Johnson and Johnson pays Rs 25 lakh each to 3 victims.

 
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Pharma major Johnson and Johnson has paid Rs 25 lakh each to three victims of its faulty acetabular surface replacement (ASR) hip implants in Uttar Pradesh, officials said.

According to Uttar Pradesh Drug Licensing and Control officer A K Jain, the company has given compensation to three patients who had undergone revision surgeries for the faulty implants made by the company.

The Delhi High Court had in May directed Johnson and Johnson to make an interim payment of Rs 25 lakh each to the 67 patients who have undergone revision surgeries.

Jain said the Uttar Pradesh Drug Licensing and Control Authority was promptly following such complaints.

SBI cuts fixed deposit rates for second time in a month, maintains status quo on savings rates

India's largest lender and public sector bank State Bank of India (SBI) announced on Friday that interest rate on fixed deposits will see a revision once again across all tenors, making it the second rate cut on FD rates in less than a month's period. The revised rates will come into effect from 26 August.

SBI has cut FD rates by 10-50 bps across tenures for retail customers and by 30 bps-70 bps across tenures for bulk depositors. SBI had earlier revised FD rates from 1 August. "In view of the falling interest rate scenario and...

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