Foreign currency assets for the week ended September 18 rose by $42 million to $26.13 billion. Total foreign exchange reserves increased to $29.09 billion. Aggregate deposits during the fortnight ended September 11 increased by Rs 2,645 crore to Rs 6,54,833 crore, while bank credit increased by Rs 150 crore to Rs 3,23,820 crore.

Centre drops recommendation on Bihar: The union cabinet decided not to reiterate its recommendation for imposition of central rule in Bihar in the wake of president KR Narayanan's advice to the government to reconsider the decision made on Tuesday. ``In deference to the wishes of the president, the cabinet decided not to pursue the matter," home minister LK Advani said.

Petition against Samadhan adjourned: The petition filed by the All India Federation of Tax Practitioners' against the Kar Vivadh Samadhan scheme has been adjourned till October 27. The matter was part-heard by the bench headed by justice Lahoty here onFriday. The issue is set to be finally decided at the next hearing.

Ministry expresses inability to produce Murdoch: The ministry of external affairs has expressed its inability to produce media baron Rupert Murdoch before Delhi high court for facing prosecution for alleged screening of `obscene movies' through his Star TV network in India. In a letter to chief metropolitan magistrate Prem Kumar, the ministry said Murdoch could not be extradited as the charges were not covered under the extradition treaty between India and the US.

Godrej Soaps distribution takeover: Godrej Soaps Ltd is taking over the distribution network of its products from Godrej HIcare Ltd. This will come into effect from January 1999, Godrej Soaps managing director Adi B Godrej said at the company's 10th annual general meeting (AGM) in Mumbai on Saturday. After restructuring the strategic alliance of Godrej Soaps with P&G in 1996, the distribution of toilet soaps, toiletries, detergents had been undertaken by GodrejHIcare with effect from September 15, 1996.

Nalco shareholders okay 10% dividend: Shareholders of National Aluminium Company (Nalco) have approved a dividend of 10 per cent for the year 1997-98. The company paid eight per cent in the previous fiscal on a paid-up capital of Rs 1,228.62 crore. After the 17th annual general meeting of the company in Bhubaneshwar on Saturday, S N Johri, chairman & managing director of Nalco, said the total payout would be Rs 128.86 crore against Rs 103.09 crore in 1996-97.

Bata reaches pact with shop unions: The multinational footwear manufacturing company, Bata India Ltd, has reached a long-term agreement with the all India Bata shop managers' union following establishment of cordial relations between the two parties. The company management and the shop managers signed an agreement on Friday. The agreement takes effect from January 1, 1999 and expires on December 31, 2001.

Securitisation set to grow in India: Asset-backed securitisation is set towitness significant growth in the coming years, adding depth and variety to the capital market. Says ICICI chairman KV Kamath, "Securitisation will be the major financial instrument for the next decade." He said ICICI has already securitised loans worth Rs 2,600 crore till date.

RBI sets 8% 5-day repo for Sept 28: The RBI said on Saturday it would hold a five-day eight per cent government securities repurchase agreement on September 28. The central bank said it will repurchase the securities on October 3.

NBFC boycott not to affect Crisil's fortunes: The decision of non-banking finance companies (NBFCs) to boycott Crisil will not impact the fortunes of the rating agency in any manner, say rating agency officials. Though most top-rung NBFCs like Sundaram Finance, Cholamandalam Finance, Kotak Mahindra Finance and 20th Century Finance Corporation have been getting their debt instruments rated by Crisil, the majority of NBFC rating assignments are from small NBFCs.

JY Divanji is EDSyndicate Bank: Jayashil Yogendra Divanji has been appointed executive director, Syndicate Bank. He moves over from Bank of India where he was zonal manager. He joined BoI in 1965 as a direct recruit officer.

CSB replaces equity shares with preference shares: Catholic Syrian Bank has decided to cancel its two crore equity shares of Rs 10 each out of the equity lying unissued in the authorised capital of the bank and substitute them by creating 20 lakh preferential shares of Rs 100 each. A resolution to this effect was adopted at the bank's annual general meeting held in Trissure on Friday, said an official release.

Centre approves 4 NH projects: The Centre has cleared the proposals of Karnataka government to upgrade four state highways as national highways and a notification to this effect would be issued soon, Union civil aviation minister, Ananth Kumar announced in Bangalore on Saturday.

AP signs MoU for di-methyl fuel: The Andhra government has signed a memorandum ofunderstanding with Indian Oil Corporation, Gas Authority of India Ltd and Amoco for development and sale of di-methyl fuel in the state. The fuel would be predominantly used in power plants located in the state, Indian Oil said in a statement on Saturday. AP government would help in obtaining suitable locations for the project, chief minister Chandra Babu Naidu said.

TN favours deferment of cotton export quota: The TN government will write to the Centre demanding deferment of release of export quota for cotton till the final figure for current year's output was known, in order to avoid artificial scarcity that had led to the poor plight of textile mills in the state. The assurance was given by the state chief minister M Karunanidhi to a delegation of South India Mills Association (Sima) which met him on Saturday.

Schedule announced for state polls: Assembly elections for Rajasthan, MP, Delhi and Mizoram involving an electorate of 8.3 crore will be held on November 25 in what is beingperceived as a mini-general poll after assumption of power by Bharatiya Janata Party at the Centre. Counting of votes for Rajasthan and Delhi, which are under BJP rule, and Madhya Pradesh and Mizoram, which are governed by Congress, will take place on November 28, election Commission announced on Saturday.

Pak fails to secure IMF bailout package: Pakistan's attempt to secure an economic bailout package from the IMF failed over differences on the fund's severe conditionalities which Islamabad refused to accept. The IMF executive board will take a final decision on sanctioning a $5-billion loan after meeting Pakistani officials again in October, prime minister Nawaz Sharif's economic advisor Hafiz Pasha said.