91-day treasury bill yield cut to 9.56%: The RBI on Friday reduced the yield on 91-day treasury bills by 4 basis points to 9.56 per cent. For its 91-day T-bills auction, the central bank received nine competitive bids worth Rs 190 crore for a notified amount of Rs 100 crore. The central bank accepted five applications worth Rs 100 crore. There was no devolvement on the RBI or primary dealers. For its 14-day T-bills auction, the RBI received bids worth Rs 143 crore, out of which it accepted four bids worth Rs 100 crore. There was no devolvement on the RBI or primarydealers.

Stanchart's advisory board gets new chief: Former commerce secretary Tejinder Khanna has been appointed as chairman of Standard Chartered Bank's India advisory board. Others members on Stanchart's India advisory board are KRV Subramaniam, BD Bose and CV Kartik Narayanan.

Thomas Cook euro traveller's cheques: Thomas Cook's Euro Travellers cheques will be available for purchase worldwide from January 1, 1999. The euro cheques will be offered alongside the existing range of 12 foreign currency cheques from 1,000 outlets across the globe, including all existing suppliers of Thomas Cook Mastercard and Visa Interpayment travellers cheques. In India, euro traveller's cheques will be available at Thomas Cook outlets spread across 14 major cities.

Citibank launches new card: Citibank has announced the launch of Citibank Visa TravelMoney Card (Citibank VTM). The card will enable customers travelling abroad to carry money in a safe and convenient manner. The VTM Card can bepurchased in any amount ranging between $500 and $10,000. The prepaid card will enable holders to have a 24-hour access to cash in local currencies via media 444,000 ATMs in over a hundred countries.

Bank unions scale down demand for wage hike: The United Forum of Bank Unions has reduced its demand for a 25 per cent wage hike and revised it to 20 per cent (exclusive of cost on account of pension and gratuity). In the conciliation proceedings held on December 30 before the regional labour commissioner, the IBA struck to its offer while the UBFU scaled down its demand.

Crisil downgrades DCM Shriram debenture rating: Crisil has downgraded three non-convertible debenture issues of DCM Shriram Consolidated Ltd amounting to Rs 85.75 crore to A- from A.

Crisil reaffirms IBP debt rating: Crisil has reaffirmed the P1+ rating assigned to the Rs 100-crore short-term debt programme of IBP Company Ltd. The rating indicates that the degree of safety regarding timely payment of financialobligations on the instrument is very strong. The rating factors the core nature of the petroleum industry, the business position of IBP within the industry, its predictable cash flow pattern on account of APM pricing for marketing of controlled petroleum products till 2002 and its comfortable liquidity position.

Godrich Finance registration plea rejected: The RBI has rejected the application for certificate of registration submitted by Godrich Finance & Securities Ltd, a New Delhi-based company. The RBI has said that the company cannot transact the business of a non-banking financial institution.

Alakhnanda Growth registration plea rejected: The RBI has rejected the application for certificate of registration submitted by Alakhnanda Growth Funds Ltd, a New Delhi-based company. The RBI has said that the above company cannot transact the business of a non-banking financial institution.