The Reserve Bank of India (RBI) and IBM have signed a contract to implement IBM's state-of-the-art cheque processing and clearing system at RBI's four national clearing centres in Mumbai, Delhi, Calcutta and Chennai. This contract will be executed by Tata IBM and IBM Global Services India. "The IBM cheque processing and clearing system, an end-to-end solution will equip RBI to handle more than twice its current capacity. IBM will install its latest S/390 mainframes at the four centres, which will lead to increased levels of system availability and security," said a company release issued on Tuesday. The new system will replace RBI's existing MICR processingsystem, which has performed well for over a decade.

Malik is Loss Prevention Association MD:

DB Malik has been appointed as the managing director of Loss Prevention Association (LPA) of India Ltd. Prior to joining LPA, he was general manager of the Oriental Insurance Corporation. Malikhas about 35 years experience in various aspects of insurance including operations, marketing and human resource development.

Bajaj Auto debt plan rating re-affirmed:

Crisil has reaffirmed the `FAAA' and `P1' rating assigned to the fixed deposit programme and Rs 20-crore commercial paper programme of Bajaj Auto Ltd. The ratings factor in Bajaj Auto's strong market position in the scooter, three wheeler and Indian motorcycle segment and above average market position in the Japanese motorcycle segment which is improving. "The rating also factors Bajaj Auto's strong financial position and stable cash flows resulting in a favourable liquidity position," said a Crisil release issued on Tuesday.

Tafe debt rating re-affirmed:

Crisil has reaffirmed the `FAAA' rating assigned to the fixed deposit programme of Tractors and Farm Equipment Ltd (Tafe). According to a Crisil release, the rating is reflective of Tafe's dominant position in the tractor market, large size of operations, strongfinancial position with stable margins and comfortable gearing and interest cover levels. "The rating also takes into account the sluggish demand in the tractor industry, expected increase in competition from new players as well as capacity build up by the existing players resulting in a possibility of an oversupply situation," said a Crisil release issued on Tuesday.

AP Tanneries shares buy back:

The promoters of AP Tanneries Ltd have bought back 74,693 shares held by Industrial Development Bank of India (IDBI) at Rs 12 per share. The sale transaction constitute over one per cent of the paid-up capital of the company, said an IDBI release issued on Tuesday.

Nabard staff to join bank employees strike:

The employees of National Bank for Agricultural and Rural Development (Nabard) have decided to observe strike on February 25 to express their solidarity with bank employees who would be on a strike on February 25 and 26 for wage rise. "The settlement in the banking industry is the trendsetter for apex level institutions such as Nabard and Reserve Bank,'' the All India Nabard employees association said in a statement issued on Tuesday.

SBI credit card target set at 30 per cent:

The State Bank of India (SBI) is aiming a market share of 30 per cent in the credit card business in the country within the next three years. The country's largest bank has already achieved a subscriber base of around 27,000 since the launch of its credit cards three months ago. The bank has also set a target of 50,000 subscribers during the current fiscal.