MUMBAI: The Reserve Bank of India has directed public sector banks to keep their branches, conducting government business, open for the whole day on Saturday, March 27. The RBI has instructed them to open additional counters for receiving government duties and taxes. The concerned departments of the RBI, undertaking government business will also remain open for the whole day on March 27 and normal clearing operations will be conducted on that day.

LIC Housing reduces interest rates

MUMBAI: LIC Housing Finance has reduced the interest rate on housing loans by half to one percentage points with effect from March 24. The decision to cut the rate was taken by the company's board on Wednesday. Interest rates on loans between Rs 20,000 and Rs 2 lakh will be 13.5 per cent, between Rs 5 lakh and Rs 15 lakh will be 14.5 per cent and between Rs 15 lakh and RS 50 lakh 15 per cent.

Anti-dumping cases

NEW DELHI: The Centre is investigating 13 anti-dumpingcases and has recommended imposition of provisional duties in three cases, according to commerce ministry's annual report. The annual report for 1998-99 detailing the performance of directorate of anti-dumping and allied duties, created in April 1998 said, the number of cases recommended for the imposition of anti-dumping duties had increased to 23 by September 1998.

This directorate goes into allegations of dumping and subsidies and on investigation recommends suitable duties, the report said. Referring to India's growing engagement with multilateral trading system and World Trade Organisation (WTO), report said the ministry had formed two groups on trade and investment, and trade and competition policy to advise on what stand India should take on WTO forum to defend our national interest.

Election for BSE governing board

MUMBAI: Elections to fill four vacancies in the governing board of the Bombay Stock Exchange (BSE) will be held on Friday even as its president J C Parekh was stripped off hispowers yesterday. The elections are being held to fill vacancies arising out of the retirement of three members and resignation of vice-president Rajendra Banthia.

The board members retiring on March 31 are M G Damani, former BSE president, Jayesh Sheth, director of Kantilal Chhaganlal Securities and Padmakant D Shah of Padmakant Devidas Securities. Bharti Thakkar, Himanshu Kaji, Dinesh J Shah, Cyrus Shroff, Motilal Oswal, Ameet R Dalal, Rajendra Prasad Jhunjhunwala, Bhagirath Merchant, Madhukar Sheth, Jayesh Sheth and Bhanu Fozdar are contesting for the four seats. The new governing board is expected to elect the president after the election. The likely contenders for the post of BSE president are Dina Mehta and Bhagirath Merchant.