Punjab and Sind Bank has increased the interest rate on 15 days to 45 days domestic term deposits to six per cent on Teusday. The increase in interest rate by one percentage point from the earlier 5 per cent will be applicable with immediate effect, a bank release said.

State Bank of India penalised for deficiency in service

The Patiala district consumer disputes redressal forum has directed the State Bank of India, Nabha branch to pay compensation for its failure to deposit in time a bank draft in a customer's bank account. The forum said SBI branch office should pay Rs 500 to complainant Poonam Jain as compensation for its failure to deposit her draft in time in her saving bank account.

Saraswant Bank results

Sarawat Co-operative bank has psoted a 15 per cent rise in tis net profit from Rs 12.39 crore in 1997-98 to Rs 14.24 crore. Total income has risen by 17 per cent to Rs 297.62 crore from Rs 254.82crore in 1997-98. The bank witnessed a 17.5 pr cent rise in total expenditure which stands at Rs 251.84 crore as against Rs 214.42 crore. The operating profits of teh bank stood at Rs 45.78 crore a rise of 17.5 per cent over Rs 40.39 crore in 1997-98.

TimesBank result

TimesBank has posted a 15.4 per cent growth from Rs 23.45 crore in 1997-98 to Rs 27.06 crore. Total income was at Rs 326.99 crore a rise of 26 per cent. Interest income rose by 34 per cent while the bank witnessed a decline in its non-interest income on acount of lower income from trading in securities.

Crisil rates Automotive Axles

Crisil has downgraded the Rs 5 crore non convertible debenture issue and commercial paper programme of Automotive Axles Ltd (AAL) from `A' to `A-' and `P1' to `P2+' respectively. The revised ratings reflect continued stress on AAL's business risk profile owing to the ongoing sluggishness in the commercial vehicles industry, compounded by the lack of diversity in the company's customer profile.The ratings continue to factor in the support enjoyed by AAL from the parent company, Meritor Automotive Inc. (Meritor), as well as the company's efforts to moderate financial risk through control on operating costs and improvement in capital structure.

Repos-results

The Reserve Bank of India (RBI) has accepted one application for Rs 100 crore of 3-day 6 per cent fixed rate repos held here today, according to an RBI release.

Icra rates Bilt Chemical

Icra has assigned `LA-' rating to the Rs 12.8 crore non-convertible debenture programme of Bilt Chemicals Ltd (BCL). The adequate safety rating indicates that risk factors are variable and greater in periods of economic stress. The protective factors are average and any adverse change in circumstances as may be visualised, may alter the fundamental strength and affect the timely payment of principal and interest as per terms. The rating also factors in the continuing volatility of chemical prices due to changing global demand-suplyequations.