Corporation Bank has revised the interest rates on FCNR(B) deposits with effect from June 22. The new rates for dollar deposits are 5.25 per cent for six months-one year, 5.50 per cent for one-three years and 6 per cent for three years. The rates for pound sterling deposits are 6.50 per cent for six months-three years and 6.75 per cent for three years.

Centurion Bank gross profit up 73%

Centurion Bank has registered a 73 per cent increase in its gross profit at Rs 47.44 crore for 1997-98 as against Rs 27.50 crore in the previous year. The bank's gross income stood at Rs 204.04 crore, up 79 per cent from Rs 113.95 crore in the previous year. It has recommended a dividend of 9 per cent. The bank's deposits have increased to Rs 1,477 crore and advances, placements and investments to Rs 1,439 crore.

Three-day repos today

The RBI has announced a three-day fixed-rate repos in government of India securities on June 22 for parties holding SGL andcurrent accounts with it at Mumbai. The repos rate is 5 per cent per annum. Payment by applicants will be on June 22 and the repurchase by theRBI on June 25.

ING Barings appoints new India head

Pradeep Saxena has been appointed as the new business head of ING Barings in India. Saxena was earlier with Merrill Lynch International Bank in London. He succeeds Sukhu Nayyar who has been appointed as the chief operating officer of ING Asset Management Company.

Crisil reaffirms AA+ rating to Vardhman debt plan

Crisil has reaffirmed the AA+ rating assigned to the Rs 47.75-crore and Rs 25-crore non-convertible debenture programmes of Vardhman Spinning & General Mills Ltd. The P1+ rating assigned to the Rs 15-crore commercial paper programme has also been reaffirmed. The rating reflects the company's strong market position in the yarn business, the shift towards value-added products leading to improved realisations.

Banks not to gain from lower rates, says FIEO

The Federation of IndianExporters Organisation has said that banks will not benefit from the reduced interest rates announced by the RBI for incremental exports as the country recorded an export growth of 2.64 per cent in 1997-98.

Recast of debt-recovery tribunals suggested

A parliamentary committee has called for the restructuring of debt recovery tribunals, stating that the present mechanism has achieved a dismal recovery rate of 1.23 per cent till March 1997. According to the committee, out of the total cases involving Rs 8,469.64 crore before the tribunals, only Rs 104.47 crore have been recovered.