China blacklists 9.59 mn loan defaulters, freezes deposits worth $27.7 bn

Chinese courts have blacklisted over 9.59 million people for defaulting on loans and frozen $27.7 billion deposits owned by them by the end of 2017, China's Supreme People's Court (SPC) said on Saturday.
The defaulters have been restrained from purchasing more than 9.36 million plane tickets and 3.67 million high-speed train tickets by the end of 2017, the SPC said.

The SPC has cooperated with airlines and railway companies to bar those who default from purchasing tickets, based on ID card information and their passports.
Moreover, the SPC has also worked with banks to reject loan and credit card applications from people who have defaulted, state-run Xinhua news agency reported.

Courts nationwide had frozen deposits totalling more than 180 billion yuan ($27.7 billion) owned by defaulters, the SPC said.
People on the blacklist are also restricted from serving as corporate representatives or executives.

Indian Bank brings 2-tier interest rate for savings A/Cs

PSU lender Indian Bank on Friday said it will offer an interest rate of 4 per cent per annum on savings account with an incremental balance of over Rs 50 lakh and 3.50 per cent per annum for deposits up to Rs 50 lakh.

The lender in a statement said it "has introduced two tier interest rate structure for saving bank accounts and will offer 4 per cent interest per annum for incremental balance over Rs 50 lakh and 3.50 per cent per annum for balance up to Rs 50 lakh."

The new interest rate will be effective from August 16, 2017, the bank said in a BSE filing.

Recently, the country's largest lender State Bank of India had slashed interest rate on savings account deposits by 50 basis points to 3.5 per on balance of Rs 1 crore and below.

However, SBI continues to offer 4 per cent interest on savings account balance of Rs 1 crore and above.

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