RBI unveils norms for smart and debit cards
The Reserve Bank has said banks should issue smart or debit cards only to customers having a good financial standing, and to those who have maintained the accounts satisfactorily for at least six months. The RBI has said in case of smart cards having stored value, no interest needs to be paid on the balances transferred to them.High court adjourns IDMA hearing
The Mumbai high court on Tuesday again adjourned till November 24 the hearing on the case pertaining to the objections raised by IDMA against the amendments to the Patents Rules, 1972. The case, filed in early July this year, has now been postponed thrice.
Sify, Infy at record levels
After touching a new high at $60 on Monday on the Nasdaq, the Satyam Infoway ADR went up further to $62 on Tuesday. The Infosys ADR too had scaled a new high of $190 on Monday on the exchange, and closed at $189.25.
Firms will be organic entities-- Kamath
Technology will emerge as the key driver for future strategies that companies will chart out, ICICI managing director KV Kamath said. This, he said, will force companies to rethink their strategic fundamentals.
Reliance, WorldTel form JV
Reliance Industries and the UK-based WorldTel have formed a joint venture to create a comprehensive network of community Internet centres across Tamil Nadu and build and operate a supporting state-of-the-art Internet service infrastructure in the state.
Telco sub-assemblies
Telco is about to finalise joint-venture partners for its three sub-assemblies-wheel and axle, engine and gearbox, and foundry and forgings-which are likely to be hived off in the current fiscal. Industry sources say the automobile company may soon sew up a joint venture with the US-based major Cummins for the engine business.
Ashok Leyland sales jump 53%
Ashok Leyland has posted a 53.34 per cent sales rise in October, compared with same month the previous year. The company sold 2,688 vehicles in October 99, against 1,753 units in the year-ago period.
GE, Walden, Callaghan bag nod
The Foreign Investment Promotion Board has permitted GE Capital, Walden International Investment Group, and Callaghan Partners to come in as strategic investors in Infotech Enterprises. The board has also cleared Samsonite India's proposal to raise luggage major Samsonite Corporation's equity to 65 per cent, from the existing 60 per cent.
Amex, Tata Finance venture
American Express has formed a joint venture with Tata Finance to expand its forex operations in the Asia-Pacific countries. The venture, Tata Finance American Express, is expected to begin its operations by year end.
Compiled by S Hariharan
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.