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ICICI rechristened:
The Industrial Credit and Investment Corporation of India Ltd has changed its name to ICICI Ltd with effect from September 11, 1998.
Three-day repos today:
The RBI on Friday announced three-day 8 per cent fixed-rate repos in Government of India dated securities on September 19 for parties holding SGL and current accounts.
Crisil downgrades Midwest India debt plan:
Crisil has downgraded the fixed deposit programme of Midwest India Industries from FB to FD. The rating indicates that the issue is either in default or expected to be in default upon maturity.
Crisil downgrades Kothari Sugars debentures:
Crisil has downgraded the Rs 1.47 crore non-convertible debenture programme of Kothari Sugars and Chemicals from A to BB. The company's fixed deposit programme has also been downgraded to FA+ from FB. The rating revision reflects the steep deterioration in the company's financial performance on account of operational problems at its nitro aromaticsplant, delay in stabilisation of sugar expansion, feedstock problem in the PIB division and the consequent poor fixed-cost recovery.
Bank of Baroda cuts rates:
Bank of Baroda has announced a downward revision in its interest rates on FCNR(B) deposits for various maturities for different currencies with effect from September 21, 1998. For pound sterling deposits, the interest for six months-two years is 6.25 per cent and two-three years 6.50 per cent. For dollar deposits, interest for six months-two years is 5 per cent and for two-three years 5.25 per cent. The revised interest rate on Deutschemark deposits is 3 per cent for six months-one year, 3.25 per cent for one-three years and 3.50 per cent for three years. Yen deposits will fetch an interest rate of 0.20 per cent for six months-one year, 0.30 per cent for one-three years and 0.50 per cent for three years.
Global Trust Bank revises interest rates:
Global Trust Bank has announced a revision of its interest rates with effect fromSeptember 16, 1998. An interest rate of 10.5 per cent is being offered for a period ranging from 91 days to six months. An additional interest of 0.50 per cent is being offered for deposits of more than Rs 15 lakh for a period of 31 days up to one year. The bank has a major presence in the country with branches spread across 17 important cities.
Seminar on euro:
The World Trade Centre will hold a one-day seminar on ``Euro Currency and India's Response,'' which will be held on Friday. The seminar is being organised in association with the Indian Institute of Foreign Trade, the EU Council of Chambers in India and Dash Management Services Pvt Ltd. The theme presentation at the seminar will be made by Dieter Ritter, head of bond research at DG Bank, Frankfurt.
Crisil downgrades Goetze India debt plan:
Crisil has downgraded the fixed deposit programme of Goetze India Ltd to FA+ from FAA. The rating reflects the deterioration in the overall risk profile of the company on account of theincreasingly difficult business environment characterised by sluggish growth in end-user industries and increased competitive pressures, sharp decline in turnover and profits and increased funding requirements in the current year. These negatives are, however, offset to some extent by the strong market position of the company in the piston rings industry and a fairly comfortable capital structure.
Crisil reaffirms Tata Yodogawa ratings:
Crisil has reaffirmed the AA-, FAA and P1+ ratings assigned to the Rs 13 crore non-convertible debenture, fixed-deposit programmes and the Rs 3 crore commercial paper programme, respectively, of Tata Yodogawa Ltd. The ratings reflect the expected sustenance of the company's market position and operating margins in the rolls industry and its above-average operating efficiency. The ratings also continue to factor in the company's strong association with Tata Iron and Steel Company Ltd.
Indian Institute of Bankers AGM:
The 71st annual general meeting of theIndian Institute of Bankers will be held on September 21, 1998, at the RBI auditorium in Mumbai. The meeting will be presided by the president of the institute, the RBI governor Bimal Jalan. This will be followed by the launch of an MBA programme in banking and finance and the signing of a memorandum of understanding by Jalan on behalf of the institute and Abdul Wahid Khan, vice-chancellor of Indira Gandhi National Open University, for offering a CAIIB-linked MBA in banking and finance.
SBI deputy manager bags IIB fellowship:
S Sasikala, deputy manager at State Bank of India, will receive the IIB Diamond Jubilee Overseas Banking Research Fellowship for year 1998 from the RBI governor Bimal Jalan on September 21, 1998. The awardee will visit the United States for a period of 10 weeks to study ``Bank Capital Requirements for Market Risk'' under the fellowship.
RRB workers to observe strike on Sept 22:
Over 70,000 workers and officers of regional rural banks will observe a nationwide strikeon September 22, 1998, to press for the formation of a national rural bank by amalgamating 196 RRBs. The call for the strike has been given by the All India Gramin Bank Workers Organisation and the All India Gramin Bank Officers Organisation. The formation of a national rural bank is part of the sixth bipartite settlement in RRBs. A press release said that finance minister Yashwant Sinha had assured a delegation of bank employees earlier this month that their demand would be settled within 15 days after discussing the issue with the concerned secretaries.
UTI Bank, Citibank to launch co-branded card:
UTI Bank and Citibank on Thursday signed an agreement to launch a co-branded card called the UTI Bank Citibank co-branded credit card. UTI Bank is the third Indian bank to sign a co-branded partnership with Citibank. Targeted at customers of UTI Bank and its promoters, the new card will be marketed by UTI Bank and will be available at all its branches. Currently, UTI Bank has 29 branches in 12 cities.The new card will feature the logos of both UTI Bank and Citibank and will be available in photocard and non-photocard options.
RBI rejects registrations of three finance firms:
The RBI has rejected the applications for certificate of registration submitted by Nova Power Pvt Ltd and Swadeshi Industrial Development Corporation Ltd of New Delhi. A Varanasi-based company, Krishi Export Commercial Corporation Ltd, has also been barred. These companies cannot transact the business of non-banking financial institutions, according to the central bank.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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