IT Update
New payment mechanism to speed up financing of power projects Government and financial institutions have agreed on a new payment security mechanism backed by a host of fall back options which will pave the way for expediting financial closure of private power projects. HDFC in sharp focus in GESCO battle, unlikely to fund Dalmias Battle for GESCO Corporation on Wednesday took an interesting turn, with the role of HDFC coming into sharp focus, thanks to the letter written by the AH Dalmia group to the institution, seeking an identical line of credit to fund the open offer for GESCO. Intermediation cost of banks falls to 2.49% RBI's report on `Trend and Progress of Banking in India' for 1999-2000 has said that the intermediation cost of banks had declined to 2.49% from 2.67% in 1999-00. Spreads, however, continued to be under pressure and they fell to 2.72% from 2.78%. Banks' net profits increase by62.7 per cent to Rs 7,306 crore The period 1999-2000 was good for scheduled commercial banks (SCBs): there was a marked improvement in net profits that were reported as compared to the previous fiscal. The overall net profit increased by as much as 62.7%. Essel Packaging announces merger with Swiss major Subhash Chandra's Essel Packaging Ltd (EPL) has announced a merger of Swiss tube packaging major, Propack, with itself.
New payment mechanism to speed up financing of power projects
HDFC in sharp focus in GESCO battle, unlikely to fund Dalmias
Intermediation cost of banks falls to 2.49%
Banks' net profits increase by62.7 per cent to Rs 7,306 crore
Essel Packaging announces merger with Swiss major