Infosys Withdraws All Deposits With SBI Due To Low Yield

January 16, 2012 Mumbai: The nation's largest bank by deposits all of its software key to every Indian banker withdraws. The country's second largest software exporter has fallen out of favor with. Infosys (SBI) State Bank, the largest commercial bank in the country with all their deposits held in October-December quarter is withdrawn.

With zero deposit balance was Outsourcer SBI as RS 384 crore in December 31, 2011, compared with nine months from the end of September. Infosys as State-run lender with deposits at 457 million rupees.

Meanwhile, in the first nine months of this financial year ICICI Bank and HDFC Bank such as Infosys deposit top private-sector lenders with almost doubled.

 

INFOSYS’ DEPOSITS

 

31 Mar ‘11

30 Sep ‘11

31 Dec ‘11

State Bank of India

386

457

Nil

ICICI Bank

689

1,663

1,500

Punjab National Bank

1,493

1,552

1,500

Bank of Baroda

1,100

1,500

1,500

HDFC Bank

646

995

1,357

Canara Bank

1,225

1,309

1,241

Total deposits

12,932

16,169

15,562

 

Infosys RS 689 million in deposits with the financial year ICICI Bank. Software firm last September 30 million this calendar year, RS 1663 was moderately lower as 2011-end RS 1,500 crore deposits with ICICI Bank.

HDFC Bank, Technology Company this fiscal year's first three quarters accumulated balance in RS 650 crore to RS 2275. This global financial crisis during 2008-09, with Infosys ICICI Bank withdrew their deposits and much of the public sector banks, including discussion of money vertically with the SBI.

ICICI Bank and Infosys K v k.v.kamath both currently non-Executive Chairman.

Infosys, however, maintained that the deposit for your choice of banks interest rate offered by lenders on.

"The move from other banks on the SBI is purely to produce; we get more from other banks. And so we preferred them, yields a" V ", Member of the Board and Chief Financial Officer of Infosys, said.

SBI is currently stored at above 1 million and a maximum of nine percent interest. It revised its interest rate on deposits in early November. ICICI Bank term deposit of 1 million domestically its interest rates and the above do not appear in public.

ICICI Bank with Punjab National Bank and Bank of Baroda indigenously in Infosys had accumulated deposits of 3.75 per cent sequentially. Software firm base for the October-December 15562 million. Infosys deposit, however, narrowed this fiscal year grew by 20 percent in the first nine months. It's your deposit in banks, 27.

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