MUMBAI: The apex bank has decided to cancel the licence of the co-operative bank with effect from October 17 in view of the extremely ``unsatisfactory'' financial position of the bank and in terms of the power vested in RBI, as applicable to co-operative societies, RBI stated in a release today.

Small depositors (below Rs one lakh) would be covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) and as per normal proceedings, claims can be disbursed as soon as RBI cancels the licence to operate, an RBI spokesperson said. Payments to large depositors, however, would have to follow the bank's liquidation proceedings, the spokesperson said.

G'nut oil falls on new crop arrivals

MUMBAI: Groundnut oil nosedived on the oil market here Friday due to the advent of new crop arrivals which flooded the terminal markets as against saturated stocks and poor local demand. Prices tumbled down by Rs 47.25 per 10 kilos to Rs 580 from Rs 627.25 in asingle day, dealers said. The fall was due to lack of demand even at the lower levels from local bulk consumers. Traders said that retail price would come down by Rs five to Rs 50 per kg within a few days in sympathy with the wholesale bearish phase in the local market.

J&K Bank profits rise 76%

MUMBAI: Jammu & Kashmir Bank Limited is in talks with Mastercard to launch credit cards by the month end, M Y Khan, chairman, J&K Bank, said on Friday. Khan was addressing a conference to announce the bank's half yearly results.

The bank has posted a net profit of Rs 44.54 crore on an income of Rs 351.44 crore for the half year ended September 30, 1998. This represents a 76 per cent increase in profits and 35 per cent increase in income over the corresponding period the previous year.

Deposits of the bank were also higher at Rs 5286 crore as against Rs 3843 crore the previous year. Advances stood at Rs 2194 crore (Rs 1606 crore), while investments amounted to Rs 2814 crore. The net non-performing asset(NPA) level was 4.57 per cent as on March 31, 1998. Khan said half yearly NPAs were not computed but recoveries in the first six months were to the tune of Rs 20 crore. The bank hopes to reduce it NPAs to 4 per cent by the close of the financial year and take advances up to Rs 3,000 crore.

Regarding investments in UTI's US-64, Khan said the bank had around Rs 20 crore in the scheme. He said there was no pressure from Reserve Bank to deploy more funds. "We may go in for redemptions eventually but we don't foresee any danger right now," he added.

Anti-dumping duty

NEW DELHI: The government today imposed provisional anti-dumping duties on acrylic fibre imports from Japan and three European countries and citric acid from China.

Two separate notifications said anti-dumping duty was being levied as Japan, Portugal, Spain and Italy were undercutting the prices of domestic acrylic fibre causing material injury to the indigenous producers.

Citric acid from China was priced below normal valueresulting in dumping and causing material injury to the domestic industry. All imports of acrylic acid from the four countries would attract a minimum anti-dumping duty ranging between Rs 9.04 and Rs 11.12 per kg.

In case of citric acid, all imports from China would be subjected to anti-dumping duty that "shall be the difference between Rs 58,925 per mt and the landed price of imports".

The authority had initiated investigation on acrylic fibre imports on the basis of a complaint filed by Indian companies including Indian acrylic ltd, Pasupati Acrylon ltd, j k synthetics and consolidated fibres and chemicals ltd.

Bombay based- citurgia bio-chemicals had filed a complaint alleging dumping of exports originating from China.