Thursday, November 5, 1998
TCFC, Centurion Bank merger approved
The board of directors of 20th Century Finance Corporation Ltd (TCFC) and Centurion Bank Ltd (CBL) have approved the scheme of amalgamation for the merger of TCFC's operating business with the Bank while the investment business has been hived off into a separate subsidiary -- TCFC Finance Ltd.
Andhra Pradesh credit rating upgraded by Crisil
Thanks to discontinuance of populist measures like Rs 2 a kilo rice and revocation of liquor prohibition, the Andhra government's financial position has improved substantially over the last two years, with Credit Rating Information Services of India Ltd (Crisil) now upgrading the rating assigned from A minus to A.
Govt to revive steel sector
Following intense lobbying by the steel industry, the government is likely to announce a revival package for the recession hit industry soon, on the basis of recommendations of an expert committee. The committee headed by C M Vasudev, Special Secretary (banking) has submitted its first report and the Ministry of Finance is likely to announce the package soon.
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