Indian Overseas Bank has revised its interest rates on deposits under FCNR (B) (foreign currency non-resident), EEFC (export earners's foreign currency) and RFC (resident foreign currency) accounts opened/renewed on or after September 10, 1999. For all FCNR (B) deposits, with the duration between 6 months and 2 year, the interest rate is $5.75. BoI board meetThe board of directors of the Bank of India will meet in Mumbai on October 28, 1999, to consider and take into record the unaudited results of the bank for the quarter ended September 30, 1999, a bank statement said on Tuesday.

Course on financial-sector issues

The International Monetary Fund Institute and the RBI have jointly sponsored a course on macroeconomic adjustment and financial sector issues in India. The course is being held between October 11 and 22 at the RBI's College of Agricultural Banking, Pune.

IndusInd Bank board meet

The board of directors of the IndusInd Bank is scheduled to meet on October 28, 1999, in Mumbai to consider and take on record the unaudited financial results of the bank on the quarter ended September 30,1999.

PFC bonds programme rating

Icra has assigned an `LAAA' or highest safety rating to the proposed Rs 600 crore bonds programme of Power Finance Corporation Limited (PFC). The rating reflects PFC's sovereign ownership and its important role in financing the power sector. The rating also takes into account PFC's stable profitability and strong capital adequacy of 29%.

Shetty appointed Uco Bank ED

V Prabhakar Shetty, general manager of Vijaya Bank, will be the new executive director of the Uco Bank. According to a Vijaya Bank release on Monday said, Shetty joined Canara Bank in 1968 and moved to Vijaya Bank as an officer in 1973.

RBI caveat to NBFCs

The Reserve Bank of India has advised NBFCs, with net owned funds below Rs 25 lakh and whose applications for grant of certificate of registration were pending with the regulator, that the three-year time period allowed under the RBI act would expire on January 9, 2000. "All NBFCs in this category are reminded that this time limit should be strictly adhered to," RBI said.