Repo sale draws a blank: The Reserve Bank of India (RBI) did not receive any application for the 3-day 6-per cent fixed rate repos held in Mumbai on Monday, an RBI release said. Meanwhile, the RBI has announced a 5-day 6-per centfixed rate repo in Government of India dated securities on April 28, 1999 for parties holding SGL account with it at Mumbai. The RBI has also announced the auction of 91-day and 14-day Government of India treasury bills for a notified amount of Rs 100 crore each. The auction will be conducted on April 29, 1999 and the allocation to non-competitive bidders will be outside the notified amount, at the discretion of RBI. The auction for 91-day T-bills will be conducted using the `uniform price auction' method Dhanlakshmi Bank deposit rates: The public sector Dhanlakshmi Bank has fixed the rates for domestic deposits at 7 per cent (for deposits above 15 days and less than 44 days), 9 per cent (45 to 179 days), 9.5 per cent (for deposits above 180 days but less than oneyear) and 10.5 per cent for deposits more than one year but less than two years. For NRE (non-resident external) deposits of 6 months to one year, the deposit rates have been fixed at 9.5 per cent and for one year upto two years the new deposit rates are 10.50 per cent. These rates are effective from April 1, 1999, a bank press release said.
New India Industries rating reaffirmed: Icra has reaffirmed the `MA' rating assigned to the fixed deposit programme of New India Industries Ltd (NIIL). The ratings indicate adequate safety, said an agency press release issued on Monday. NIIL is a Delhi-based non-banking finance company engaged in lease and hire purchase financing of commercial vehicles, cars/jeeps, plant & machinery, consumer durables and three-wheelers. As on March 31, 1998, the company had deployed Rs 5.58 crores in these sectors but thereafter it had reduced the levels of its fixed deposits from public (its main source of funds), which had resulted in a lower gearing of 0.70 times as on March31, 1998. "Reaffirmation of the rating takes into account the improved asset profile, stable collection efficiency, financial flexibility by virtue of liquid assets and the support of the parent MGF group.
TimesBank opens second branch at Kerala: TimesBank has opened a branch at Kottayam, taking its total number of branches in Kerala to two. A press release issued by the bank some time back said that the bank has grown to a 35 branch network in the last four years and it has also sought the Reserve Bank of India's approval to expand by opening 5 new branches - one each at Panjim, Vasco, DumDum, Ahmedabad and Mumbai. The press release added that TimesBank has commenced offering Cash Management services to its corporate clients which encompasses a comprehensive range of products such as electronic funds transfer, cheque collection, recievables and payables management, among other facilities.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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