Bimal Jalan sets timetable for second phase of financial sector reforms
The RBI on Friday set the time-table for the second phase of financial sector reforms to take off in the next millennium. It has raised banks' capital adequacy ratio and tightened the prudential norms for provisioning and asset classification in a phased manner.

Cabinet clears mega economic stimulus package
The Union cabinet yesterday cleared a mega economic package which will enable the government to close down 8 chronically sick public sector units, as well as give a big push to the infrastructure sector. The controversial `mailbox' issue for patents was also resolved, though the decision on passing an ordinance to repeal the Urban Land Ceiling and Regulation Act was put off.

RBI pares GDP growth projection to 6 per cent
The Reserve Bank of India has pared its GDP growth projection for fiscal 1999 from 6.5%-7% made in the April credit policy to around 6%. However, it is still higher than the GDP growth of 5.1% in 1997-98.

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  G7 leaders plan to issue joint statement on reforms
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  Australia rate cut next week a close call, says survey
  Oman wants oil cuts maintained
  Court to give verdict on samadhan scheme next week
  Bimal Jalan's inflation analysis errs on side of optimism
  Attempt at finetuning banks' asset portfolios
  Timetable for a cut in cash-reserve ratio a must
  Rise in credit offtake not enough to liven up business
  Central bank's focus on institutional issues needs to be welcomed
  Reserve Bank has taken measured steps towards prudential management
  Creditable policy leaves out transactional changes
  Heeding to Narasimham's advice a right step indeed
  Only a few changes for the corporate sector in a stable policy
  Review is in line with Narasimham panel suggestions
  Panel moots scheme to IT exports
  Interest rates may go up, warns governor
  Path-breaking review distinguishes between real, operational issues
  RBI move to introduce .25% provisioning norms will hit banks
  RBI will not hesitate to use reserves to protect rupee
  Provisioning norms likely to hit State Bank hard
  Weak state-run banks may buckle down under pressure
  Executive Briefing
  Board focuses on trimming flab
  Move towards greater disclosure, more transparency in operations