The Board of IndusInd will meet on May 28 1999 at Mumbai to consider the audited annual accounts of bank for the year ended March 31, 1999, said a bank release issued on Monday.

IDBI board meet on May 24

The Board of directors of IDBI will meet on May 24, 1999 to consider the audited financial accounts of the bank as on March 31, 1999, said a IDBI release issued on Monday.

StanChart credit cards

Standard Chartered Bank has issued around 5,00,000 credit cards as on April 1999. "The issuance of 5,00,000 cards is a result of the bank's commitment to invest in the Indian market not only in terms of resources but also in terms of creating relevant offerings," said Stanchart chief executive Martin Fish said on Monday. The bank's photocard offers ISO 9002 certified service to its cardholders.

Crisil downgrades HM

The rating assigned to the Rs 53.74 crore fully convertible debenture issue of Hindustan Motors Ltd (HML) has been downgraded byCrisil from `BBB' to `C', implying substantial risk associated with the instrument. The revised rating reflects a sharp deterioration in the company's risk profile due to declining automobile sales owing to the delay in the revival of the demand in the domestic automobile industry, Crisil said.

`AA(SO)' assigned for NMC

Crisil has assigned `AA'(S0) rating to the proposed Rs 100 crore bonds programme of the Nasik Municipal Corporation (NMC). The rating indicates the degree of safety regarding timely payment of interest and principal on the instrument is high. It also reflects the strength of the credit enhancement mechanism consisting of an escrow account for collating octroi revenues from pre-specified needs.