Corporation Bank to hold board meet on Oct 27: Corporation Bank will hold its board meeting on October 27, 1998, at Chennai to consider the audited accounts for the half year ended September 30, 1998. The audited working results will be announced shortly thereafter, a bank statement said. Corporation Bank is the only public sector bank in the country to get its accounts audited at half-yearly intervals for three consecutive years, the statement said.Restructure financial system, says Vaghul: ICICI chairman N Vaghul has called for restructuring of the domestic financial system by replacing state-managed bank boards with professionally-managed ones, conversion of development banks into commercial banks and non-banking finance companies into localised banks. "Crushing burden of the currency meltdown to the extent of 30 per cent of the GDP of east Asian nations should make India go headlong into restructuring the financial system," Vaghul said in an Assocham publication "India: A LookAhead."
Worldlink Finance registration rejected: The RBI has rejected the application for certificate of registration submitted by Mumbai-based Worldlink Finance Ltd, a non-baking financial company. The RBI stated in a release that the company cannot transact the business of non-banking financial institution, as defined in Clause (A) of Section 45 I of the RBI Act, 1934.
364-day T-bills auction: The RBI has announced 364-day treasury bills auction for a notified amount of Rs 400 crore. According to an RBI release, tenders should be submitted in the prescribed form on October 20, 1998. Results will be announced the same evening. Payment by successful bidders will be on October 23, 1998.
Three-day repos results: The RBI has accepted one Rs 1,500-crore application at three-day 8 per cent fixed-rate repos, results of which was announced on Wednesday, an RBI release stated. The central bank has also announced five-day 8 per cent fixed-rate repos in government of India dated securities onOctober 15, 1998, for parties holding SGL and current accounts with it at Mumbai.
Exporters want credit policy to stabilise rupee: A 2 per cent drop in export credit rates, move to stabilise the rupee's external value and steps to encourage bankers to carry out their ``dharma'' of lending are the major expectations of exporters from the RBI's forthcoming busy-season credit policy.
New Rs 500 notes: The RBI will shortly issue new Rs 500 notes in Mahatma Gandhi series bearing the signature of the RBI governor Bimal Jalan with capital letter ``A'' inset in both the numbering panels. Except for this change, the design of the new Rs 500 notes will be similar in all respects to those issued earlier in the Mahatma Gandhi series, an RBI release on Wednesday stated.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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