Top Peregrine officials join Bank BostonTop Peregrine debt market officials have joined the Asian regional head-office of BankBoston. The bank has appointed Anthony Loh, former managing director and head of southeast Asian fixed income for Peregrine Fixed Income Ltd, as the regional head of its Asian operations. He is being joined by three other key senior Peregrine officials. The team will oversee the bank's entire Asia operations which include distribution of Latin American and US high yield debt to Asian investors and providing Asian clients with trade finance and trade services.
No withdrawal of Re 1, Rs 2, Rs 5 notes:
The RBI has denied the rumour that it will be withdrawing all Re 1, Rs 2 and Rs 5 notes from circulation. The central bank has clarified that "while Re 1, Rs 2 and Rs 5 notes have been coinised, such notes already in circulation will continue to be legal tender." The RBI has also said that it has made elaborate arrangements to supply sufficient quantities of Re 1 andRs 2 coins to over 47 branches of public sector banks throughout Mumbai and also sent consignments of these coins to designated PSU bank branches at Pune, Chiplun, Nagpur, Aurangabad, Nashik, Kolhapur and Thane in Maharashtra, besides Panaji in Goa and Ahmedabad, Baroda and Surat in Gujarat.
Alpic Finance net slips 4%:
Alpic Finance has reported a four per cent fall in its net profit at Rs 16.56 crore for the six months ended December 31, 1997. However, the gross revenue reported a rise of 12 per cent at Rs 78,78 crore as compared to the same period last year. The cost-cutting measures adopted by the company helped it lower its operating cost from Rs 10.64 crore to 8.16 crore.
364-days, 14-days T-bills auctions:
The RBI has announced auctions of 364-days and 14-days government of India treasury bills on March 11 and March 12 respectively. The results of the auctions will be announced on the evenings of the respective days and payment by successive bidders will be on March 14, an RBIrelease stated.
Four-day fixed rate repo:
The RBI has announced a four-day fixed rate repo at 9 per cent on March 10 for parties holding SGL and current account with the central bank at Mumbai. The eligible banks and institutions will have to submit their applications indicating the volume of repos before 1.30 pm on March 10.
Visa launches Visa Smart:
Global credit card major Visa has launched an initiative called Visa Smart to incorporate a comprehensive group of leading edge chip-based products and services to its array of products. Visa has predicted that by the year 2002, one in three Visa cards will be a smart card with a microchip. Visa Smart is designed to assist Visa's member banks to retain existing customers and gain new ones by enriching their bank card services using emerging technologies.
Federal Bank opens new branch:
Federal Bank opened a new branch at Vile Parle in Mumbai on Monday. The branch has an ATM facility under SPNS system of IBA. The bank has plansto open two more branches in Mumbai in the coming months. The Federal Bank has the largest private sector network in the country with a total of 393 branches. It has set a target of 500 branches by the year 2000 and a business turnover of Rs 13,500 crore from Rs 7,660 in 1997.
ING Bank upgrades Delhi office:
ING Bank has upgraded its office at New Delhi from a representative office to a full-fledged branch. This is the second branch of the Dutch bank in India after its Mumbai branch which was opened in 1994. The bank is involved in corporate banking, structured and project finance, foreign exchange and derivatives and trade and commodity finance.
