Bank of America has pegged Rs 1 crore as the floor for offering differential interest rates on deposits. The bank will offer 6.5 per cent on a Rs 1-crore 15-day deposit. For deposits of the same maturity of size above Rs 1 crore, but less than Rs 10 crore, it will offer 6.75 per cent.

In the case of deposits of Rs 25 crore and above, it will offer 7 per cent. SBI renews 20th Century warrant facility: State Bank of India has renewed 20th Century Finance Corporation's at par warrant facility for fixed-deposit interest payment for a one-year period until March 31, 1999. "With this facility renewed, TCFC's depositors will be able to continue to encash their interest warrant at par," said a company release.

ICICI Banking Corp plans bond issue:

ICICI Banking Corporation is planning to raise Rs 100 crore by issuing a 63-month subordinated debt for raising its tier-II capital. The bonds will carry a coupon of 13.50 per cent.

RBI may change forexreserves composition:

The RBI is likely to change the composition of part of its foreign exchange reserves to euros once Europe's single currency is launched. Four-day fixed-rate repo: The RBI on Friday mopped up Rs 1,456 crore through a four-day fixed-rate repo in government of India dated securities held on May 8 for parties holding SGL and current account. The interest rate for the repo was pegged at 8 per cent.

RBI rejects Rosewood Finance registration:

The RBI rejected the application for certificate of registration submitted by Rosewood Finance and Investment. "The company cannot transact the business of a non-banking financial institution as defined in clause (a) of section 45I of the RBI Act," a release stated.

Three-day fixed-rate repo:

The RBI on Friday announced a three-day fixed-rate repo in government of India dated securities for parties holding SGL and current account. The interest rate on the repo was pegged at 6 per cent. Payment will be on May 9 and repurchaseby the RBI on May 12.

Crisil assigns P1+ rating to Paharpur CP plan:

Crisil has assigned a P1+ rating to the Rs 15-crore commercial-paper programme of Paharpur Cooling Towers Ltd. The rating reflects the favourable business position of the company's cooling tower division and its liquidity position which arises from the substantial investment portfolio held by the company.