Bank of India revises term deposit rates: Bank of India has revised the interest rates on domestic term deposits of shorter end of its maturities up to 90 days from 12.5 per cent to 7.5 per cent, with effect from April 2. The bank has fixed 7.50 per cent for 30-45 days, 9 per cent for 46-90 days, 9.5 per cent for 91-179 days, 10.5 per cent for one-two years, 11 per cent for two-three years and 12 per cent for over three years.Federal Bank performance surpasses targets: Federal Bank has outperformed its projections for the year 1997-98. Its deposits crossed the targeted Rs 6,000-crore mark, while its advances touched Rs 3,600 crore, Rs 200 crore more than the targeted figure. The net profit of the bank is expected to stand at Rs 60 crore as against Rs 46 crore during 1996-97. Currently, the bank's capital adequacy stands at 9.5 per cent, while its net non-performing assets are expected to be 4 per cent of the advances. The bank has earmarked Rs 32 crore for computerisation.
Rangarajan torelease two books: C Rangarajan, governor of Andhra Pradesh, will release two books -- "Indian Economy Essays on Money and Finance" and "The Reserve Bank of India 1951-1967" -- on Tuesday. The function will take place in the RBI headquarters in the presence of RBI governor Bimal Jalan.
Crisil assigns P1+ rating to Berger debt plan: Crisil has assigned a P1+ rating to the Rs 35-crore commercial paper programme of Berger Paints India Ltd. "The rating reflects Berger's comfortable market position in the paint industry, its improving performance on techno-economic parameters, improving the financial risk profile of the company and its strong liquidity position," a Crisil release stated.
Crisil reaffirms FAA rating to Chicago Pneumatic FDs: Crisil has reaffirmed an FAA rating assigned to the fixed-deposit programme of Chicago Pneumatic India Ltd. It has assigned a `P1+' rating to the Rs 6-crore commercial paper programme of the company. "The rating takes into account CPIL's strong marketposition in industrial tools and reciprocating compressors, its ability to maintain margins at a reasonable levels and favourable capital structure," a Crisil release stated.
Crisil reaffirms A+ rating to Siltap NCDs: Crisil has reaffirmed an A+ rating assigned to Rs 2.42-crore and Rs 6.72-crore non-convertible debenture issues of Siltap Chemicals. "The rating reflects SCL's superior technical capability, increase in production efficiencies and yields, increasing level of raw material import substitution and the company's adequate interest coverage ratios which are offset by the company's high debtor levels, high level of FG inventory and worsened working capital ratio," a Crisil release stated.
RBI rejects Mini Merchants application: The RBI rejected the application for certificate of registration submitted by Mini Merchants Byanco Financiers Pvt Ltd with effect from March 30. "The company cannot transact the business of a non-banking financial institution as defined in clause(a) of section45I of the RBI Act, 1934," an RBI release stated.
Three-day fixed-rate repo: The RBI on Monday announced a three-day repo in government of India dated securities on March 31 for parties holding SGL and current account. The interest rate for the repo is pegged at eight per cent. Meanwhile, the RBI on Monday mopped up Rs 274 crore through a three-day fixed-rate repo in government of India dated securities.
14-day T-bills auction: The RBI on Monday announced the auction of the 14-day treasury bills. Tenders should be submitted on April 3 and payment by bidders will be on April 4.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
