Friday, August 7, 1998
SBIMF delays assured return scheme launch
SBI Mutual Fund, which is facing problems of honouring assured returns in some schemes, appears to be going slow on the launch of its Magnum Multiplier Income Scheme '98 (II). The fund's asset management company (AMC) is reviewing the need for yet another assured return scheme due to the promise-shortfall gap experienced in similar schemes in the past.
Resurgent Bond issue may stay open post August 17
The State Bank of India may keep the Resurgent India Bond issue open beyond August 17, the earliest closing date. "We may have to revise the schedule.... After all, we cannot deprive a large section of the NRI community of subscribing to the bonds," State Bank chairman MS Verma said on Thursday.
Forex dealers in a flap over Reuters broking plan
The powerful foreign exchange brokers' lobby in Mumbai is set to take on Reuters' proposed electronic broking system which is likely to be put in place over the next fortnight even as bankers are supporting Reuters to the hilt. Once put in place, the Reuters' system will undercut the existing brokers by a wide margin.
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