Exim Bank cuts PLR to 14 per cent: The Export and Import Bank of India has reduced its prime lending rate by 50 basis points to 14 per cent for maturities above three years with effect from Monday. The new medium-term lending rate for maturity up to three years is 13 per cent. The PLR cut follows the reduction in the Bank Rate and the cash-reserve ratio by the RBI last month. The new rates are effective from April 23.Three-day fixed-rate repo: The RBI mopped up Rs 7,749 crore on Monday through a three-day fixed-rate repo in government of India dated securities. The central bank received 29 applications and accepted all of them.
MS Securities registration rejected: The RBI has rejected the application for certificate of registration submitted by MS Securities Ltd.
RBI urged to monitor credit flow to SSIs: Industry minister Shikander bakht on Monday asked the RBI to monitor credit flow to the small-scale sector in view of non-availability of adequate bank credit to the sector."Though small-scale units are eligible for the prime lending rate, in practice most of the units have to pay an interest rate which is about three per cent higher than the PLR. There is a need for vigilant RBI monitoring in this regard," said Bakht.
Wireless payment service: Tricon Restaurants International, Visa International, Singapore Telecom and Citibank on Monday announced the first commercial launch of a wireless payment service using a portable terminal to provide an on-line payment option for consumers ordering home and office deliveries from Tricon's Pizza Hut restaurants in Singapore. The service was developed by Visa International in association with Citibank, Motorola and Dynamic Data System.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
