VRS hits work at SBI’s Mumbai branches
THE voluntary retirement scheme (VRS) offered by the State Bank of India (SBI) has affected the functioning of a vast majority of its branches in Mumbai.

Kapol bank says it gave Rs 8-cr advance to MMCB
THE Mumbai-based Kapol Co-operative Bank has admitted that it has given an advance of Rs 8 crore to Madhavpura Mercantile Co-operative Bank (MMCB) on March 9, 2001.

Gujarat High Court admits PIL on Madhavpura bank scam
THE Gujarat High Court on Monday admitted a public interest litigation (PIL) seeking directions to authorities to take action against those involved in the Madhavpura Mercantile Cooperative Bank (MMCB) scam, to frame a scheme to return the deposit-holders’ money, to recover the bank’s dues and revive the bank.

Centurion board to meet this week after dull response to rights issue
CENTURION Bank will call a board meeting following the lukewarm response to its Rs 128.80 crore rights issue at the earliest. The rights issue, which was slated to close on April 12, devolved due to undersubscription.

Rupee slips to record low of 47.04 under continued pressure
THE rupee continued to be under pressure on Monday and slipped to a life-time low of 47.02/04 where it closed. Opening weaker at 46.91/95 from Thursday’s lowest-ever close of 46.87/90, the rupee crossed the 47.00 per dollar mark on sustained heavy dollar demand from all quarters of the market. Nervousness continued in the forex market and participants were seen rushing to cover their short dollar-positions. In early trades, the rupee was dealt at 47.02 per dollar, marginally weaker than its previous low of 46.90 on Thursday.

Make norms to audit regulatory authorities, govt asks CAG
Prime Minister Atal Bihari Vajpayee has asked the Comptroller and Auditor General (CAG) to devise norms for auditing the regulatory authorities.

BP Verma sent to Tihar till April 30
THE sacked chairman of Central Board of Excise and Customs BP Verma, his son Siddharth and two others were on Monday sent to 14-day judicial custody by a Delhi court in a case of criminal conspiracy and bribery.
Special Judge RL Chugh remanded accused Verma, his son Siddharth, alleged conduit Bhawana Pandey and Rajiv Sharma, manager of firms owned by Siddarth, to judicial custody till April 30 after they were produced before him this afternoon.

IIT Kharagpur to start medical science faculty
THE Indian Institute of Technology at Khragpur, the oldest and largest IIT is introducing for the first time in the country a postgraduate programme in medical science and technology from this session.