RBI rejects International Credits registration: The RBI has rejected the application for certificate of registration submitted by International Credits. "The company will not be able to transact the business of a non-banking financial institution as defined in Clause (A) of Section 45I of the RBI Act," an RBI release stated.

Three-day repos today: The RBI has announced three-day 8 per cent fixed-rate repos in government of India dated securities on November 2, 1998, for parties holding SGL and current accounts with it at Mumbai. Payment by application will be on November 2, 1998.

New Rs 50 notes: The RBI will shortly be issuingRs 50 notes in Mahatma Gandhi series bearing the signature of Bimal Jalan. "Except for this change, the design of the Rs new 50 notes will be similar in all respect to those issued earlier in the Mahatma Gandhi series. Rs 50 notes issued by the central bank in the past will continue to be legal tender," an RBI release issued on Saturday stated.

364-day T-bills auction: The RBI has announced 364-day treasury bills auction for a notified amount of Rs 400 crore. Tenders should be submitted in the prescribed form on Tuesday and payment by successful bidders will be on Friday.

Exim Bank mulls spin-off benefits: Exim Bank has said it is considering spin-off benefits such as brand marketing and penetration of new markets. With the addition of this equity product to its portfolio, Exim Bank will offer a comprehensive financing package comprising equity, loans and guarantees to externally oriented Indian companies to help them globalise their busness.