Friday, March 5, 1999
Banks to lose as HC strikes off round interest figures
In an order that is going to make the Union of India rich at the expense of nationalised banks, the Karnataka HC last month struck down the action of banks which have been rounding up interest on term loans to the next higher 0.25% as illegal.
IRA back with caps & props
The Parliament's Standing Committee on Finance, which concluded its meetings on the controversial IRA Bill today, has proposed to cap the total foreign equity in any form in this sector to 26%, from the proposed 40% in the bill introduced in the last session of Parliament.
IOC, ONGC to work in key areas
A task force set up by Indian Oil Corporation and Oil and Natural Gas Corporation is examining the prospects of the two companies working together in five key areas.
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