Three-day repos today: The RBI has announced three-day 8 per cent fixed-rate repos in Government of India dated securities on Tuesday for parties holding SGL and current accounts with it at Mumbai. The central bank may accept the applications fully or partially. Payment by applicants will be on Tuesday and repurchase by the RBI on Friday.

Icra retains Nation Wide Finance debt rating: Icra has retained the MA rating assigned to the fixed deposit programme of Nation Wide FinanceLtd, indicating adequate safety. The prospect of timely payment of interest and principal on the instrument is adequate. Though the company has made significant investments in own assets during 1997-98, it is already in the process of divesting those assets to the parent company to maintain the percentage of earning assets and liquidity. The profitable operations, comfortable liquidity position and financial flexibility arising out of the gearing would help the company in maintaining an adequate level of the debt-servicing ability.

Three-day repos results: The RBI received eight applications worth Rs 5,824 crore at the three-day 8 per cent fixed-rate repos held on Monday. The central bank accepted all the eight applications in full.

Andhra Bank appoints new ED: B Vasanthan joined Andhra Bank as executive director on September 14. He was earlier general manager at Syndicate Bank. Vasanthan has been in the banking industry for a period of 33 years.

Bank of Baroda selects new ED: PSShenoy has taken over as the new executive director at Bank of Baroda. Prior to his appointment, Shenoy was a general manager at Bank of India. His responsibilities at Bank of India included finance and group strategy covering planning, treasury, monitoring of subsidiaries and share department. Shenoy started his career as an officer at Bank of India in April 1966.

Alpic Finance bonds oversubscribed: The private placement of Alpic Finance's secured redeemable non-convertible bonds has been oversubscribed. The company has received applications for 15,000 bonds of Rs 10,000 each, aggregating Rs 15 crore. Alpic is retaining the oversubscribed portion in terms of the greenshoe option. The bonds were placed with the company's existing investors, corporates, banks and high-networth individuals. The bonds, which have a tenure of 12 months, carry a call-and-put option anytime after three months with an interest of 15.5 per cent. The private placement was arranged by Alpic Investment & Financial ConsultancyServices and Bank of Baroda are the trustees to the bondholders.

Canara Bank pays dividend to centre: Canara Bank has paid a dividend of Rs 36 crore to the central government for fiscal 1997-98. The dividend cheque was presented by the bank's chairman, T Sridharan, to the finance minister, Yashwant Sinha.