RBI rejects finance firms' registration:The RBI has rejected the application for grant of certificates of registration submitted by Mohali Hire Purchase Pvt Ltd and Canopy Securities & Finance Ltd. The above companies cannot transact the business of a non-banking financial institution.

DICGC gets new executive director: A Chandramouliswaran has been appointed executive director of Deposit Insurance and Credit Guarantee Corporation with effect from November 3, 1998. Chandramouliswaran was the cheif general manager, Industrial and Export CreditDepartment of the RBI, prior to his appointment at DICGC.

Duff & Phelps rates Shriram Transport debentures: Duff & Phelps Credit Rating has assigned an Ind AA- rating to the Rs 250-crore structured debenture issue of Shriram Transport Finance Co Ltd. The rating agency has also assigned an Ind A rating to the company's fixed deposit programme.

Three-day repos results: The RBI received three applications amounting to Rs 2,350 crore at the three-day 8 per cent fixed-rate repos held on Monday. The central bank accepted all the three applications in full.

Crisil downgrades Shamken Multifab debentures: Crisil has downgraded the Rs 5-crore non-convertible debenture programme of Shamken Multifab Ltd to A- from A. The company's fixed deposit programme has also been downgraded to FA from FA+. The rating downgrade reflects the decline in the overall risk profile of the company on account of the risks associated with the commercial stabilisation of the new expansion-cum-diversification projectof the company and the project funding which is likely to have an adverse impact on the capital structure of the company.

RBI to launch soiled-notes exchange drive: The Byculla office of the RBI is launching a special drive from December 1, 1998, for exchange of soiled, cut and mutilated notes in the denomination of Re 1, Rs 2 and Rs 5. The admissible exchange value in accordance with the RBI Note Refund Rules 1975 will be paid in the form of coins across the counter. The public can avail of this facility during banking hours at the Byculla office.

Crisil rates Parke Davis debt plan: Crisil has assigned a P1+ rating to the Rs 19.35-crore commercial paper programme of Parke Davis (India) Ltd. The rating assigned reflects the company's stable business position attributed to its strong brands, long presence in the domestic market and its parentage. The rating also factors in the contribution of the lease rentals from Warner Lambert (India) Ltd to the company's overall cashflows and the benefitsfrom the operational restructuring exercises.

20th Century Finance opens branch in Calicut: 20th Century Finance Corporation has opened a new branch at Calicut. The branch will concentrate on offering two-wheeler finance to the people of Calicut. TCFC recently tied up with General Motors Acceptance Corporation and will offer retail and wholesale financing, leasing and related services to motor vehicle dealers and their customers in India.

Icra reaffirms Jayabharat Credit debt rating: Icra has reaffirmed the MA rating assigned to the fixed deposit programme of Jayabharat Credit Ltd indicating adequate safety. The finance company has a networth of Rs 14.22 crore and a hire-purchase and lease assets base of Rs 40.61 crore. JCL is a dominant player in the truck, car, construction equipment and industrial finance business.

Mandvi Cooperative Bank deposits soar 67%: Mandvi Co-operative Bank's total deposits during the first half of the current fiscal has crossed Rs 220 crore against Rs132 crore during the corresponding period in the previous year, indicating a growth of 67 per cent. During the first half of 1997-98, the bank opened a branch in Dombivili (E) and will be opening new branches in three other centres for which it has already obtained the RBI approval.

Global Trust Bank, Amex tie up: Global Trust Bank has tied up with American Express Bank to distribute dollar-denominated American Express travellers cheques. In the first phase, these cheques will be available to the bank's customers from four branches of the bank in Mumbai. The travellers' cheques will be introduced across various Global branches across the country in a phased manner.

Crisil downgrades Integrated Finance debt rating: Crisil has lowered the rating assigned to the fixed deposit programme of Integrated Finance Company Ltd to FB from FA and removed it from rating watch. The revision in rating reflects the overall increase in the company's risk profile on account of the deterioration in assetquality and the consequent increase in provisioning requirements and the sharp drop in profitability. The rating also factors the continues difficult business conditions for the NBFC sector and its negative impact on the performance of the company in the medium term.