StanChart, Citibank hike prime rates:Standard Chartered Bank has hiked its prime lending rate to 17.5 per cent from 15.5 per cent. The bank's medium-term PLR will also go up from 16.5 per cent to 18.5 per cent, said a bank release issued on Wednesday. The Citibank also hiked its prime lending rate to 17.5 per cent from 15.5 per cent with effect from January 28.
No takers for 3-day fixed rate repos:
The Reserve Bank of India (RBI) did not receive any application for a three-day fixed rate repo in government of India securities in SGL or current account. The rate for the three-day fixed rate repo was pegged at nine per cent.
T-bills auction:
The Reserve Bank of India on Tuesday announced the auction of its 91 day government of India treasury bills for the notified amount of Rs 100 crore. Tenders should be submitted in the prescribed form on Thursday and results will be announced the same day. Payment by successful bidders will be on Saturday. The RBI has also announced theauction of 14-day government of India treasury bills. Tenders should be submitted in the prescribed form on Thursday. Results will be announced the same day evening and payment by successful bidders will be on Saturday.
Bank of Nova Scotia hikes deposit rates:
The Bank of Nova Scotia has hiked interest rates on NRO, NRE and NRNR deposits with effect from January 27. As per the new interest rate structure, the interest rate on NRO deposits for period exceeding 30 days upto 90 days will now be 15 per cent, 11 per cent for period exceeding 91 days up to one year and 11.50 per cent for period exceeding one year upto five years. The bank has hiked its NRE deposits for period exceeding six month upto one year by 11 per cent, one year upto two years by 11.50 per cent and period exceeding two years upto three years by 12.50 per cent. It has also hiked interest rate on its NRNR deposit for period exceeding six years to one year by 11 per cent and period exceeding one year to two years by 11.50 percent.
BoB auditors' meet:
Bank of Baroda (BoB) on Tuesday organised a conference of auditors in its branches in Mumbai. The objective of the conference was to tighten audit procedures in the bank and apprise auditors of the bank's expectations from them in the changing scenario. "As a part of good corporate governance, the bank has an audit committee headed by PN Shah," a bank release issued on Tuesday said.
HDFC hikes deposit rates:
The Housing Development Finance Corporation (HDFC) has hiked its deposit rate by one per cent to be effective from February 2. This is the fourth deposit rate revision in this fiscal. The new rate for deposits above three years has been raised from 11.5 per cent to 12.5 per cent. This segment accounts for the maximum number of deposits. The deposit rate for one to two years has been raised to 10.5 per cent from 10 per cent. And for two to three years, the new rates are 11.5 per cent, up from the earlier 10.5 per cent.
Kapol Co-op given scheduled bankstatus:
Kapol Co-operative Bank has been given a scheduled bank status by the Reserve Bank. The bank is now planning to convert itself into multi-state cooperative society and extend its area of operation to Gujarat for which it will shortly approach the Reserve Bank. The bank will be approaching RBI for opening and maintaining NRO and NRE accounts shortly. "Later in the year the bank will also enter into merchant banking," said the cooperative bank chairman KD Vora.
Repo auction:
THe RBI on Wednesday announced a four-day fixed rate repos in government of India dated securities for parties holding SGL and current accounts. The interest rate for the four-day fixed rate repo was pegged at nine per cent.
Padmashri for Development Credit chief:
The chairman of the Development Credit Bank, Naushad Ismail Padamsee, has been conferred the Padmashri award by the government of India on January 26. Padamsee, an MBA from Harward School of Business, is also a director in the AgaKhan RuralSupport Programe and the managing director of Eagle Flask Industries Ltd. He has been conferred the honour in recognition of his contribution in the fields of industry and education.
364-days T-bills auction draws a blank:
The RBI has failed to receive any bids for the 364-days T-bill auction on Wednesday. According to the market sources, the high call rates at 30-40 per cent has taken its toll on the securities auction programme. Interest in any kind of RBI borrowing programme will not be renewed untill the call rate falls to 10 to 15 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
