Foreign investment in IDBI: The IDBI has stated that the total foreign investment in the bank by FIIs, NRIs and OCBs has never exceeded the 5 per cent mark. "FIIs, NRIs and OCBs holding in the IDBI as on May 13 was 3.84 per cent of the IDBI equity," said an IDBI release.

RBI publishes book: The exchange control department of the RBI has published a book titled "India Overseas Investment: Handbook Of Policies And Procedures." The book was released by the RBI deputy governor Jagdish Capoor. It provides complete information on all aspectsrelating to overseas investments by Indian corporates, said an RBI release.

LIC Housing Finance cuts rates: The LIC Housing Finance has announced a cut in its interest rates for individual housing loans with effect from June 8. As per the new interest rate structure, on a loan slab of over Rs 25,000 to Rs 2 lakh, there has been a reduction of 100 basis points with the new rate at 14 per cent. On a loan slab of over Rs 2 lakh to Rs 5 lakh, the interest rate has been reduced by 75 basis points with the new rate at 14.50 per cent. On a slab of over Rs 5 lakh to 10 lakh, the interest rate is pegged at 15.50 per cent.

Three-day repos results: The RBI mopped up Rs 1,506 crore through a three-day fixed-rate repos held on Tuesday for parties holding SGL and current accounts. The interest rate for the repos was pegged at 6 per cent. The central bank received three applications and accepted all of them.

Finance for textile industrialists: In a bid to bail out its customers from the presentcrisis in the textile industry, Bharat Overseas Bank has decided to provide additional finance for a temporary period, its chairman S Srinivasan said in Coimbatore on Monday. The bank will provide need-based ad-hoc limits against stock and post sales ranging from 10 to 20 per cent of the present credit limits.

Visa forms users group: Visa International has announced the formation of a users group comprising financial institutions interested in using Visa's open platform based on Java. "It is a new technological advancement that is revolutionising the smart card industry and driving the growth of a multi-function smart card," said a company release. Members of the users group include some leading banks and FIs.

Crisil downgrades Eastern Mining debt plan: Crisil has downgraded Eastern Mining and Allied Industries' fixed-deposit programme to FD from FA-. The revised rating reflects Crisil's concerns regarding the company's weakening risk profile and its stretched liquidity position. It expectsthe company to face difficulties in timely payment of its financial obligations.