Richard Celeste, US ambassador to India, met the heads of financial institutions and banks in the RBI on Thursday to discuss financial sector reforms in India, issues relating to insurance business in the wake of proposed insurance regulatory authority bill. "The main focus of discussion was the potential for business in insurance sector, introduction of insurance products and technological back-up for providing insurance services both in life and general insurance," said a RBI release issued on Thursday.

Repo auction

The Reserve Bank of India (RBI) on Thursday announced a four-day fixed rate repos in government of India dated securities on september 17, 1999 for parties holding sgl account and current account with it at mumbai. The repo rate is pegged at 6 per cent. The eligible banks and institutions may submit their applications indicating the volume of repos in the prescribed form obtainable at the internal debt management cell, RBI central officebuilding mumbai. "The applications may be accepted fully or partially on September 17,1999 and the repurchase by the RBI on September 21,1999," said a RBI release issued on Thursday.

South Indian Bank's action plan

South Indian Bank has chalked out a five point action pan for the current year for increasing profits and balancing business mix. "These include reducing overall cost of deposits, giving thrust to retail lending, intensive recovery efforts and setting up comprehensive IT policy," said a bank release issued recently.

182-day T-bills bag 17 bids

The Reserve Bank of India (RBI) on Wednesday maintained the cut-off yield of 182-day treasury bills unchanged at 9.91 per cent. The central bank received 17 bids worth Rs 231 crore out of which it accepted one bid for Rs 5 crore. The devolvement on RBI was to the tune of Rs 95 crore.