Banks asked to remain closed on January 1
The RBI has asked all commercial and regional rural banks to remain closed for public transactions on January 1, 2000, as part of the contingency plan for the change-over of computer systems to Y2K. "Banks would have to be kept open on the first day of next year for staff members so that continuity of business operations in the Y2K context could be checked," RBI said in a release on Monday.BoR net rises to Rs 2.17 crore
Bank of Rajasthan has recorded a net profit of Rs 2.17 crore for the quarter ended September 30, 1999 compared with a loss of Rs 3.35 crore during the same quarter a year ago. The total income during the same period rose to Rs 110.06 crore, marking a rise of 22 per cent compared with the corresponding period in the previous year. The bank has targeted to recover bad loans worth Rs 100 crore during the current financial year.
RBI announces auction
RBI has announced three-day 6 per cent fixed rate repo auction of dated securities on November 2 for parties holding SGL and current accounts with it at Mumbai. Banks and financial institutions may submit their applications indicating the volume of repos before 1:30 PM on that day and payment by applicants can be made upto 2:30 PM. The repurchase by RBI will be on November 5.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.