The Reserve Bank of India will conduct the sale of the 12.15 per cent state government loans on Monday. Twenty-four states are raising Rs 2,780 crore through a ten-year paper. The Bihar government pulled out its Rs 220 crore borrowing plan on Friday citing technical reasons. Initially twenty five states were slated to raise Rs 3,000 crore. The issue is likely to be fully subscribed.

Three-day repos rate fixed at 7%:

The RBI has announced a three-day fixed rate repos of government of India dated securities on April 20. The repo rate is 7 per cent per annum. The applications should be addressed to the chief general manager, internal debt management cell and should reach him before 1:30 pm on April 20.

RBI mops up Rs 6,338 cr via 3-day fixed rate repo:

The RBI mopped up Rs 6,338 crore through the three-day fixed rate repo on April 18. The central bank said it received twenty seven applications for Rs 6338 crore and it accepted all the bids forthe same amount. The rate has been fixed at 7 per cent.

Dena Bank launches new deposit scheme:

Dena Bank has launched `Dena Freedom Deposit Scheme', a new term deposit scheme which has an automatic overdraft and easy withdrawal through cheque book facility. The scheme was inaugurated by the bank's chairman and managing director, Ramesh Mishra at a function organised in New Delhi. The scheme is being initially launched in the fully computerised branches of the bank situated at various centres. It will subsequently be made available in all the 1,150 branches of the bank.

Lord Krishna Bank opens new branch:

Lord Krishna Bank inaugurated its 74th branch in Mumbai on March 24, 1998. The branch was inaugurated by Sailendra Narain, managing director of Small Industries Development Bank of India (Sidbi). The inauguration was attended by Kashi Vishwanathan, chairman of Lord Krishna Bank and other officials of the bank.

UTI Bank to inter-connect all its branches:

UTI Bank Ltd hasembarked upon a project to interconnect all its 25 branches spread across the country to give its customers the facility of anywhere banking. The programme of interconnectivity, which is to be implemented in phases, would line the branches at Hyderabad, Mumbai, Chennai and Bangalore in the first phase by April 25, according to bank officials. Branches at Calcutta, Ahmedabad, Bhubaneswar, Delhi, Jaipur, Jamshedpur and Vadodara would be interconnected in the next phase.

SBH seeks merger of 7 associate banks of SBI:

The State Bank of Hyderabad staff association has demanded the merger of all the seven associate banks of the State Bank of India into a single entity. Speaking at the 38th conference of the association in Vishakhapatnam, its president Shyam Sunder said that the All India Bank Employees' Association (AIBEA) had been campaigning for a total restructuring of the banking industry for the last few years.

NASI to observe May 13th as `Black CRB Day':

The National Association ofSmall Investors (NASI) has said that it will observe May 13, 1998 as `Black CRB Day' to mark one year since the CRB scam came to light. The organisation will hold demonstrations in front of CRB offices in the state and will also observe a fast. NASI plans to hold a charity show on May 12 to raise funds for investors who lost money in the CRB scam, mostly senior citizens. A three member panel of National Association of Small Investors will decide the priority list for payments.

Ratnakar Bank posts 26% growth in deposits:

Ratnakar Bank has posted a 25.68 per cent growth in deposits in the financial year 1997-98. The deposits on March 31, 1998 was at Rs 274.06 crore as against Rs 218.02 crore on March 31, 1997. The advances registered a 22.80 per cent rise to Rs 159.29 crore in the previous financial year. According a press release issued by the bank, the operating profit of the bank during the year 1997-98 went up by 100 per cent.