UTI-Sec CP plan gets P1+ rating: Crisil has assigned a P1+ rating to the Rs 10-crore commercial paper programme of UTI Securities Exchange Ltd (UTI-Sec). The rating assigned to the company reflects its parentage, adequate capitalisation, high financial flexibility and focus on service and operating systems. These factors are partly offset by the high dependence on capital markets, the operating risks associated with broking in Indian markets and the low profitability.

BoA plans at par cheque book: In an initiative aimed at making banking more convenient for itscustomers, Bank of America has announced an "at par cheque book" facility which would enable account holders to issue cheques payable at New Delhi, Mumbai, Calcutta and Chennai. This is the first time in India that such a service is being offered to retail customers. The cheque books will be issued to all Value Plus Current Account holders of Bank of America. The at par facility has traditionally been available only for pre-paid instruments like dividend warrants.

First Union National Bank Q3 earnings up: First Union National Bank has posted a 35 per cent rise in its operating earnings to $1 billion during the third quarter of 1998. As on September 30, 1998, the bank had assets worth $234.6 billion. First Union opened its Mumbai representative office in 1996 and has corporate relationships in all the major cities including Chennai, Calcutta, New Delhi and Bangalore.

Koduvayur Co-operative Bank application rejected: RBI has rejected the application submitted by the Koduvayur Co-operativeUrban Bank Ltd, a Palakkad-based bank, for carrying out banking business. The bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949, and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft order or otherwise.

Crisil lowers NCD portion of ACGL: Crisil has downgraded the Rs 6.06-crore non-convertible portion of the partly-convertible debenture issue of Automobile Corporation of Goa Ltd (ACGL) to A- from A. The revised rating reflects the risk arising from high level of dependence on Telco, the largest player in the commercial vehicle segment, and the present recession in this segment. This has been reflected by the substantial decline in ACGL's sales during 1997-98, with a corresponding decline in profitability.

Cosmos Co-operative Bank opens branch: The Cosmos Co-operative Bank has opened a new branch at Vashi with a special "drive-in" counter. This would enable thecustomer to simply drive up to the counter and transact his business. The branch was inaugurated by MMS Rekhrao, chief general manager (Urban Banks Department), Reserve Bank of India. This is the 27th branch of bank in the country.

Centurion Bank holds customer week: Centurion Bank recently organised a "customer week" in Mumbai. The objective of the meet was to interact with customers and obtain feedback on the services provided by the bank. The interaction was also a part of the bank's endeavour to seek the customer's opinion on enhancing the current products and services and to customise them to maximise customer satisfaction.

KDT Mutual Benefits application rejected: RBI, in exercise of the powers conferred on it under the Reserve Bank of India Act, 1934, has rejected the application for certificate of registration submitted by KDT Mutual Benefits Co Ltd, a Lucknow-based financial company. As such, the company cannot transact the business of a non-banking financial institution.

SVKshirsagar is United Western Bank GM: SV Kshirsagar has been elevated to the post of general manager (Mumbai zone) at United Western Bank. Prior to his new appointment, Kshirsagar was deputy general manager, responsible for the bank's credit portfolio, apart from charge over the personnel department. Kshirsagar joined United Western Bank in 1961.