The Reserve Bank has warned non-banking finance companies (NBFCs) to refrain from using the apex bank's name while mobalising public deposits as it is not only unauthorised but also attracts penal action. "It has come to the notice of RBI that certain NBFCs and other persons are unauthorisedly using RBI's name in their advertisement and sign board while soliciting public deposits which may attract penal action as provided under RBI Act or IPC Act," said an RBI release issued on Friday.

SBI Khajuraho branch:

The State Bank of India (SBI) is all set to cater to the banking needs of the foreign tourists who will be visiting India for the Khajuraho Millenium celebrations to be inaugurated on March 6. SBI will extend various forex facilities such as enchament of foreign exchange travellers cheques and foreign currency notes. This could be done directly or through the hotels.

Repo sale:

The Reserve Bank of India on friday accepted one applicationworth Rs 12 crore for its four-day fixed rate repo held in government of India dated securities for parties holding sgl and current account. The interest rate was pegged at 6 per cent.

ICICI offers five options in tax saving bonds:

ICICI Ltd has offered five options in tax saving bonds under the seventh tranche of "ICICI safety bonds" opening for subscription on March 10 and closing on March 30, 1999. An investor can invest Rs 5,000 and get annual interest of 12.5 per cent for three year maturity period, get Rs 7,350 after three years or get 13 per cent interest for five year maturity period, to avail of tax benefits under Section 88 of the income tax.