Govt notifies 8.65% interest rate for over 6 cr EPFO members Bharat-22 ETF 4th tranche may hit markets in Oct Pradhan dials Saudi Oil Minister; Kingdom assures supply commitments will be met

NEW DELHI: The government has approved 8.65 per cent interest rate on employees provident fund for 201819, which will now be credited into the accounts of over 6 crore subscribers of retirement fund body EPFO, a source said on Thursday.

The EPFO has been settling EPF withdrawal claims at 8.55 per cent interest rate, approved for 2017-18. Now, the EPFO will settle accounts on higher rate of 8.65 per cent for 2018-19.

"Ministry of Labour and Employment has notified 8.65 per cent rate of interest on EPF deposits for its subscribers (over 6 crore). Now, the interest would be credited into accounts of subscribers and claims would be settled at this rate," the source privy to development said.

The Central Board of Trustees -- the apex decision-making body of the Employees' Provident Fund Organisation (EPFO) -- had approved 8.65 per cent interest rate for the last fiscal on February 21 this year.

The proposal was sent for the concurrence of the finance ministry, and the labour ministry was waiting for its approval.

Earlier this week, Labour Minister Santosh Gangawar had assured, "..ahead of the festival season, over 6 crore EPFO subscribers would get 8.65 per cent interest for 2018-19". NEW DELHI: The government is likely to launch the fourth tranche of Bharat-22 ETF next month with ICICI Prudential Mutual Fund filing draft papers with markets regulator Sebi.

The decision has been taken after receiving robust response for earlier stake-sale by the government in the product.

The government has so far raised Rs 26,400 crore through the Bharat-22 Exchange Traded Fund -- Rs 14,500 crore was garnered in November 2017, another Rs 8,400 crore was mopped up in June 2018 and Rs 3,500 crore in February this year.

ICICI Prudential Asset Management Company filed 'Supplement To Scheme Information Document' with Sebi on Wednesday for Bharat-22 ETF FFO 2.

"The fourth tranche of Bharat-22 ETF may hit the markets next month," an official privy to the development said.

Proceeds from the ETF will help the government meet its disinvestment target of Rs 1.05 lakh crore for the current fiscal.

The Central Public Sector Enterprises (CPSES) that are part of the Bharat-22 ETF include ONGC, IOC, SBI, BPCL, Coal India and Nalco.

Other constituents are Bharat Electronics, Engineers India, NBCC, NTPC, NHPC, SJVNL, GAIL, PGCIL, NLC India, Axis Bank, ITC and L&T.

Only three public sector banks — SBI, Indian Bank and Bank of Baroda — figure in the Bharat-22 index. NEW DELHI: Saudi Oil Minister Prince Abdulaziz bin Salman on Thursday assured his Indian counterpart Dharmendra Pradhan of meeting all oil supply commitments to India as the Kingdom looks to restore production from its facilities to prestrike levels very soon.

Pradhan spoke to his Saudi counterpart on phone and discussed in details supply plan in the aftermath of a massive attack on the Kingdom's crude oil facilities that wiped out as much as 5 million barrels per day of output.

"They have again assured that all supply commitments to India will be met," said Sanjiv Singh, chairman of Indian Oil Corp (IOC).

Saudi Arabia, which is India's second-largest oil supplier, sells close to 2 million tonnes of crude every month. Of this, 1.2-1.3 million tonnes of supplies for September have already been taken and the rest too has been assured.

However, Saudi has sought deferment of some LPG supplies but they have assured to make up for all the quantities, he said, adding any shortfall can

The CPSES that are part of the Bharat-22 ETF include ONGC, IOC, SBI, BPCL, CIL and Nalco

be bought from Qatar.

India buys some 200,000 tonnes of LPG every month from Saudi Arabia.

Industry sources said Saudi Arabia has cut throughput at its refineries to meet its crude oil supply commitments.

Pradhan had earlier this week stated that India, the world's third-largest oil consumer, is keeping a close watch on the developing situation.

Indian oil companies, as well as the government, are in touch with Saudi oil company Aramco and authorities in the Kingdom, he had said. "India is watching the situation closely."

India imports 83 per cent of its oil needs, with Saudi Arabia supplying a fifth of the purchases. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.

A massive drone strike on the world's largest crude-processing facility operated by Saudi Aramco on Saturday drove oil prices to their highest level in nearly four months.

The attack had knocked out over half of Saudi Arabia's production as it cut 5.7 million barrels per day or over 5 per cent of the world's supply.