RBI price list of securities: The Reserve Bank of India has released the price list of government of India securities which will be effective from today. The sale price of 11.75 per cent 2003 stock was fixed at Rs 100.01, 11.57 per cent 2004 stock at Rs 98.95, 11.95 per cent 2004 stock at Rs 100.32, 11.19 per cent 2005 stock at Rs 96.40, 11.75 per cent 2006 stock at Rs 98.63 and 12.15 per cent 2006 stock at Rs 99.92, the RBI release said.

South Indian Bank to float IPO: The Thrissur-based South Indian Bank has proposed to come out with its maiden public issue next month to raise Rs 51.20 crore. The equity would carry a premium of Rs 22 and the net offer to the Indian public would be 90 lakh shares, bank chairman Maurice D'Souza told shareholders at the bank's annual general meeting. Of the 1.60 crore shares, 16 lakh shares would be reserved for employees, 22 lakh for NRIs, overseas commercial bodies and foreign institutional investors, while 32 lakh shares would be offered to banks and multi-lateral financial institutions.

RBI gives clean chit to Sahara India Financial: The Reserve Bank of India today gave clean chit to Sahara India Financial Corporation saying that the company had complied with all the guidelines applicable to the non-banking finance companies. In a report filed before the Delhi high court, RBI said physical verification carried out by RBI, in June 1998, of the securities held by the company did not reveal any adverse features. The RBI report came following a high court order directing the central bank to file a financial status report on 14 NBFC's and residuary non-banking companies including Sahara, Kuber and JVG group firms.

Punjab & Sind Bank gets `P1+' rating for Rs 250 crore CDs: The Credit Rating Information Service of India Ltd has assigned `P1+' rating for the Rs 250 crore certificate of deposits programme of Punjab & Sind bank. The rating indicates the highest safety.

Punjab & Sind Bank registered a 225 per cent growth in 1997-98 to Rs 65 crore from Rs 20 crore in the previous year, the state-owned bank said in a statement here today.

Meanwhile, Investment Information and Credit Rating Agency (ICRA) has given the highest rating `A1' to Rs 10 crore commercial paper programme of Salora international Ltd.

LIC launches IVRS: Life Insurance Corporation of India today launched `Interactive Voice Response System' (IVRS) in the metropolis to enable policy holders to obtain details of insurance policies by simply dialing a telephone number.

This follows implementation of `metro area network' in November last year which facilitates payment of insurance premium at any branch office across the city. IVRS was inaugurated by veteran freedom fighter Usha Mehta at a function organised at LIC headquarters here to conclude celebration of India's 50 years of independence.

CRR hike would adversely affect credit availability: PHDCCI: PHDCCI, a regional industry chamber, while welcoming RBI's package to check the sliding rupee pointed out that the one per cent hike in the cash reserve ratio (CRR) would adversely affect the credit availability to trade and industry.

"The credit availability would be hit as short term interest rates would go up with the CRR hike squeezing about Rs 4500-5000 crore of liquidity from the system," the PHD Chambers of Commerce and Industry said here.

The chamber in a statement today said the funds raised through SBI's Resurgent India Bonds should be judiciously used to instill confidence in the country's financial system.

Foreign insurance companies restructure domestic partnerships: Foreign insurance companies --Commercial Union and General Accident-- existing as two different entities in India despite their global merger, restructured their domestic alliances today.

While the Commercial Union and Hindustan Times group partnership decided to focus on the life insurance sector, general accident and its partner, the Wadia group, formally announced their plans to enter the general insurance market.

Commercial Union Assurance Company PLC, one of the world's leading composite insurance companies, had entered into a partnership with the Hindustan Times, the flagship media company of the KK Birla group, in 1997 with the intention of jointly entering insurance business in India.