The Oman-based Bank Muscat Al Ahil Al Omani, which has an asset base of $ 1.6 billion, has announced its plan to enter India. The bank has received RBI approval for opening a branch in India. In India, Bank Muscat Al Ahli Al Omani will initially offer a judicious mix of corporate and retail banking products and structure other products to suit the demands of the Indian customers. In the corporate segment, the bank will offer term-funding, trade finance, treasury products, corporate and export advisory services and letter of credit and guarantee. For the retail segment, the bank will offer deposit products such as current and saving accounts, term accounts for residents and NRIs and ATM facilities.

Repo auction: The Reserve Bank on Saturday announced a four-day fixed rate repos auction in government of India dated securities on May 4 for parties holding SGL and current account. The interest rate for the four-day fixed rate repo is pegged at 6 per cent.Payment by application will be on Saturday and repurchase by RBI on May 8. Meanwhile, the RBI on Saturday mopped up Rs 1,185 crore through a three-day fixed rate repo in Government of India dated securities held on May 2. The RBI received 5 applications and accepted all of them. The itnerest rate for the three-day fixd rate repo was pegged at 6 per cent.

Hudco allocations: The Housing and Urban Development Corporation (Hudco) has allocated Rs 107 crore for housing and Rs 200 crore for urban infrastructure loans to Andhra Pradesh for the current financial year. According to Hudco regional chief GSR Somayaji, the institution sanctioned loans for 102 schemes in the state worth Rs 567.39 crore with a loan commitment of Rs 372.61 crore for the year 1997-98. The sanctions by Hudco will provide assistance for construction of 1,70,375 dwelling units, upgradation of 26,836 dwelling units, development of 3,282 plots, 32,211 sanitation units and 26 urban infrastructure projects.

Bank of Barodaanti-pollution drive: The Mumbai Sheriff's drive to control vehicle pollution in the city sponsored by Bank of Baroda was kick started by Chandrakant Khaire, state minister of transport, on April 30. Freecheck-ups will be organised at Hutatma Chowk on May 6 and 7, May 13 and 14 at Chembur and on May 20 and 21 at Bandra. "It is for the first time, a bank has launched an anti-pollution drive to create awareness among vehicle owners and drivers," said a BoB release.