Panel for freeing farm loans
The R V Gupta committee on agriculture credit has called for interest-rate deregulation on farm loans. The one-man panel submitted its report to the Reserve Bank of India (RBI) governor, Bimal Jalan, on Tuesday. The committee favoured allowing banks to fix interest rates on agricultural loans and offer finer rates to borrowers with a good track record. Presently, the RBI regulates the rates on loans up to Rs 2 lakh.
SEBI plans code for exchange directors
The Securities and Exchange Board of India (SEBI) has decided to form a group to formulate a code of ethics for the directors and other functionaries of stock exchanges in view of allegations regarding leakage of information including from the stock exchanges. The decision to set up the group was taken at a meeting of the inter-exchange market surveillance group held in Mumbai on Tuesday.
New power package soon
A big policy package for the power sector is in the offing. Power Minister Kumaramangalam Rangarajan has given the final touches to the package and is scheduled to make a presentation to the opposition leaders on Thursday. As many as three bills -- the Transmission Bill, the Central Electricity Regulatory Commission Bill and a bill on energy audit -- are awaiting clearance from Parliament.
SCB flouted RBI norms: Variava
Justice S N Variava of the Special Court on Tuesday directed Standard Chartered Bank (SCB) to furnish proof that the bank had acted and taken corrective measures on the complaint of an executive of the merchant banking division of the bank. Variava stated that if the bank failed to furnish this proof then it would be clear that Stanchart was voluntarily flouting the regulations in return for assured gains.
NBFC outlook still dim: Crisil
The Credit Rating Information Services of India Ltd (Crisil) expects non-banking finance companies (NBFCs) to show a considerable decline in profits for fiscal year 1997-98 and continues to maintain a negative rating outlook for the sector. Crisil has already downgraded a host of NBFCs to the default category.
Apple Finance profits dip 16%
Apple Finance's net profit for 1997-98 has fallen by 16% to Rs 22.18 crore on an annualised basis. The fall in net profit has been attributed to the higher provisions made for taxation this fiscal which stood at Rs 3.08 crore compared with Rs 1.14 crore in the previous fiscal.
