The Credit Rating Information Services of India (Crisil) has downgraded the fixed-deposit programme of India Cements Capital and Finance from FA to Fa-. According to a Crisil release, the revision in rating factors in the difficult business situation faced by non-banking financial services companies with competitive pressures affecting business growth, profitability and asset quality. "These factors have impacted the company in terms of pressures on asset quality owing to its exposure to the relatively-risky corporate segment, higher provisioning requirements and consequent pressure on profitability," a company release said.

ICICI unveils new logo: To strengthen its corporate identity, the Industrial Credit and Investment Corporation of India (ICICI) has changed its logo. "In order to capitalise on the group strength, ICICI aims to project a single identity," a ICICI release issued on Wednesday Said. "The new logo depicts a dynamic individual withdrive and conviction. It symbolises strong retail identity of the group in reaching out to valued shareholders and investors," the release added.

StanChart launches affinity card: Standard Chartered has launched an affinity card in partnership with Johnson & Johnson vision products. The card will be offered complimentary by Johnson & Johnson vision products to all their eye-care practitioner (ECP) as a step towards building and enhancing customer relations. "This card will enable the ECP to place an order for acuvue products with the company and charge the entire amount to this card," a release issued by the bank said.

BankAm to remain open today, tomorrow too: Bank of America's Mumbai branch will be open on Dussera and Gandhi Jayanti, that is, October 1 and 2. In a press release released here, BankAm said that the move is part of its national customer initiative to remain open throughout the year and up to 7 pm everyday.

RBI mop-up: RBI has mopped up Rs 1,269 crore through its5-day fixed-rate repo in government-dated securities for parties holding SGL and current account. The interest rate on the five-day repo was pegged at 8 per cent. The central bank received 13 applications and accepted all of them.

Exim Bank, Nasscom sign pact: The Export-Import Bank of India and National Association of Software and Service Companies have entered into a memorandum of understanding for providing software exports. "As per the terms of MoU, Exim bank will assist member companies of Nasscom in export marketing, acquiring of international quality standards such as ISO 9000, setting up joint ventures and subsidiaries overseas," a company release said. "The bank will also help Nasscom members to bid for IT components in projects overseas funded by multilateral institution like World Bank," it said.

LIC social-security plans: The Life Insurance Corporation will observe October, 1998, as social security month to reiterate its commitment to the weaker sections of the society throughits various social-security group insurance schemes. "During the entire month, the benefits available under the various schemes will be highlighted at the seminars and functions arranged throughout the country," LIC chairman G Krishnamurthy said.

RBI rejects Elite Capital application: The Reserve Bank of India in exercise of the powers conferred on it under section 45 IA of RBI act, 1934, 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," a RBI release said.

Banktech expo next month: Trade Link Exhibition, organiser and manager of trade shows in the country and abroad, is organising a four-day Banktech-98 which will commence from November 11. "The exhibition aims to bring forth the latest trends in the banking and financial sector by bringing several global players and world-classtechnology," a company release said.

Oriental Bank's new facility: Oriental Bank has set up a MICR cheque-processing centre in Punjab at Amritsar. The bank has also launched its credit card in association with Citibank to provide a series of benefit to its customers.