Reserve Bank of India has slashed the yield of the 14-day T-bills by 52 basis points to 8.11 per cent. It, however has maintained the yield of 91-day T-bills unchanged at 9.32 per cent. For the 14-day T-bills, the RBI received 19 competitive bids worth Rs 686 crore out of which it accepted one bid worth Rs 100 crore. For the 91-day T-bills, it received 14 bids worth Rs 139 crore out of which it accepted 10 bids worth Rs 98 crore. Devolvement on RBI was to the tune of Rs 2 crore.

SBI board meet

The board of State Bank of India will meet on July 29 in Mumbai to take stock of the unaudited results of the bank for the quarter ended June 30, 1999.

`LAAA'offered to ICICI on tap bond issue

Icra has assigned an `LAAA' rating to the Rs 15,000 crore on-tap bond issue proposed by ICICI for the current fiscal. The rating indicates highest safety. The rating agency has retained the `A1+' rating assigned to the Rs 6,000 crore short termborrowing programme of ICICI. Icra has also reaffirmed the highest safety rating assigned to the exisitng bond and fixed deposit proggramme of ICICI.

MRTPC dismisses complaint against Tata Finance

The monopolies and restrictive trade practices commission has dismissed a complaint against Tata Finance alleging unfair and restrictive trade practices due to lack of evidence regarding misrepresentation of its hire purchase scheme. MRTPC said that full facts were available to the complainant before he entered into an agreement with the company and there was no prima facie evidence of manipulation of the conditions of delivery by the company in order to impose unjustified costs.

Pranam Wahi joins HSBC

Pranam Wahi has join HSBC as senior manager, corporate and institutional banking. Prior to joining HSBC, he was headingg the corporate banking division at Standard Chartered. "He will be responsible for the bank's corporate, institutional and commercial banking businesses," a bank release issuedon Friday said.

City Union gets nod for forex business

RBI has given licence to Chennai-based City Union Bank to deal in foreign exchange business on a permanent basis. The bank registered a turnover of Rs 636.8 crore in its foreign exchange business last year. The bank chairman V Narayanan, while disclosing the bank's financial result on Friday in Chennai said that the bank's turnover in foreign exchange business increased by 14.7 per cent over the previous year. Deposits of the bank grew by 20 per cent from Rs 1,022 crore to Rs 1,227 crores during the period.

Penal interest charged on Prudential Capital

Delhi consumer court on Friday penalised the non-banking finance company--Prudential Capital Markets for not returning depositors money on maturity and directed it to pay penal interest. Delhi consumer disputes redressal forum-VI ordered the company to return the deposits to investors with agreed rates of interest along with a penal interest of 18 per cent from the date of maturitytill the final payment. "The act of the prudential capital constitutes deficiency in service on their part", the court president SP Saberwal and members Sushma Yyadav said.