Saturday, October 31, 1998
Bimal Jalan sets timetable for second phase of financial sector reforms
The RBI on Friday set the time-table for the second phase of financial sector reforms to take off in the next millennium. It has raised banks' capital adequacy ratio and tightened the prudential norms for provisioning and asset classification in a phased manner.
Cabinet clears mega economic stimulus package
The Union cabinet yesterday cleared a mega economic package which will enable the government to close down 8 chronically sick public sector units, as well as give a big push to the infrastructure sector. The controversial `mailbox' issue for patents was also resolved, though the decision on passing an ordinance to repeal the Urban Land Ceiling and Regulation Act was put off.
SEBI pins blames on Big Bull for price rigging
The Securities and Exchange Board of India (SEBI) has charged scam-accused, Harshad Mehta for having rigged the prices of BPL, Videocon and Sterlite which culminated in a huge payments crisis at the bourses in June, 1998 through seven front companies.
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