The Reserve Bank of India on Friday slashed the yield of both 14-day treasury bills and 91-day t-bills by 52 basis points and 5 basis points to 8.11 per cent and 9.27 per cent respectively. For the 14-day T-bills, the central bank received 20 bids worth Rs 460.50 crore out of which it accepted eight bids worth Rs 100 crore. For the 91-day T-bills, the central bank received 16 bids worth Rs 166 crore out of which it accepted nine bids worth Rs 92 crore.

Exim Bank, ODC sign pact

The Export-Import Bank of India on Thursday signed an MoU with Offshore Development Company (ODC) of Namibia on a Rs 20 crore Exim Bank line of credit. The banks credit will facilitate import of capital goods and related services by Namibian services from India. The Namibian importers will make advance payment of 10 % of contract value and credit will be provided by Exim bank for 90% of contract value to ODC. National payments councilThe first meeting of the National PaymentsCouncil set up by the RBI was held in Mumbai on Thursday. The constitution of the NPC was done by RBI in order to design and develop an integrated payments and settlement system throughout the banking sector for transactions in government securities.

ECGC capital base increased

Union commerce secretary PP Prabhu on Wednesday said in Mumbai that the enhancement in the capital base of Export Credit Guarantee Corporation (ECGC) to Rs 500 crore in the ninth five-year plan is progressing at a slow pace with the Centre infusing around Rs 50-75 crore annually. The infusion of capital is being done with a view to increase the corporation's capacity to underwrite risks. "Around 25 per cent of the country's exports would be brought under ECGC cover as against the current 17 per cent," he added.

IDBI dividend payment

Industrial Development Bank of India chairman G P Gupta presented Rs 218.51 crore to Union finance minister Yashwant Sinha on July 20. The amount represents dividend on equity sharecapital held by government of India at the rate of 45 per cent for the year ended March 31, 1999.

Konkan Railways to issue tax-free bonds

Konkan Railways Corporation is planning an issue of five year tax-free bonds at a premium shortly, money market brokers said on Thursday. "The issue is slated to open in the first week of August though the amount is yet to be finalised," a broker said. The coupon on the bonds will be 10.5 per cent, payable semi-annually.

Centrum Finance new branch

Centrum Finance, a category I merchant banker and the sixth largest mobiliser of debt funds in the country, launched its advisory services arm -Centrum Consulting- at Mumbai on Wednesday. The consulting firm will focus on infrastructure project advisory services, risk management and business reengineering, a company release said.

SBI housing finance cell

SBI has opened a housing finance cell at its Navghar branch in Mumbai to meet the increasing demand for housing finance. The housing finance celldisbursed 12 loans to individuals on the inaugural day.