Trade body welcomes cut in bank rate to 10.5%: The Federation of Indian Export Organisation (FIEO) has termed RBI's decision to reduce the bank rates by 50 per cent as "extremely cautious". "We hope that the reduction in the export credit rates will be more substantial," said a Fieo release issued on Friday. "The cut in repo rate and bank rate is a step in the right direction," it said.Gold Flake tennis ticket booking with Visa card: Visa International is offering its cardholders a special tele-ticketing and Internet booking facility on their Visa card for the forthcoming Gold Flake open tennis tournament in Chennai next month. "As Visa is `the official card' of the Gold Flake open, all Visa cardholders irrespective of the Visa card issuing member bank will be able to buy tickets through Visa's unique tele-ticketing facility or visit Gold Flake open Internet site at www.gold flakeopen.com and book their season tickets for the matches to be held in Chennai from April 6-12," said a companyrelease.
RBI announces 3-day fixed rate repo: RBI on Saturday announced a three-day fixed rate repos in government of India dated securities on March 23, 1998 for parties holding SGL account and current account with it at Mumbai. The repo rate is 8 per cent per annum. The eligible banks and institutions will have to submit their applications indicating the volume of repos (face value) in the prescribed form obtainable at the internal debt management cell, RBI. Payment by applicants will be on March 23 and repurchase on March 26,1998.
"Insurance reforms should continue": The Tamil Nadu chapter of all India tax payers association on Saturday urged Union minister of state for finance RK Kumar to expedite insurance sector reforms. Kumar, in charge of banking, revenue and insurance, must focus prime attention on passing the insurance regulatory authority legislation, the association's president Ashok Kumbhat said in Chennai.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
