Indian Bank reduces PLR by 1%
Indian Bank announced reduction in its prime lending rates (PLR) by 1 per cent and in interest rates for various deposits. The revised rates would come into effect from May 15, abank release said here. The interest rate on housing loans had also been brought down to 12.5 per cent for loans up to Rs 2 lakh, 13.5 per cent for loans upto Rs 10 lakh and 14.5 per cent for loans more than Rs 10 lakh.SBI unveils MICR cheque
The State Bank of India has recently inaugurated MICR cheques processing centre at Worli, Mumbai. The other such CPCs at Nariman Point and Bandra Kurla complex are set up and run by RBI. The machines separate the cheaque bank wise branchwise tyransaction code wise, print the cheques list accordingly and compute the receivables/payables of various banks.
BSE appoints Centurion Bank
Centurion Bank has been appointed by the Bombay Stock Exchange (BSE) as a clearing bank for the cash and derivatives segment. The bank also plans to operate an exclusive office in the vicinity of BSE as a part of the overall strategic plan to increase its retail and operational base. The bank will also soon be a depository participant of Central Depository Services Ltd.
RBI rejects application
The Reserve Bank of India has rejected the application of Shiv International Saving and Investment Company Ltd. The company cannot transact the business of a non-banking financial institution and has also been prohibited from acceptance of deposits.
CARE "A" rating for Shree Rama
CARE has reaffirmed the `A' rating assigned to Shree Rama Multi-tech's outstanding secured non convertible debenture issue of Rs 25 crore.
CARE's "PR1" rating for Blue Star
CARE has assigned a `PR1+' rating to the Rs 30 crore commercial paper programme of Blue Star Ltd. The rating reflects the company's strong market position in the air-conditioning and refrigeration industry.
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