statement.

Having established one of India's leading microfinance institutions, Singh has also been one of the founding members of MFIN (Microfinance Institutions Network), it added.

With an experience of more than 30 years, he has guided Satin Creditcare Network to an AUM of Rs 7,617 crore (as of 31st March 2022) and established a pan-India presence across more than 90,000 villages with 1,224 branches.

Sa-Dhan is a self-regulatory organisation (SRO) providing aid to its members and associate institutions to better serve people below the poverty line by giving credit access.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)