The RBI has announced a three-day fixed-rate repos in government of India dated securities on May 26 for parties holding SGL and current accounts. The interest rate on the repos is pegged at 6 per cent. Payment by application will be on May 26 and repurchase by the RBI on May 29.

Three-day repos results:

The RBI on Monday mopped up Rs 1 crore through a three-day fixed-rate repos in government of India dated securities for parties holding SGL and current accounts. The central bank received only one application and accepted it.

RBI publication:

The RBI has published the 49th edition of `Statistical tables relating to banks in India.' The publication presents comprehensive statistical data on the working of commercial banks and post-office savings in India during 1995-96 along with the revised data. The publication also gives information on maturity classification of fixed deposits with scheduled commercial banks, ownership of deposits withscheduled commercial banks and investments of scheduled commercial banks.

BoI on-line card acceptance:

Bank of India has announced an on-line acceptance of credit cards in association with Equifax Venture Infotek. Under the agreement, BoI will provide point-of-sale terminals at its leading card-acceptance establishments all over India. "The POS system will provide on-line verification for millions of cards issued all over the world," said a bank release.

LIC, GIC staff to protest:

The employees of LIC and GIC will stage demonstrations on May 27 following the government's announcement to introduce a comprehensive bill for the establishment of Insurance Regulatory Authority and amendments to the LIC and GIC Acts in the budget session. On the same day, 10 lakh bank employees will also stage demonstrations against the Narasimhan Committee report.

Liberalise insurance sector, says CII:

The Confederation of India Industries has appealed to the government to liberalise theinsurance sector. It has said that the establishment of an Insurance Regulatory Authority, reintroduction and swift passage of the IRA Bill and modification of several industrial Acts are some of the steps which need to be taken immediately. CII has proposed that the private sector should be allowed to enter the domestic insurance market.

Punjab and Sind Bank to open branches:

Punjab and Sind Bank has decided to open a new branch each working day from May 25 to June 24 to celebrate the completion of its 90 years. The bank has also created its Website on the Internet. The bank has decided to build its own staff training college in Delhi.

BoB plans to appoint consultant:

Bank of Baroda is considering a proposal to appoint a consultant and get a fully-owned company registered in Europe for integrating its overseas banking operations with other international banks. BoB has 39 branches in 12 countries, including South Africa, Britain, US and Belgium.