Reserve Bank curb on BTL shares lifted: The Reserve Bank has withdrawn the restriction placed on the purchase of shares of Bharati Telecom Ltd (BTL) as investments to the paid up capital has gone down below eight per cent. The Reserve Bank in a statement issued here today said non-resident Indian (NRIs), Overseas Corporate Bodies (OCBs) and Persons of Indian Origin (PIOs) can invest in the shares of this company under the portfolio investment scheme subject to existing ceilings and guidelines. The Reserve Bank also said that no further purchases of equity shares of Bank of Punjab, Nalco Chemcials India, National Steel Industries and South Indian Shipping Corporation in the secondary market would be allowed by NRIs, OCBs and PIOs without prior clearance as the aggregate net purchases has reached the limit of eight per cent of their paid up capital.Citibank opens branch at Hyderabad: Citibank opened a branch in Hyderabad on Friday. The Citibank said its branch in Hyderabad marks the seventhcity where it had a full banking presence. In his statement, Citibank's chief executive officer (India), David P Conner, said: "We are happy to inaugurate our branch in Hyderabad, which is rapidly emerging as one of the most progressive cities in India".
IndusInd Bank assigned top ranking: IndusInd Bank has been ranked as the country's best private-sector as also the best bank on an overall basis in a survey conducted by Business Barons-BRIS.
South African minister meets BoB's CMD: Kwa Zulu Natal, a leading state in South Africa, minister for agriculture and housing, Narendra Singh, met Bank of Baroda's chairman and managing director, K Kannan, today. Singh has evinced a keen interest in rural financing by BoB, said a press release.
Kerala plans action against banks: The Kerala state government would take "coercive measures" against nationalised banks refusing to improve the credit-deposit (CD) ratio in the state, finance minister, T Sivadasa Menon, told the state assembly today.Menon said nationalised banks had given separate written assurances that they would improve their CD-ratios before March this year. "The government will view them with the deserving seriousness, if the nationalised banks failed to translate their assurances into reality", he added. While the Avari committee projected the state's CD ratio at 53 per cent for 1998-99, the actual CD-ratio at end-March'98 was only 44.42 per cent.
Jammu & Kashmir Bank revises deposit rates: The Jammu & Kashmir Bank Ltd will offer 9.50 per cent as against 8.50 per cent on 46-90 day deposits. The bank will offer 9.75 per cent (9 per cent) on 91-179 day deposits. The new rates are effective from the 15 of this month, Jammu & Kashmir Bank said in a press release issued today.
Repo results: Reserve Bank received a single application for Rs 93 crore at its four-day 8 per cent fixed-rate repos held today and accepted the same, a press release issued today.
4-day 8 per cent repos: The Reserve Bank will hold afour-day 8 per cent fixed-rate repos on Saturday and applications are to be sent to the internal debt management cell before 11.30 AM, a press release issued today said.
Icra assigns `LAAA' to Nalco: ICRA has assigned a `LAAA' rating to National Aluminium Company Ltd's (Nalco) Rs 644 crore secured, redeemable non-convertible debentures (NCD), indicating highest safety in the investment. The debt arises out of an equity restructuring scheme whereby 50 per cent of Nalco's existing equity base of Rs 1,288 crore would be converted into non-convertible debentures (NCD) carrying a coupon rate of 14.5 per cent. The rating reflects Nalco's dominant competitive position in the manufacture of alumina and aluminium metal, its track record of sound profitability and strong cash accruals.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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