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Politics Business Expressions General Sports Leisure States 20 January 1998   Re bounces back against dollar The rupee staged a smart recovery against the dollar rallying by 90 paise to close at 38.95/39.02 at the interbank foreign exchange market. The Reserve Bank of India's tight money measures announced boosted the spot rupee, but the tightening liquidity position pushed up the interest rates to 70% in the inter-bank call money market.   Sebi chairman's tenure referred to law ministry The Ministry of Finance has referred the controversy over allowing D R Mehta to continue as chairman of SEBI beyond Februaury 1998 to the law ministry for an opinion. The finance ministry had offered Mehta a five-year tenure which is at variance with the SEBI rules. SBI hikes lending rates, others follow suit Several commercial banks, led by the country's largest bank State Bank of India, have hiked their lending and deposit rates following the hike in the bank rate and cash reserve ratio announced by the Reserve Bank of India. Gold demand spurts 45% India has not only maintained its status as the world's largest market for gold, but has also become the fastest growing market. Demand for gold in India rose by 45% to 737 tonnes in 1997 from 507.5 tonnes in 1996, according to the World Gold Council.   Asian markets stage recovery Investors went on a buying rampage in battered Asian stock markets yesterday, fuelled by optimism that the worst of the region's financial crisis may be over and hopes that Japan will unveil measures to boost its economy, brokers said. Corporation Bank posts 34 pc rise in net profit Corporation Bank has recorded a 34% growth in net profit during the nine-month period ended December 1997 to Rs 125.84 crore from Rs 92 crore in the corresponding period of the previous year. The bank made a net profit of Rs 125.13 crore for the financial year 1996-97.     Bizbits   No interest hike for home loans   Banks surplus vanishing   Sensex too rallies   Stronger Re boosts BSE   Cathay Pacific to cut down on manpower   ITDC to celebrate tourism week to mark progress   Korean chaebols decide on downsizing operations   Punjab banks fail PM's Rozgar Yojana target