RPG Transmission downgraded: Crisil has downgraded the Rs 20-crore non-convertible debenture (NCD) programme of RPG Transmission Ltd to A- from double-A. The companys fixed deposit programme has also been downgraded to FA from FAA. The ratings continue to be on rating watch. The downgrade in ratings are based on continued decline in the companys sales and profitability, a significant deterioration in interest coverage and continued weak financial health of state electricity boards.

BoB to set up debtrecovery cells: Bank of Baroda plans to set up recovery branches at every centre where the government establishes a debt recovery tribunal (DRT). The branches would assist in the recovery efforts of the bank by co-ordinating with the DRTs and doing the necessary follow-up work. Since the net NPAs of the bank are low, the bank will not set up an asset reconstruction company.

"Liquid Bonds" launched: Alpic Finance Ltd has launched "Liquid Bonds" with a yield of up to 17 per cent per annum in the private placement market. The issue opened on August 1. The company has said that the bonds are fully secured by a first charge on the companys assets with Bank of Baroda as the trustees to the bond holders. The bonds are redeemable any time within three months after allotment. The ‘liquid bonds will also be listed on the Over The Counter Exchange of India (OTCEI). The rate of interest on the bonds has been fixed at 250 basis points above the prime lending rate (PLR) of State Bank of India and the maximumtenor of the bonds is one year.

Rao takes over as SBI chief general manager: B Ramachandra Rao has taken over as chief general manager of the State Bank of India (SBI) Chennai circle with effect from August 1. He succeeds R Nagarajan who retired on July 31. Prior to this assignment, Rao was general manager (commercial banking) of this circle.

Vysya Bank credit-card launch put off: Vysya Bank has postponed the launch of its co-branded credit card to August 10. The card was due for launch on July 15. The delay has been mainly on account of the non-receipt of the security cards from Singapore. The bank recently renewed its tie-up with Citibank for the credit card business and as per the agreement, it would take up the issue of cards while processing would be done by Citibank.

LIC risk cover for weaker sections: The Life Insurance Corporation (LIC) of India plans to launch social security insurance schemes to cover weaker sections of the society. LIC is also introducing front endoperations in various branches in Bihar, a release by the General Insurance Corporation (GIC) of India said. The new schemes would mark the celebration of the country's 50th year of independence by LIC and GIC and its subsidiaries. The celebrations would be held at ten centres -- Hazaribagh (West Bengal), Tuticorin, Lucknow, Jaipur, Calcutta, Sambalpur, Trivandrum, Hyderabad, Baroda and Pune.

Repo auction: RBI has announced a three-day fixed rate repos in government of India dated securities on August 5, 1998 for parties holding SGL account and current account with it at Mumbai. The repo rate is 5 per cent per annum. The central bank may accept the applications partially or fully. Payment by applicants will be on August 5, 1998 up to 2.30 pm and the repurchase by the RBI on August 8, 1998.