Bank of Baroda on Wednesday launched its depository services in Mumbai, as a participant of National Securities Depository. The bank proposes to charge 0.7 per cent fee on a purchase transaction and 0.02 per cent on a sale transaction -- both subject to a minimum of Rs 25. The demat charges will be Rs 2 per certificate up to 1,000 certificates per company and Re 1 per company for larger volume. The demat charges will be Rs 20 per certificate a Bank of Baroda release said.

RBI notification on Bareilly Corp

The Reserve Bank of India has notified that from June 3, 1999, branches of the Bareilly Corporation Bank will function as branches of Bank of Baroda. The latter was under an order of moratorium from March 8 to June 5. The moratorium was recommended by the RBI to the Government under sub-section (1) of section 45 of the Banking Regulation Act, 1949 an RBI release said on Wednesday.

MasterCard appoints new director

Rajiv Duggal has been appointedas the south Asia director (security and risk management) by Mastercard International. He will be responsible for all risk and security management initiatives for Mastercard's family of brands in India, Sri Lanka, Nepal, Pakistan and Bangladesh, a company release said.

Crisil reaffirms Kopran Drugs NCD

Crisil has reaffirmed the `BBB' rating of the Kopran Drug Ltd's (KDL) Rs 20 crore non convertible debenture issue. The rating has been removed from rating watch following completion of the formalities related to the demerger of the penicillin based business from Kopran Limited into KDL. According to a Crisil release, the rating assigned factors in the company's financial structure characterised by high gearing levels and low interest coverage ratios.

364-day T-bill auction

The auction of the 364-day treasury bill held on Wednesday was over-subscribed with the Reserve Bank of India accepting Rs 500 crore notified amount from 30 bidders as against Rs 658 crore received from 37 bidders.