The Reserve Bank of India (RBI) deputy governor SP Talwar on Saturday inaugurated the Indian financial network (Infinet) -- a satellite based communication network for the financial sector at the Institute of Research and Development in Banking Technology (IDRBT) located at Hyderabad. "Infinet will enable information flow across the branches of banks and remove lack of connectivity besides bringing about an efficient payment systems. Plans are afoot to connect about 18 major business centres through high-speed terrestrial links," Talwar said.

Repos sale

The Reserve Bank has announced a three-day fixed rate repos in government of India dated securities for parties holding SGL and current account on June 21, 1999. The interest rate for the repo is pegged at 6 per cent. The eligible banks and institutions may submit their applications indicating the volume of repos (face value) in the prescribed form obtainable at the internal debt management cell, RBI,central office Mumbai. The applications should be addressed to the chief general manager, internal debt management cell, RBI on June 21.

T-bills auction

The Reserve Bank on Saturday announced the auction of 182-day treasury bills for a notified amount of Rs 100 crore. State governments are allowed to participate as non-competitive bidders and the allocation to non-competitive bidders will be outside the notified amount, at the discretion of the bank. According to an RBI release issued on Saturday, tenders should be submitted in the prescribed form on June 23, 1999. "The results will be announced the same evening.