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Friday, March 5, 1999

Financial Briefing 

FE NEWS SERVICE  
Verma to take over as IDBI Bank chairman: MS Verma, former chairman of State Bank of India (SBI) and currently adviser to the Reserve Bank of India (RBI) will shortly be taking charge as chairman of IDBI Bank, the commercial banking subsidiary of the Industrial Development Bank of India. Verma was with the SBI, the country's premier banking institution, for over four decades.

Crisil launches website: Crisil launched its website `www.crisil.com' on Thursday. "We have built e-commerce capability to enable information users to source intelligent information online," Crisil managing director R Ravimohan said. Crisil's website provides a comprehensive coverage of information in a number of business areas - credit rating, corporate information, industry, economy, capital markets, finance and banking, Indian business groups, disinvestment and privatisation and infrastructure. Crisil is India's leading credit rating agency, and has an alliance with Standard and Poor's rating services.

Crisil rating: The Rs 600-million tax-free bonds programme and Rs 2,250 million taxable bonds programme of the National Capital Region Planning Board (NCRPB) has been assigned an `AAA(SO)' rating each by the Crisil. Meanwhile, the Rs 845 million tax-free bonds programme and the Rs 1,419 million taxable bonds programme of the company has been reaffirmed to AAA(SO). The ratings reflect the statutory status of NCRPB, which is manifested in strong support from the government through regular infusion of grants, allocation of quota for tax-free bonds, and issue of letter of comfort from the ministry of urban affairs and employment.

Icra ratings: The Rs 25 crore debenture programme of Varun Shipping Company Ltd has been downgraded from LA-- to LBBB by rating agency Icra. The revised rating indicates moderate safety and considerable variability in risk factors.

Repos-results: The Reserve Bank of India (RBI) has not received any application for the 4-day 6.00 per cent fixed rate repos held on Thursday, an RBI release said.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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