Wednesday, September 9, 1998
Banks told to adopt SSI report
The RBI has asked banks to implement recommendations of a high level committee for greater and smooth delivery of credit to the small scale industries (SSI) sector. It has also asked banks to take appropriate action on the recommendations of the S L Kapur Committee relating to delegation of more powers to branch managers to grant ad hoc limits, among other guidelines.
SBI shifts forex cover operations to Mumbai
State Bank of India has shifted foreign exchange cover operations to Mumbai, according to the general manager of foreign department, R C Royappa. However, he assured that except for inter-bank transactions, the Calcutta office would handle all other operations, including accounting transactions.
Kinetic defers small car launch
Pune-based Kinetic Engineering has postponed its plans to launch a 500 cc micro car following the government's refusal to grant excise concessions from 40 per cent to 15 per cent. Besides, the mega entry of many foreign and Indian car makers with deep pockets has also affected the prospects for passenger car makers.
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