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Thursday, April 30, 1998
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Bank rate cut, no sops for farm, infrastructure
The Reserve Bank of India on Wednesday announced a set of measures including a reduction in bank rate and sops to exporters. However, the much-expected cut in cash reserve ratio (CRR) and measures to improve farm credit did not find a place in the credit policy for the first half of 1998-99.
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Bid to patch up TRAI, DoT row
On direction from the Prime Minister's Office (PMO) the Department of Telecommunications (DoT) and the Telecom Regulatory Authority of India (TRAI) have been asked to end their stand-off. The PMO had to intervene in the matter as the differences between DoT and the TRAI had escalated to such an extent as to set a bad precedent for the functioning of regulatory bodies.
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RBI move to boost depository
The true utility of a product such as a loan against shares is set to come to the fore following the Reserve Bank of India's move to make it clear that it is in favour of banks lending against dematerialised shares. Even though the apex bank has not made this mandatory, it has hiked the limit of loan against shares provided to an individual to Rs 20 lakh from the current level of Rs 10 lakh, if the loan is sought against demat shares.
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Alcan hikes Indal offer to Rs 120
Alcan Aluminium Ltd (Alcan), the single largest shareholder of Indian Aluminium Ltd (Indal), today increased its offer price to Rs 120 per share of Indal from its original offer of Rs 105. The offer to acquire up to 1,42,22,400 ordinary shares of Indal opens on May 4 and closes on June 2.
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