BoI board meet: The board of directors of Bank of India will meet at the bank's headoffice in Mumbai on June 22, 1998, to consider and take on record the audited financial results of the bank for the year ended March 31, 1998, and to declare dividend, if any, for the year ended on that date.

Union Bank chairman gets extension: Union Bank of India chairman T Pannir Selvam has received an extension. Pannir Selvam's term as Union Bank chairman came to an end on June 3. He is likely to take over as theBank of India's CMD.14-day treasury bills auction: The RBI has kept the cut-off price on the 14-day treasury bills auction held on Friday at Rs 99.77. The yield works out at 6.01 per cent. The RBI received five competitive bids amounting to Rs 500 crore and one non-competitive bid amounting to Rs 400 crore at the auction. The central bank has accepted three competitive bids amounting to Rs 100 crore and the non-competitive bid amounting to Rs 400 crore.

South Indian Bank net soars to Rs 21 crore: The South Indian Bank has recorded a 267 per cent growth in its net profit for the year ended March 31, 1998. The bank has posted a net profit of Rs 20.74 crore. The bank's deposits have grown 30.61 per cent during 1997-98 to touch Rs 2,738.27 crore. The advances have increased from Rs 1,154.36 crore to Rs 1,463.23 crore, registering a 27 per cent rise.

Global Housing cuts rates: Global Housing Finance Corporation has reduced the interest rates on individual housing loans with effect from May 20,1998, ranging from 0.5 to 1 per cent. The revised rates on monthly reducing balancing method are 12.25 per cent for loans up to Rs 25,000, 14.50 per cent for loans above Rs 25,000 and up to Rs 2 lakh, 15 per cent for loans above Rs 2 lakh and up to Rs 3 lakh, 15.25 per cent for loans above Rs 3 lakh and up to Rs 5 lakh and 16.25 per cent for loans above Rs 5 lakh and up to Rs 10 lakh.

Duff & Phelps downgrades Synergy Financial debt plan: Duff & Phelps Credit Rating India Pvt Ltd has downgraded the fixed-deposit programme of Synergy Financial Exchange Ltd from B to DD, indicating that the company has defaulted on its debt obligations. The company's cashflows have been strained for some time with the reduction in its collection efficiency as well as a decline in its fixed-deposit renewal rate. The management has been making efforts to infuse fresh funds into the company from alternative sources.

IOB launches depository services: Indian Overseas Bank inaugurated its depository services at itsregional office located in Mumbai on Friday. The depository services were inaugurated by the bank's chairman and managing director, K Subramaniam. The proposed services include demat/remat of shares, transfer of securities and settlement of trade in the demat segment of the stock exchange.

20th Century Finance schemes: 20th Century Finance Corporation is planning to launch its two-wheeler finance schemes in Indore, Raipur, Bhopal, Jabalpur and Nagpur. Initially launched in the south, the company has now decided to make a foray into other parts of the country as well. The company will enter the two-wheeler finance segment for motorcycles and scooters of 100 cc and above.

Stanchart credit cards: Standard Chartered is set to become the first foreign bank in India to join both the Visa as well as the MasterCard domestic network for its credit cardholders. In the launch phase, the Visa domestic ATM network included all ATMs of Stanchart and HongkongBank. The tie-up with the MasterCard network isexpected to be operational shortly.