Saturday, October 10, 1998
Ministry calls PSU bank chiefs' meet on stickly-loans scenario
Alarmed at the burgeoning non-performing assets of the banking industry, the finance ministry has called a meeting of public sector bank chiefs next week. Senior bankers have interpreted the finance ministry's move to convene the high-level meeting on the eve of the busy season credit policy as extremely significant.
Dollar drop may threaten Japan companies' profits
Japan's global manufacturers, long the only bright spot in an otherwise dull economy, may be growing uneasy as a sudden reversal in the dollar's fortunes threatens the currency-related profits they have thrived on.
Banks to cut deposit rates to discourage US-64 investors
Commercial banks are planning to cut interest rates on domestic deposits across all maturities in a bid to discourage US-64 holders to park their funds with them. The flagship scheme of the Unit Trust of India (UTI) is facing prospects of largescale redemptions from retail investors following the erosion in the net asset value (NAV) of the scheme.
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