Caspian Securities expands operations: Caspian Securities, an investment banking outfit, has expanded its Indian operations by relocating its worldwide production facilities to Mumbai. The investment bank has recruited six professional researchers from its 20 offices around the world who will be based in Mumbai. "It reinforces our commitment to India at a time when foreign broking houses are shutting their shops in the country," said Iain Allison, country manager for Caspian Securities in a press release issued on Thursday. The company has started live GDR market-making on London Stock Exchange's SEAQ system.SBI Commercial revises deposit rates: SBI Commercial and International Bank has revised its interest rate on local deposits with effect form February 20. As per the new interest rate structure, the bank will offer 13 per cent for 30 to 45 days and 46 to 90 days, 11 per cent for 91 to 179 days and 180 days upto one year, 11.50 per cent for one year upto 18 month, 12 per cent for over twoyears upto three years and three years upto five years, 11 per cent for period exceeding five years.
CorpBank to begin operations soon: CorpBank Homes, the housing finance arm of Corporation Bank will begin operations shortly. The company is currently seeking registration with National Housing Bank. The company is planning to come out with various loan schemes for providing housing finance to individuals and corporates. "The board is considering deposit schemes keeping in mind the needs of various target groups. The housing subsidiary is set up in line with the bank's efforts to diversify and enlarge its activities," said a bank release issued on Friday.
T-bills cut-off price: RBI on Friday maintained its cut-off price at Rs 99.72 for its weekly 14 day treasury bills auction. The yield remained unchanged at 7.32 per cent. The total face-value of the bills issued was Rs 90 crore. The bank accepted three competitive bids worth Rs 90 crore. There was no devolvement on primary dealers. For its91 days treasury bills at a notified amount of Rs 100 crore the central bank received one competitive and one non-competitive bid worth Rs 40 crore and Rs 25 crore. The bank accepted one non-competitive bid worth Rs 25 crore. The cut-off price was Rs 98.20. Devolvement on RBI was Rs 75 crore.
Chidambaram denial: Union finance minister P Chidambaram on Friday denied that the United Front government had extended any concession to the debtors of Indian Bank. He said that the bank had suffered a loss of Rs 1,300 crore due to `bad debts' in 1995-96 when Manmohan Singh was the finance minister.
`Ad-hocism' undesirable in public finance: Raja J Chelliah on Friday said that he did not agree with P Chidamaram for introducing `ad-hocism' in public finance matters and incorrect management of government expenditure.``I admire him for many of the measures he has initiated, but I hold him guilty of disturbing the public finance structure through ad-hoc changes, without any regard for their long-termimplications,'' the veteran economist said at a seminar on `long-term fiscal policy' organised by the Madras Chamber of Commerce and Industry (MCCI) in Chennai.
Repo auction: The Reserve Bank of India on Friday announced a three-day fixed rate repo in government of India dated securities on February 21 for parties holding SGL and current account. The interest rate for the three-day fixed rate repo is pegged at nine per cent. The application should be submitted on February 21 and payment by application will be on February 21. The repurchase by RBI will be on February 24. RBI on Friday mopped up Rs 718 crore through its three-day fixed rate repo in government of India dated securities held on February 20. The interest rate for the three-day fixed rate repo was pegged at nine per cent.
Mondex electronic cash streamlined: The Mondex electronic cash was reinforced on last week when it launched its first international electronic cash transaction by linking its HongKong programme and similar NewYork programme. The transaction was the result of joint effort by Mondex International, MasterCard International, Chase Manhattan Bank and HongkongBank. "Mondex electronic cash products multi-currency and international capability will allow cardholders to use a sigle card for purchases around the globe," said a bank release issued on Friday.
Reserve Bank advice to stem coin shortage: The Reserve Bank of India has directed public, government departments and commercial establishments to approach nearby branches of public sector banks maintaining currency chests in their areas for meeting their needs for coins. The Reserve Bank of India has stated that it has made arrangements for increased supply of coins of Rs 1 and Rs 2 denominations to banks, business concerns and government departments.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
