INDIA – On 10th April last month, SBI reduced the home loan rates. Within a month to that, on 10th May, it again slashed the loan rates.
State Bank of India is the largest lender of the country. This time, it has reduced the MCLR (Marginal Cost of Funds Based Lending Rate) by 5%. It helped bringing down the home loan interest rate for all its borrowers. Earlier, the 1 year MCLR was 8.50%. With the rate cut on 10th May, the overall 1 year MCLR has reduced to 8.45% per annum. In addition, interest rates of all other loans linked to MCLR will also be reduced by 5 basis points.
On 10th April last month, SBI announced the monetary policy, where it cut MCLR by 5 points. The interest rate on home loans up to Rs. 30 Lakhs was also reduced previously by 10 basis points. As per the SBI claims, it has around 34% of market share in the home loans and auto loans. And with the back to back rate cuts by RBI, that occurred in February and April, the repo rate has today reached at 6%.
While these interest rates are decreasing in India, allowing more and more borrowers to take loans easily, several companies in UK are also offering Payday Loans up to £5000 for similar purposes to allow people curb their financial troubles. The norm of Payday loans is becoming heavily common in these countries. And it would just be a matter of time when this loan trend will gain on India as well.
Bringing clean water – Christopher Kenny’s Preservation Earth Project
Science plainly shows that a human can survive three weeks without food, yet most individuals cannot survive three to four days without water! Dehydration sets in, and the person will go into shock and become vegetative even if they continue to breathe. In other words, water is an essential requirement. A living thing cannot thrive without it. Nonetheless, it is a horrifying truth that billions of people worldwide lack access to safe drinking water.
In developed countries, when everything from technology to luxury is available, receiving clean water at home is as ‘natural’ as breathing fresh air. Most individuals in advanced nations may not pay much attention to it, but this is not the case for the rest of the globe. Many countries continue to lack access to clean water sources or water appropriate for human use. Safe drinking water, sanitation, and hygiene at home should not be limited to the wealthy or those who live in cities. These are some of the most fundamental human health requirements, and all countries must ensure everyone has access to them.
The Preservation Earth Project (PEP) made its way to Tsaile, New Mexico. Over time, uranium mining, fracking, and pesticide abuse damaged the water supply, resulting in a high occurrence of numerous illnesses. Approximately 35% of the Navajo people do not have access to flowing water, and some must go to a remote location to fill barrels with water from a polluted local spring.
There is no doubt that climate change is boosting storm strength. Recent natural catastrophes have heightened the need for groups to step up and give support, answers, and relief to individuals affected by such natural disasters. The Preservation Earth Project is a non-profit organization that provides support, education, and solutions to help society transition from fossil fuels to renewable energy.
A look back at Christoper Kenny’s life
Chris Kenny was born in Summit, New Jersey, on May 4, 1961. He was one of twelve children. In 1980, he received a B.A. in economics and finance from Warren Wilson College in Swannanoa, North Carolina. He also attended New York University, earning a commercial real estate management degree from the Schack Institute. Since 2018, he has served as the head of Strategy and E-trading at Hartfield, Titus, and Donnelly. Kenny started his career in the U.S. In 1985. He worked as a Treasury Bond Broker. He formerly worked at Bonds.com as the director of fixed income sales and technological development. His academic background is in business and finance. Chris is passionate about developing and promoting renewable energy, mainly when it is used to assist people in need. The potential to aid those in urgent demand as a result of a human-caused environmental or natural disaster is not just a philanthropic act but also a once-in-a-lifetime educational opportunity.
He used solar power on mobile platforms as a backup power source for emergencies, water purification, and water pumping.
His academic credentials are in business and finance. Chris is passionate about developing and promoting renewable energy, mainly when it is used to assist people in need. The potential to aid those in urgent need as a result of a human-caused environmental or natural disaster is not just a philanthropic act but also a once-in-a-lifetime educational opportunity. He has over 38 years of experience in finance as a salesperson, broker, trader, and investor.
Making clean water available to everyone
In 2012, Kenny founded The Preservation Earth Project, a 501(c)(3) non-profit organization. It provides assistance, education, and alternative energy solutions to help society shift to renewable energy. It was involved and aided Haiti several times after the 2010 earthquake, providing portable solar electricity for water purification and medical facilities. In 2020, the business devised a solution for the Navajos’ contaminated water source. They collaborated with engineers and local officials to build, produce, and install a solar-powered water filtration system for the Navajo people of Tsaile, New Mexico. Other activities have included providing portable solar power to the “Cajun Navy” for rescue and clean-up in areas devastated by the 2015-2021 hurricane season in Louisiana.
The project designed, delivered, and installed a solar-powered filtration system that will provide clean drinking water to the local Navajo community 365 days a year for many years to come. Several more initiatives are in the works to provide safe drinking water to Native American communities on the Navajo Reservation.
President’s letters of gratitude
President Jimmy Carter sent Chris two heartfelt letters encouraging him to continue his charitable work. He suggested calling Habitat for Humanity and asking if they were interested in collaborating on a few projects. He and Kenny both helped out at the charity.
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