SBI has launched a cash management product which makes funds available in the shortest time, "SBI-Fast", at the SBI Industrial Finance Branch.It is the first centre in Mumbai. Under the arrangement SBI CAG branch collects the funds through more than 100 collecting centres and transmit the funds to the pooling centre on the same day using computerised V-Sat connectivity. The bank also launched SBI Card CashPoint in 57 cities across the country.

Crisil rates Lakshmi Mills

Crisil has downgraded the Rs 6.27 crore partly convertible debenture (PCD) issue of Lakshmi Mills Company (LMC) from "BB" to "C". The rating revision reflects impact of the continued downturn in business conditions on LMC's financial position, leading to a reschedulement of term loans with banks and FIs.

Icra downgrades Sterling Holiday

Icra has downgraded the rating assigned to the debt instruments of Sertiling Holiday Financial Services from `MB' to `MD'. The rating indicatesdefault. The company has been defaulting on its debt obligations. The company at present is not conducting any business and is repaying its obligations from collections pertaining to old contracts.