The Reserve Bank of India has allowed all state and central cooperative banks to advance clean loans to sugar mills up to June 1999. Banks have been given a special permission to finance the deficit in the accounts of the mills on delivery of freesale sugar against the initial payment at levy price. The RBI has directed the banks to segregate such unsecured credit to facilitate monitoring and maintain 15 per cent margin against other stocks of freesale sugar.

Kapol Coop Bank net

Kapol Cooperative Bank posted a net profit of Rs 4 crore in fiscal 1999. The banks' deposit liability stood at Rs 225.06 crore and advances at Rs 141.24 crore in the year. At a captial base of Rs 2.36 crore, the bank's reserves stood at Rs 22.34 crore. Bombay Stock Exchange vice-president Deena A Mehta inaugurated the bank's demat services in Mumbai on Tuesday.

Care upgrades Philips

Care has upraded the rating for the Rs 30 crore non-convertible debenture (NCD) programme ofPhilips India from `Care AA-' to `Care AA', signifying high quality of the debt instrument on account of successful implementation of the turnaround strategy, increasing marketshare in the lightening division and improved operating performance.

Sardar Sarovar reaffirmed

Care has reaffirmed the ratings assigned to the Rs 650 crore secured non-convertible bonds of Sardar Sarovar Narmada Nigam and Rs 30 crore NCD programme of Tamil Nadu Petroproducts Ltd have to `Care AA-(SO)' and `Care AA' respectively, both indicating high investment grade for the debt paper.