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FE NEWS SERVICE
RBI panel to frame loan write-off procedures: The RBI on Wednesday appointed a committee to frame loan write-off procedures. The committee will suggest a speedy loan-recovery process and set a benchmark for standardising write-offs. The committee comprises AR Borde, general manager at SBI; PR Yagnik, GM at BoI, BV Deenadayalu, BoB; SR Narayanan, GM at Central Bank of India; PN Gupta, GM at Punjab National Bank; and two RBI officials.
Rs 5,015 cr mopup from four-day repos: The RBI on Thursday mopped up Rs 5,015 crore through four-day 8 per cent fixed-rate repos in Government of India dated securities for parties holding SGL and current accounts. The central bank received two applications and accepted both of them.
SBI opens gold counter in city: State Bank of India's Mumbai main branch has opened a counter for sale of gold to public on retail basis. "Through this counter, minimum 10 tola bars of gold will be sold to the public at the bank's selling rate prevailing on the day of thesale," a bank release stated. "For the purchase of gold, cash up to Rs 50,000 will be accepted as per the prevailing laws and if the amount exceeds Rs 50,000, then it will be accepted by way of bank draft and delivery of gold will be made only after realisation of the instrument," it added.
CARE downgrades Onida Finance rating: CARE has downgraded the rating assigned to the Rs 5.7 crore non-convertible debenture issue of Onida Finance from CARE BB+ to CARE D. "The downgrade follows the company's failure to meet its debt service obligation to the debenture-holders and other lenders on time," a CARE release stated.
CARE rates Ceat debentures: CARE has assigned a CARE A- rating to the proposed non-convertible debenture issue of Ceat worth Rs 120 crore. It has also retained the CARE A- rating assigned to the company's bond issue of Rs 4.08 crore. "The rating takes into account the company's presence in all segments of the tyre market, the brand image of Ceat in the domestic market, the widedistribution network and consistent export performance," it said.
Crisil assigns P1+ rating to Sundaram Fasteners debt: Crisil has assigned a P1+ rating to the enhanced Rs 40 crore (Rs 25 crore earlier) commercial paper programme of Sundaram Fasteners. "The rating reflects the company's leadership in the fasterners industry, strong quality credentials and improvement in capital structure," a Crisil release stated. "It also takes into consideration the company's vulnerability to the cyclicality in the downstream automobile industry," it said.
Crisil assigns P1 rating to Vesuvius India debt: Crisil has assigned a P1 rating to the Rs 5 crore commercial paper programme of Vesuvius India. "The rating reflects the above-average prospects of the domestic continuous casting refractories industry, the company's strong market position, its superior operating efficiency and comfortable financial profile," it said.
Four-day repos: The RBI on Thursday announced four-day 8 per cent fixed-raterepos in Government of India dated securities for parties holding SGL and current accounts.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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