Five-day repos today: The RBI on Tuesday announced five-day 8 per cent fixed-rate repos in government of India securities on September 30 for parties holding SGL and current accounts with it at Mumbai.

RBI rejects Elite Capital registration: The RBI has rejected the application for certificate of registration submitted by Elite Capital and Management Services. "The company will not bee able to transact the business of a non-banking financial institution as defined in clause (a) of the Section 45 1 of the RBI Act," an RBI release stated.

Mandvi Coop Bank offers new scheme: Mandvi Cooperative Bank has launched a new product called the flexi-recurring monthly deposit scheme, with anadvantage of no TDS. The scheme is different from that of the normal recurring deposit wherein a depositor has to deposit a fixed sum every month. Under the new scheme, the depositor can withdraw a maximum of 85 per cent of the total deposit amount in the case of an emergency, by paying a nominal 2 per cent extra interest.

Abhyudaya Coop Bank appoints vice-chairman: The managing committee of Abhyudaya Co-operative Bank has, in its recently held meeting under the supervision of the election officer, appointed Mahatarba S Kane as its vice-chairman. Kane is a well-known figure in the cooperative sector.

Crisil reaffirms Perfect Circle rating: Crisil has reaffirmed the A rating assigned to the Rs 41.70 crore partly convertible debenture programme of Perfect Circle Victor Ltd. The rating factors in the continued strong market position of the company, the progress made in project-implementation and the comfortable capital structure offset by an increasingly difficult business environment, withsluggish growth in end-user industries and increased competitive pressure. Crisil has said that the increased exposure to group companies continues to remain an area of concern.

Crisil downgrades Srei International debt plan: Crisil has downgraded the fixed deposit programme of Srei International Finance Ltd to FA from FA+. The revision in rating reflects the increased business risk profile of the company, given the continued deterioration in business conditions for the NBFC sector and the deterioration in the company's asset quality. The rating, however, continues to factor in the company's established presence in the earth-moving equipment segment, its comfortable resources position, asset-liability maturity profile and low dependence on public deposits.