RBI seeks report from SBI over Belgian episode

MUMBAI: The Reserve Bank of India has sought a detailed report from the State Bank of India on the issue of its Antwerp branch being charged with abetting money laundering by the Belgian government. RBI deputy governor SP Talwar said the central bank was `trying to get full information on what actually happened at the Antwerp branch in Belgium'. ``We expect the SBI to give its report in the next two days,'' Talwar said when asked about RBI's action on the issue in which three executives of SBI were detained by Belgian police.

Uco Bank recap funds

CALCUTTA: Union finance minister P Chidambaram on Friday committed to recapitalisation funds to Uco Bank at a meeting in Delhi to finalise the revival plan for the ailing Calcutta-based bank. The bank was represented by chairman and managing director Sharda Singh and executive director MM Vaish. The unions were also represented. The revival plan, which Chidambaram had asked the bank to draw up in March, would have been cleared earlier but for the political developments at the centre in March.

T-bills auction scrapes through

MUMBAI: The auction of 91-day treasury bills for a notified amount of Rs 150 crore scraped through on Friday without any devolvement despite cold shouldering by competitive bidders. A Reserve Bank statement said four competitive bids aggregated to a mere Rs 22 crore as against three non-competitive bids for Rs 375 crore.

RBI accepted two competitive bids, one partially, for Rs 6.91 crores and made allotments to the three non-competitive bidders for Rs 143.09 crore. The cut-off price was Rs 98.34, while the weighted average price was computed at Rs 98.41.

Import curbs

NEW DELHI: The union cabinet on Friday cleared a commerce ministry proposal which seeks to specify a time-frame for easing of quantitative restrictions on imports in keeping with the agreement concluded under the umbrella of the World Trade Organisation (WTO).

India is among six of the 105 signatories to General Agreement on Tariffs and Trade. which still resorts to quantitative restrictions, especially in agricultural product imports to safeguard the interests of its farm sector.

RCF net at Rs 75.63 cr

MUMBAI: Rashtriya Chemicals & Fertilizers (RCF) has reported a net profit of Rs 75.63 crore for the year ended March 1997, marginally up from Rs 74.33 crore last year. Net sales increased to Rs 1,284.32 crore from Rs 1,268.9 crore last year.

Ion Exchange profit

MUMBAI: ION Exchange has posted a net profit of Rs 10.62 crore for the year ended March 1997, compared to Rs 9.02 crore in the previous year. Net sales rose to Rs 176.84 crore from Rs 165.21 crore last year.

The company has maintained its dividend at Rs 3 per share. Earnings per share stands at Rs 10.19 on an enhanced capital of Rs 10.62 crore.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.