Tuesday, August 4, 1998
MoF told to finalise BCB-BoB merger
The Reserve Bank of India (RBI) has asked the finance ministry to prepare a scheme for merger of Bareilly Corporation Bank with Bank of Baroda under Section 45 of the Banking (Regulation) Act, 1949. The central bank has sought the ministry's clearance for a moratoriums on the functions of Bareilly Corporation Bank as part of the merger scheme.
Norms to recover bad loans soon
The Reserve Bank of India (RBI) is formulating guidelines for banks to settle bad accounts with companies. The guidelines will be formulated by a committee comprising general managers of the central bank, Bank of Baroda CMD K Kannan said.
Raju's bid for Vishnu Cement
Once bitten twice shy. May be that's how B V Raju felt after Raasi Cement was taken over. Now, he does not want to take any chance with his company Sri Vishnu Cement where he is the executive vice-chairman. In a surprise move, Raju decided to make a public offer to acquire 20% equity of Sri Vishnu Cement at an offer price of Rs 25 per share wherein his holding along with associates firm is 43.88%.
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