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FE NEWS SERVICE
RBI launches WAN for finance firms: The RBI deputy governor SP Talwar on Tuesday inaugurated the wide area network with video-conferencing facility for its department of non-banking supervision to conduct off-site surveillance of non-banking finance companies. "The information technology through WAN should bring the central and regional offices closer, facilitate instantaneous and credible communication and help the department conduct off-site surveillance of finance companies," Talwar said. WAN will connect six major regional offices of department of non-banking supervision at Mumbai, New Delhi, Calcutta, Chennai, Bangalore, Hyderabad with the central office in Mumbai.
RBI rejects Lalbhai Securities registration: The RBI has rejected the application for certificate of registration submitted by Lalbhai Securities with effect from October 24. "The company will not be able to transact the business of a non-banking financial institution as defined in Clause (A) of Section 45 I of the RBI Act," anRBI release issued on Tuesday stated.
Three-day repos results: The RBI on Tuesday did not receive any application for its three-day 8 per cent fixed-rate repos in government of India dated securities for parties holding SGL and current accounts with it at Mumbai.
RBI drive for soiled notes exchange: The RBI's Mumbai office is launching a special drive from November 2, 1998, for exchange of soiled and mutilated notes in the denominations of Re 1, Rs 2 and Rs 5. The admissible exchange value in terms of RBI Rules 1975 will be paid in the form of coins across the counter. Public can avail of this facility at the special counters in the banking hall at the RBI, Mumbai, main office.
SBI Factors pays dividend to SBI: SBI Factors and Commercial Services managing director AN Joshi handed over a cheque worth Rs 1,01,25,000 as dividend for 1997-98 on October 23 to SBI chairman MS Verma. The company has recorded a growth of 25 per cent and its profit after tax has increased by 44 per centduring the year.
Nabard bonds outstanding balance: The outstanding balance of the 9.75 per cent Nabard bonds 1998 (IV series) will be repayable at par on November 21 and no interest will accrue thereon. "To facilitate repayment on the due date, the holders of the bonds may tender the bonds at the concerned public debt offices of the RBI, in whose books the bonds are borne, on or after November 2, 1998," a bank release issued on Tuesday stated.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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