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Financial Briefing
FE NEWS SERVICE
Corporation Bank, 3 others hike PLR: Union Bank, Corporation Bank, American Express Bank (Amex Bank) and Bank of Nova Scotia have hiked their prime lending rates (PLR). Both Union Bank and Corporation Bank have increased its PLR by 100 basis points to 14 per cent while its prime term-lending rate is now 13.5 per cent. Amex Bank has hiked its PLR by 200 basis points to 16 per cent, while Bank of Novascotia has hiked its PLR by 200 basis points to 16.5 per cent, effective January 17. The maximum interest band over PLR will be 3.5 per cent. Bank of Nova Scotia has also changed its deposits rates. Deposits of maturity 30 days-90 days will offer 10 per cent, 91 days-1 year will offer 9 per cent, 1 year to 18 months will offer 10.75 per cent, 18 month to 2 year deposits will offer 11 per cent while 11.5 per cent will be offered on deposits of maturity 2 to 5 years.MSEB bonds rated LAA (so): ICRA has assigned an LAA (so) rating to the Rs 600 crore bonds of Maharashtra State Electricity Board (MSEB),indicating high safety. MSEB proposes to invest in equity in Phase I of the 740 MW combined cycle project of Dabhol Power Company. Investment will be made through a special purpose vehicle -- Maharashtra Power Development Corporation Ltd (MPDCL). MSEB plans to issue these bonds for onlending to MPDCL. UTI Bank revises deposit rates: UTI Bank has revised its deposit rates upwards with effect from January 20, 1998. The bank has pegged interest rates on deposits at 11 per cent for deposits of 30-90 days, 10.75 per cent for 91-180 days, 10.50 per cent for 181 days-1 year, and 11.50 per cent for deposits of 1-3 years. However, on deposits of three years and above, UTI Bank has kept the rate at 11.75 per cent. The bank has now pegged the interest rates on its deposits in the same manner as ICICI Bank with an inverse yield curve. Central Bank deposit rates hiked: Central Bank of India has revised its deposit rates with effect from January 22, 1998. The bank has pegged interest rates on deposits at
seven per cent for deposits of 46-179 days and eight per cent for deposits of 180 days-1 year. However, the bank has not revised rates for deposits of 30-45 days and deposits of one year and above which will continue at the old rates. Oriental Insurance scheme for women: Oriental Insurance Company, a subsidiary of the state-owned General Insurance Corporation, announced a special scheme for the benefit of women on Monday. The scheme, introduced on the occasion of the golden jubilee of the company, is targeted at the entire women population of the country. Any woman aged between 10 and 75 years can get herself insured irrespective of her income or occupation. The scheme would provide relief to the family members of the insured women in case of their death or disablement arising out of accidents as well as disablement arising out of problems incidental to women only. S Kumar Synfabs rated LA plus: ICRA has assigned an LA+ rating to the Rs 25 crore non-convertible debenture (NCD) programme of SKumars Synfabs Ltd (SKSL). SKSL is the market leader in fabrics used for school uniform and workday wear and has a nation-wide distribution network. SKSL is setting up a worsted suitings plant near Mysore and this will be its foray into the premium fabric segment. Development Credit hikes deposit rates: Development Credit Bank has hiked its deposit rates with effect from January 21, 1998. The bank has pegged interest rates on deposits of 30-180 days at 11.5 per cent, 181 days-less than a year at 12 per cent, 1-3 years at 12.5 per cent and 3-6 years at 13 per cent. This is the highest rate being offered by any bank. Repo auction: The Reserve Bank, on Tuesday, announced a three-day fixed rate repos in Government of India dated securities on January 21, 1998 for parties holding SGL account and current account with it at Mumbai. The repo rate is nine per cent per annum. Payment by applicants will have to be made on January 21 up to 2.30 pm and the repurchase will be made on January 24, 1998.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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