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FE NEWS SERVICE
Central Bank revises deposit rates: Central Bank of India has revised its domestic term deposit rates with effect from January 18. The interest on deposits for 15 days to 29 days has been fixed at 5 per cent, for 30 days to 60 days 6 per cent, for 61 days to 90 days 7 per cent, for 91 days to 179 days 8 per cent, for 180 days to one year 9 per cent, for over one year to two years 10 per cent, for over two years to three years 10.5 per cent and over three years 11.5 per cent. Additional interest rates on single large deposits of Rs 15 lakhs and above remain unchanged, the bank said in a statement.
Nabard sanctions aid to Madhya Pradesh: The National Bank for Agriculture and Rural Development (Nabard) has sanctioned a fresh assistance of Rs 19.51 crore to Madhya Pradesh government to help bring under irrigation 5,724 hectares of land. The assistance is for 14 projects of which 13 are on-going, while one is a new scheme in Bilaspur district, a Nabard release said. All the 14 projects are basically lift irrigation schemes on seasonal potential rivers having natural or artificial water shortage.
RBI four-day repo: The Reserve Bank of India has announced a four-day fixed rate repos in government of India dated securities on January 15 for parties holding SGL account and current account with it at Mumbai. The repo rate is at 8 per cent per annum. The repurchase by RBI will be held on January 19, 1999 an RBI press release said.
Memorial Finance NBFC application spiked: The Reserve Bank of India has rejected the NBFC application of Calcutta-based Memorial Finance & Investments Ltd. Following this the company cannot transact business as a non-banking finance company as per the RBI regulation, said an RBI press release.
Pittie Finance application rejected: The Reserve Bank of India has rejected the NBFC application of a Mumbai- based Pittie Finance Ltd. Following this the company cannot transact the business of non-banking finance company as defined by RBI regulation.
P1+ rating for Indo National's CP plan: Crisil has assigned P1+ rating to the Rs 9.5 crore commercial paper programme of Indo National Ltd. The rating is reflective of the firm's stable market position in the domestic dry batteries industry, availability of technical and managerial support from Matsushita Electric Industrial Co, Japan, and its steady financial performance, a Crisil release said.
Unitech's debt plan downgraded: Crisil has downgraded the Unitech LLd's Rs 500cr debenture programme from A+ to BBB-. Similarly, the FAA- rating assigned to the company's fixed deposit programme has been downgraded to FA-. The rating reflects a sharp decline in income and profitability of the company, overstretched real estate activities, strained liquidity position, and a sharp deterioration in the capital structure of the company, a Crisil release said.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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