Friday, September 18, 1998
Won't help investors
Kumaramangalam Birla's long-awaited decision to restructure his companies has been kicked off by the transfer of Indian Rayon's cement operations to Grasim Industries. Shareholders in Indian Rayon will be alloted shares in Grasim as compensation for parting with the cement division.
Push for FDI
The Union finance minister has made several important points during his speech at the economic editors conference. He has reiterated that he will ensure that the fiscal deficit is kept at the targeted level, he has pointed out that the country is emerging as an island of relative stability in a world wrecked by financial turbulence, and he has acknowledged that inflation is a problem.
Review rural banking hours
According to a Reserve Bank of India circular issued during August 1986, all rural branches of scheduled commercial banks (SCBs) and regional rural banks (RRBs) are required to observe one day a week as non-public business working day (NPBWD), with a view to improving field orientation of their managerial staff.
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