Abhyudaya Co-operative Bank Ltd has achieved net profit of Rs 11.33 crore during the financial year ended March 31, 1999, even in the backdrop of recessionary economic conditions. The deposits of the bank stood at Rs 949 crore and loans and advances at Rs 381 crore at the end of the financial year, according to a release of the bank. The paid-up capital of the bank was Rs 12.26 crore and owned funds had gone up to Rs 192 crore.

RBI sets up payments council

The Reserve Bank of India has constituted a national payments council with RBI deputy governor SP Talwar as the chairman. The members of the council are: State Bank of India chairman GG Vaidya, Punjab Naional Bank chairman and managing director Rashid Jilani, Citibank chief executive officer-India David P Conner, ICICI Banking Corporation managing director and chief executive officer HN Sinor, joint secretary ministry of finance (banking division) M Damodaran, IBA chairman A T Pannir Selvam,NSE managing director RH Patil, OP Gahrotra (SEBI) and Tata Finance managing director DS Pendse. The chief general manager, department of information technology, reserve bank of india is the member-secretary of the council.