Financial Briefing
FE NEWS SERVICE
`Moody's move won't affect FII flow': Dr Mehta, chairman, Sebi has said the recent announcement by Moody's, the international credit agency, to review the sovereign rating of the country with a possible downgrade will not have any impact on the FII flow to the country. "We are least affected by the recent crisis in South East Asian countries," Mehta said. The recent survey also shows that the FIIs have shown their inclination towards Indian market for investment among the emerging market, he said.RBI announces 3-day fixed rate repo: The Reserve Bank of India on Friday announced a three-day fixed rate repo instrument at seven per cent in the government of India dated securities for parties holding SGL and current account. The Reserve Bank of India did not receive any application for the three-day fixed rate repo instrument held on Friday. The interest rate for the three-day fixed rate repo instrument was pegged at seven per cent. Janak Apple Finance managing director: AKT Janak,
executive director of Apple Finance, has been promoted to the post of managing director with effect from December 30. Janak has been with Apple Finance for the last five years. He started his career as a banker with Canara Bank, 22 years ago. HonkongBank Thomas Cook launches new card: HongkongBank Thomas Cook International has introduced a credit card for `personal travel' with effect from Friday, January 9. The card will be made available to Indians travelling overseas for personal trips. Earlier the card was restricted only to business travellers as per RBI regulation. "The HongkongBank Thomas Cook International credit card holder will get the benefit of a free telephone calling card," said a bank release issued on Friday. RBI's treasury bill receives bids amounting to Rs 247 crore: The Reserve Bank of India's 91 day treasury bill for a notified amount of Rs 200 crore was fully subscribed on Friday. It received two competitive bids amounting to Rs 22 crore and two non-competitive bids
amounting to Rs 225 crore. The central bank accepted two non-competitive bids which were partially allotted amounting to Rs 200 crore. The cut-off price was pegged at Rs 98.23. There was no devolvement either on RBI or primary dealers. RBI mops up Rs 408 crore through treasury bills: RBI mopped up Rs 408 crore through its 14 day treasury bill. It received five competitive bids amounting to Rs 140 crore and one non-competitive bid amounting to Rs 200 crore. The cut-off price was Rs 99.73. It accepted four competitive bids worth Rs 100 crore and one non-competitive bid amounting to Rs 200 crore. The devolvement on primary dealers was to the tune of Rs 108 crore. PL Finance H1 income dips 79 per cent: PL Finance has recorded a fall of 79 per cent in income from operations in the first half of the current fiscal as compared to the corresponding period last year. The income from operations has slid to Rs 4.07 crore from Rs 7.28 crores last year. The company has reported a loss of Rs 54.76 lakh
against Rs 86.40 lakh in the same period last year. PL Finance's reserves have come down to Rs 91.43 lakh from Rs 1.46 crore last year. Nabard issues guidelines: National Bank for Agriculture and Rural Development (Nabard) along with Reserve Bank has issued guidelines for deposit mobilisation by state co-operative agriculture and rural development banks. The guidelines are based on the recommendations of committee appointed by MC Bhandari, chairman and executive director of Nabard. SBI mobilises Rs 9,6000-crore deposits: The State Bank of India has mobilised deposits to the tune of Rs 9,6000 crore through its 800 branches in Tamil Nadu, Kerala and Pondicherry. SBI had achieved 43.18 per cent in lending to the priority sector including agriculture, small scale industries and exports.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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