The Financial Express -- News

Thursday, November 13 1997

State Bank to offer floating rates on FCNR (B) deposits

The State Bank of India will offer floating interest rates on dollar deposits under the foreign currency non-resident account (banks) -- FCNR(B) -- scheme. The floating rate will be linked to the benchmark Libor for deposits of six months and above but less than a year. For deposits above a year, it will be linked to swap rates.

Banks brace for second round of rate cuts

Public sector banks are all set to kick off a second round of deposit rate cuts within a fortnight of slashing rates immediately after the announcement of the busy-season monetary and credit policy. This is widely interpreted as a prelude to a second round of lending rate cut as the real interest rate is still on the higher side with inflation rate ruling at a 11-year low.

Power firms in race for NTPC modernisation venture

A host of leading power companies, including GEC Alsthom, Asea Brown Boveri (ABB), General Electric Private Systems India Ltd and Tata-Tennessee Valley Authority (Tata-TVA) are in the race to join hands with the National Thermal Power Corporation (NTPC) for its proposed Renovation and Modernisation (R&M) joint venture. The corporation is expected to shortlist the potential companies for the joint venture soon.

Promoters to pick up fresh equity in Escorts Yamaha at Rs 80 a share

Owens Illinois to pay Rs 11.80 a share to buy out Bilt's stake in JV