Monday, February 8, 1999
RBI draws up draft norms for interest rate swaps
The Reserve Bank of India (RBI) is likely to allow corporates to conduct interest rate swaps as a counter-party. The draft guidelines on interest rate swaps were put forth for discussion at a meeting of the Standing Committee on Money Market, headed by RBI deputy governor YV Reddy, on February 3.
Banks, institutions on offensive, mull management coup against errant firms
Banks and financial institutions are launching an "operation clean up" by converting institutional debt into equity in "erring" companies and eventually taking over the management.
FIs back out from funding basic services
Private basic telecom operators are in a comatose state with domestic institutions refusing to fund their debt requirements following recent moves by the government to change the policy on basic services and, more importantly, the decision to allow internet service providers (ISPs) to give "last mile linkage".
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