Sunday, June 7, 1998
Bareilly Bank set to merge with Bank of Baroda
Bareilly Corporation Bank is all set to be merged with Bank of Baroda (BoB) under provision of Section 44(A) of the Banking Regulation Act, 1949. BoB will hold an extraordinary general meeting of its shareholders after the annual general meeting, to be held on July 30, seeking approval for the merger proposal.
Power Finance hikes MSEB exposure limit to Rs 424 crore
The Power Finance Corporation (PFC) has increased the exposure limit of the Maharashtra State Electricity Board (MSEB) from Rs 88 crore to Rs 424.48 crore for 1998-99. This will ensure the sanctioning of new renovation and modernisation (R&M) projects amounting to Rs 132 crore for the existing Koradi, Nashik, Bhusaval, Paras, Parali, Khaperkheda and Chandrapur power stations.
Textile modernisation fund plans go into a spin
The finance ministry has scuttled the textile ministry's efforts to set up a modernisation fund involving an astronomical sum of Rs 25,000 crore owing to the country's economic problems. The move will upset the modernisation plans of the domestic textile industry which was demanding adequate funds at lower rates for the modernisation of mills for the last three years.
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