The RBI has rejected the applications for certificates submitted by four companies -- Mahakaushal Mutual Benefits, Suhag Syndicate Mutual Benefit, Ambey Mutual Benefits and Bhalla Hire Purchase. These companies will not be able to conduct the business of non-banking financial institutions.

Visa to appoint new president

Visa International on Thursday announced that Malcolm Williamson, who is currently the group chief executive of Standard Chartered plc, will succeed Edmund P Jensen as president and CEO with effect from October 1. Crisil downgrades Central Finance debt plan: Crisil has downgraded the rating assigned to the fixed deposit programme of Central Finance Ltd from FA- to FB.

The revision is based on significant increase in the risk profile arising out of a change in the company's business mix in favour of the secondary market operations.

Crisil downgrades Cosmo Films debentures

Crisil has downgraded the Rs 10.3-crorenon-convertible debenture issue of Cosmo Films to BBB- from A-. The downgrade reflects Crisil's concerns about the overcapacity situation in the flexible packaging industry, which has resulted in a decline in realisation and deterioration in the company's financial performance.

20th Century Finance scheme

20th Century Finance Corporation is planning to launch a two-wheeler finance scheme. "In its endeavour to build a long-term relationship with dealers, the company plans to introduce a number of promotional schemes and offer attractive brokerage," a company release stated.

14-day treasury bills

For the 14-day treasury bills, the RBI has reduced the cut-off price by one basis point to 99.78 from 99.79. The RBI received one competitive bid worth Rs 100 crore and two non-competitive bids worth Rs 400 crore at the bills' auction.