Icra has downgraded the rating of the Rs 500 crore `structured obligation bonds' series I and series II issued by Punjab State Electricity Board (PSEB) to `LA(SO)' from `LAA+(SO)' and `LAA(SO)' respectively. Though the revised rating indicates adequate safety, the downgrade stems from PSEB's non-compliance with Icra's conditions for rating structured obligations and its deteriorating financial health following the decision of the state government to supply free power to the agriculture sector.

LIC projects Life Insurance Corporation of India has projected Rs 90,379 crore as sum assured (SA) target for the current year, up 20 per cent from an SA of Rs 75,316 achieved in 1998-99. LIC is in the process of finalising its business targets for the current year.

Sidbi's rural industries programme

In a bid to develop sustainable models for development of rural enterprises, Small Industries Development Bank of India (Sidbi) has launched `rural industriesprogramme' (RIP) in 43 districts of 13 states -- to adress problems such as rural unemployment, urban migration, under-utilisation of know-how and latent rural resources.