The RBI has announced four-day 8 per cent fixed-rate repos in government of India securities on September 29 for parties holding SGL and current accounts with it at Mumbai. Payment by applicants will be on September 29 and repurchase by the RBI on October 3.

Mandvi Coop Bank offers new scheme:

Mandvi Cooperative Bank has launched a new product called the flexi-recurring monthly deposit scheme, with an advantage of no TDS. The scheme is different from that of the normal recurring deposit wherein a depositor has to deposit a fixed sum every month. Under the new scheme, the depositor can withdraw a maximum of 85 per cent of the total deposit amount in the case of an emergency, by paying a nominal 2 per cent extra interest.

Bank of India pays dividend to centre:

Bank of India has paid a dividend of Rs 97.80 crore to the centre for 1997-98. The cheque was handed over to finance minister Yashwant Sinha by the bank's executive director, S Gopalakrishnan. The bankpaid a 20 per cent dividend to its shareholders in 1997-98 compared with 15 per cent in the previous year. The bank paid Rs 73.35 crore and Rs 58.65 crore as dividend in 1996-97 and 1995-96, respectively.

Abhyudaya Coop Bank appoints vice-chairman:

The managing committee of Abhyudaya Co-operative Bank has, in its recently held meeting under the supervision of the election officer, appointed Mahatarba S Kane as its vice-chairman. Kane is a well-known figure in the cooperative sector.

Crisil reaffirms Perfect Circle rating:

Crisil has reaffirmed the A rating assigned to the Rs 41.70 crore partly convertible debenture programme of Perfect Circle Victor Ltd. The rating factors in the continued strong market position of the company, the progress made in project-implementation and the comfortable capital structure offset by an increasingly difficult business environment, with sluggish growth in end-user industries and increased competitive pressure. Crisil has said that the increased exposureto group companies continues to remain an area of concern.

Crisil downgrades Srei International debt plan:

Crisil has downgraded the fixed deposit programme of Srei International Finance Ltd to FA from FA+. The revision in rating reflects the increased business risk profile of the company, given the continued deterioration in business conditions for the NBFC sector and the deterioration in the company's asset quality. The rating, however, continues to factor in the company's established presence in the earth-moving equipment segment, its comfortable resources position, asset-liability maturity profile and low dependence on public deposits.