RBI appoints new EDs: The RBI has appointed two new executive directors. They are Khizer Ahmed, chief general manager of the external control department, and SM Taqi Husaini, chief general manager of the department of administration and personnel management. They will replace V Subrahmanyam and SA Hussain. Taqi Hussaini is slated to take over on June 1.

Rs 500 notes continue as legal tender: The RBI has clarified that currency notes in the denomination of Rs 500 will continue to be legal tender and there is no intention whatsoever of withdrawing them. Denying a report that appeared in a section of the press that the RBI would withdraw from circulation of the old series of Rs 500 notes within two months and replace it with a new series, an RBI release saidthat the public can use all notes in circulation, including the old series.

Retirement age of bank officers raised: The government of India has decided to increase the retirement age of officers from 58 to 60 years in all the public sector banks and financial institutions. The banking division in the ministry of finance has conveyed the decision in this regard to the chairmen of all state-owned banks and financial institutions. The decision is in line with the revision of the retirement age of employees in the central government and some public sector undertakings.

Subidpur Investment barred from accepting deposits: The RBI has prohibited Subidpur Investment & Finance Corporation from accepting public deposits. It has banned the NBFC from accepting deposits from any person, including the existing depositors and certificate-holders, in any form by way of subscription or installments to any scheme conducted by the company.

BankAm to appoint new CEO: Arun Duggal will take over asBankAm's CEO-India from June 1. He will also hold the additional charge for Korea and Japan. Currently, Duggal is senior vice-president and regional manager for Japan, Korea and Australia. He will replace Ambi Venkateswaran who is moving to Hong Kong as head-financial institutions group, the Asia banking unit, and as CEO and managing director, BA Asia Ltd (Hong Kong).

Three-day fixed-rate repo: The RBI on Friday mopped up Rs 3,722 crore through a three-day fixed-rate repo in government of India dated securities for parties holding SGL and current accounts. The central bank received 11 applications and accepted all of them. 14-day treasury bills: The RBI has kept the yield of the 14-day treasury bills unchanged at 6.53 per cent. The RBI accepted one competitive bid worth Rs 100 crore and one non-competitive bid worth Rs 400 crore for a notified amount of Rs 100 crore. The cut-off price remained unchanged at Rs 99.75.

91-day T-bills auction: The RBI has kept the yield of the 91-day treasurybills unchanged at 7.35 per cent. The central bank accepted one competitive bid worth Rs 5 crore and two non-competitive bids worth Rs 125 crore. Devolvement on the RBI was to the extent of Rs 45 crore and Rs 50 crore devolved on primary dealers.

Punjab National Bank plans to acquire ISO 9002: Punjab National Bank has initiated steps to acquire ISO 9002 accreditation for its various branches across the country. A move has been undertaken for continuous improvement in all areas and to distinguish itself by rendering quality services, the bank's general manager PK Gupta said in Delhi on Friday. He said that the process has already started and eight branches including three administrative and five branches have already acquired the ISO 9002 accreditation.