The MS Verma panel on weak banks discussed the fate of Uco, United Bank of India and Indian Bank with bankers on Wednesday. The meeting was attended by former RBI deputy governor SS Tarapore, Union Bank chief AT Paneer Selvam and StandChart CEO Martin Fish. The panel is expected to meet trade union leaders on Thursday. The RBI had, in February this year, set up the panel to suggest measures for the revival of weak public sector banks. The committee, which is slated to submit its report by June 30, may extend the deadline for a few weeks.

ANZ appoints new chief

ANZ on Wednesday appointed Anuroop (Tonyy) Singh as country head, India and regional head, personal financial services in South Asia and Middle East. Singh will report to ANZ International head Elmer Funke Kupper. Before joining ANZ, Singh was working as senior vice president and country manager, India retail banking group of Bank of America. He is a qualified chartered accountant and has put in 20 years inthe banking industry.

Crisil rates PFC

Crisil has assigned the highest safety rating, `triple A', to Power Finance Corporation's (PFC) proposed bond issue of Rs 600 crore. The rating reflects PFC's favourable financial position arising out of a high degree of capitalisation, low cost of capital and comfortable spreads, the rating agency said in a statement here today. PFC's superior management of its portfolio of financially weak customers, through appropriate security packages and support from the Government , have also been factored into the rating, crisil said RBI rejection.

The RBI has rejected the application for certificate of registration submitted by the Bhopal-based financial company Mahakaushal Finvest Ltd on May 18, 1999. The above company cannot transact the business of a non-banking financial institution as defined in clause (A) of section 45 I of the RBI Act, 1934, according to an RBI release.

364-day T-bills

The RBI on Wednesday hiked the yield of 364-day t-bills bythree basis points to 10.03 per cent. The central bank received 37 bids worth Rs 703.86 crore out of which it accepted 29 bids worth Rs 500 crore. There was no devolvement on either RBI or PDs