MUMBAI, August 12: The Industrial Credit and Investment Corporation of India (ICICI) at its board meeting held on July 28 has decided to rationalise the remuneration payable to the whole-time directors of the company. The present salaries (including dearness allowance) of whole-time directors is in the range of Rs 50,000 - Rs 63,000. This is sought to be raised to Rs 60,000 - Rs 1,20,000. The resolution will be put to vote at the 42nd AGM of the company.

Bank of India to market MMTC gold coins: Bank of India has taken up the marketing of the gold coins issued by the Mineral and Metal Trading Corporation (MMTC) to commemorate the 50th anniversary of Independence. The bank will soon launch a publicity campaign to sell the coins to the public. The eight gram coins will be of 24 carat gold and is priced at Rs 5,800 per piece. The coins will be sold across the counter of the Bank of India branches.

Chubb Group to sponsor concert: The Chubb Group of Insurance Companies is sponsoring a concert by Ali Akbar Khan at the Kennedy Centre here on August 16. The concert, which is being promoted by the Indian High Commission in Washington D.C., will honour the 50th anniversary of India's Independence. Proceeds from the event will go to support the India Cultural Centre to be permanently located in Washington, D.C. to promote Indian arts and offer a perspective into the long and rich cultural traditions of the country.

Ombudsman scheme to be expanded: The Reserve Bank of India (RBI) is looking at expanding the scope of the coverage of the banking ombudsman scheme especially in terms of the institutions to be covered. This was stated by the RBI governor, C Rangarajan while addressing the third conference of the banking ombudsmen held in the RBI on Tuesday. According to the governor, it was evident from the reports received by the banking ombudsmen that the response of the banks to the communications sent by the ombudsmen's office has been good. There has also been evidence that the scheme has prompted banks to streamline their internal complaints redressal mechanisms.

Interest rates may be softened: The present liquidity would ensure a softening interest rate for some time, said Industrial Development Bank of India chairman and managing director SH Khan. The pace of the industrial activities are gradually changing and the institution is waiting for credit pick up shortly. IDBI has already sanctioned Rs 1000 crore worth of working capital since new scheme was announced. The institution would access the market to raise its rupee borrowing at the end of the year, he said.

Dena Bank pays Rs 17.62 cr dividend: Dena Bank has made a payment of Rs 17.62 crore by way of dividend for the year ended March 31, 1997 to the government of India. The dividend cheque was handed over to the union finance minister, P Chidambaram by the bank's chairman and managing director, Ramesh Mishra on Monday. The dividend at 12 per cent on government capital of Rs 146.82 crore, was the highest-ever paid by the bank so far to the government on its shareholding. At present, the government of India holds 70.99 percent of the total equity of the bank.

Repos auction: The Reserve Bank of India has announced a three-day repos auction of government of India dated securities for parties holding SGL account and current account with it at Mumbai. The bids will be accepted on August 14, 1997 upto 2:30 pm and the auction results announced the same evening. Payment by successful bidders will be on August 16 1997 up to 6:30 pm and the repurchase by the rbi on August 19, 1997, a RBI release today said.

Vysya Bank launches special DD counter: Vysya Bank launched its ``DD Shoppe'' facility at its Yeshwantpur branch in Bangalore. `DD Shoppe', the first of its kind to be launched by a bank, offers instant computerised facilities to customers for demand drafts (DD). An exclusive counter dealing with DDs has been set up at the branch. The facility, inaugurated by the bank's chairman and managing director K R Ramamoorthy, will help the branch's customers get their demand drafts immediately if they operate an account in the branch. On payment of cash,any customer can avail of the facility and receive the DD immediately.

ICICI board to propose extention of terms: The board of directors of the Industrial Credit and Investment Corporation of India (ICICI) will propose to extend the terms for NM Govardhan, R Seshasayee and Rakesh Khurana on the board of the company at its 42nd annual general meeting. All the three are currently directors of the company and hold office only up to the 42nd AGM. They were appointed to fill in the vacancies caused by the resignation of JS Salunkhe, YH Malegam and Suresh Krishna.

Bank of India awards for excellence: Bank of India has instituted an annual awards of excellence in five areas of human endevour to commemorate the 50th year of Indian Independence. The awards, each carrying Rs 1 lakh to the awardee, is constituted for the fields of finance, management, media, music & arts and literature. The award money will derive from a Rs 1 crore endowement the bank is creating for the purpose and a sum of Rs 50 lakh has already been provided. The awardees will be selected by five panels headed by an expert in each of these disciplines. Foremer ICICI chairman N Vaghul will head the finance panel while management will be headed by Dr MB Athereya. Vinod Mehta will head the panel for media, Ashok D Ranade, for music and fine Arts and UR Ananthamurthy for literature.

T-bills auction: The Reserve Bank of India has announced the auction of 14-day government of India treasury bills. The RBI has called for tenders to be submitted in the prescribed form on Thursday, August 14, 1997 before 2:30 pm where as results will be announced on the same day. Payment by successful bidders will be on Saturday, Aug 16, 1997, the RBI release said.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.