RBI issues notification under Fera: The RBI has issued a notification under Fera permitting residents to accept foreign exchange by way of payment for services rendered or goods sold in India from other resident Indians, if such payments are made out of funds held in their exchange earners foreign currency accounts.

State Bank of Travancore bond rating retained: Icra has retained the double-A+ rating assigned to the long-term bond programmes of State Bank of Travancore and the A1+ rating assigned toits Rs 500 crore certificates of deposit programme. Icra's rating retention takes into account the improved profitability, comfortable liquidity and capital adequacy position of the bank. The hardening of NPAs is a cause for concern and the measures taken by the management to improve the credit quality will be critical in determining the future performance of the bank.

Crisil downgrades Electronica Leasing debt: Crisil has downgraded the fixed deposit programme of Electronica Leasing & Finance to FB+ from FA-. The revised rating factors in the sharp decline in the company's collection efficiency, weak asset quality and increased financial risk due to high gearing.

Icra downgrades Simbhaoli Sugar debentures: Icra has downgraded the non-convertible debenture programme of Simbhaoli Sugar Mills from A- to triple-B, indicating moderate safety. The downgrade takes into account the deterioration in the financial performance of the company in 1996-97, which was primarily due to an increase in theinterest costs on projects and working capital loans. At the net level, the company was able to report lower net losses with the help of increased extraordinary income and non-operating income.

No response to four-day repos: The RBI did not receive any application for the four-day 8 per cent fixed-rate repos held on September 5 for parties holding SGL and current accounts.