41-day T-bills auction: The Reserve Bank on Tuesday announced the auction of the 14-day treasury bills for a notified amount of Rs 500 crore. Tenders should be submitted in the prescribed form on September 4 and payment by bidders will be on September 5.

Three-day fixed-rate repos today: The Reserve Bank on Tuesday announced three-day fixed-rate repos in Government of India dated securities on Wednesday for parties holding SGL and current accounts. The interest for the repos is pegged at 8 per cent.

RBI advises income-tax assessees: The Reserve Bank has advised income-tax assessees to take advantage of paying advance tax at branches of designated banks. "For the convenience of income-tax assessees, arrangements have been made for receipt of advanceincome tax at specified branches of Bank of Baroda, Bank of India, Dena bank, Indian Overseas Bank, State bank of India and United Bank of India," an RBI release stated. The designated branches of these banks have been authorised by the income-tax department to accept payment of income-tax dues.

Fimmda elects seven directors: Fixed Income Money Markets and Derivatives Association of India held its first election recently to elect seven directors -- Vishnu Deuskar of ABN Amro bank, Arvind Sethi of Bank of America, C Chandrasekhar of Bank of India, Shailendra Bhandari of HDFC Bank, Suvalakshmi Chakraborty of ICICI, Prasanna of Punjab National Bank and Gopalkrishnan of SBI Gilts. About 40 banks and financial institutions are currently members of Fimmda.

Union Bank revises rates: Union Bank of India has revised the domestic interest rates and NRE term deposit rates with effect from September 1. As per the new interest rate structure, on a maturity slab of 15-29 days, the bank will offer 5.50per cent, 6 per cent for 30-45 days, 7 per cent for 46-90 days, 7.50 per cent for 91-179 days, 9 per cent for 180 days-less than a year, 10.50 per cent for one year-less than two years, 11 per cent for two years-less than three years and 12 per cent for three years and above. For the NRE term deposit, the bank will offer 9 per cent for six months-less than a year, 10.50 per cent for one year-less than two years, 11 per cent for two years-less than three years and 12 per cent for three years and above.

LIC insurance week: With a view to rendering better services to policy holders and spreading the message of life insurance, the Surat division of LIC is observing an insurance week from September 1.

Crisil upgrades Chambal Fertilisers debentures: Crisil has upgraded the rating assigned to the Rs 424 crore partly convertible debenture issue of Chambal Fertilisers and Chemicals to A+ from A. It has also reaffirmed the company's fixed deposit programme. "The rating reflects the continuing strongcash flows from CFCL's existing operations and substantial progress in its expansion project resulting in partial mitigation of associated financial and implementation risks," a Crisil release stated. "It also factors in the company's ability to implement the ongoing expansion project without a significant alteration in the company's overall risk profile," it said.

Crisil upgrades Balrampur Chinni rating: Crisil on Tuesday upgraded the rating assigned to the Rs 20 crore short-term debenture programme of Balrampur Chinni Mills to P1+ from P1. The revised rating reflects Balrampur's improving financial performance and liquidity position. "The rating also factors in the company's strong market position in the sugar industry and its comfortable operating efficiency which is reflected by its sustained high recoveries and consistent product quality," a Crisil release stated.

Crisil assigns P1+ rating to Ipca Laboratories debt: Crisil has enhanced the commercial paper programme of Ipca Laboratoriesto Rs 30 crore from Rs 20 crore. It has assigned a P1+ rating to the programme. "The rating reflects Ipca's leadership position in the domestic anti-malarial formulations market, cost competitiveness in bulk drug manufacture and stable financial position," a Crisil release stated.