Bank of America revises interest rates: Bank of America has announced a 250-basis point increase in its interest rates on deposits of 15-30 days. The bank will now offer 9 per cent on 15-30 day deposits instead of the earlier 6.50 per cent. Deposits of 31-60 days will be offered 9.25 per cent (7 per cent), 61-90 days 9.5 per cent (7.50 per cent), 91-180 days 9.75 per cent (8 per cent) and 181-364 days 9.75 per cent (9 per cent).Three-day fixed-rate repos: The RBI on Tuesday announced a three-day fixed-rate repo in government of India dated securities on May 20 for parties holding SGL and current account. Payment by application will be on May 20 and repurchase by the RBI on May 23. Meanwhile, the central bank mopped up Rs 87 crore through its three-day fixed- rate repo held on May 19.
Pandarakalam Finance registration rejected: The RBI has rejected the application for certificate of registration submitted by Pandarakalam Finance. "The company will not be able to transact thebusiness of a non-banking financial institution as defined under clause (a) of section 45I of the RBI Act," stated an RBI release.
91-day treasury bills auction: The RBI on Tuesday announced the auction of the 91-day treasury bills for a notified amount of Rs 100 crore. The allocation to non-competitive bidders will be outside the notified amount at the bank's discretion.
364-day T-bills auction: RBI on Tuesday announced the auction of the 364-day treasury bills for a notified amount of Rs 100 crore. Tenders should be submitted on Wednesday and payment by bidders will be on Friday.
14-day treasury bills auction: The RBI on Tuesday announced the auction of the 14-day treasury bills for a notified amount of Rs 100 crore. The allocation to non-competitive bidders will be outside the notified amount at the bank's discretion. Tenders should be submitted on Friday and payment by successful bidders will be on Saturday.
Janakalyan Sahakari to open new branch: Janakalyan SahakariBank will be celebrating its silver jubilee by opening a new branch at Fort on May 19. The bank is also starting a foreign business department along with fully computerised services and self terminals.
Global Trust Bank opens new branch: Global Trust Bank recently opened its 46th branch at Vijayawada in Andhra Pradesh. The branch was inaugurated by Y Rama Krishnudu, speaker of the state's legislative assembly.
Allahabad Bank to install ATMs: Allahabad Bank has decided to install 14 ATMs in eight cities throughout India. The contract has been awarded to Siemens Nixdorf Information System under the international competitive bidding process.
Bank of America interest certificates: Bank of America has introduced new annual interest certificates for its customers. The certificates will help corporates and individual customers consolidate their annual calculation and help them file their income-tax returns at the end of the financial year. "The new interest certificates will help customersview their entire combined interest earning from deposits and loan accounts in easily readable manner," stated a bank release.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
