bank credit up 16%
mumbai: the year-on-year growth in bank credit for the fortnight ended 15 august 1999 touched the highest level for any reporting fortnight during the current financial year -- 16 per cent. this, along with an increase in investment in commercial paper, analysts say, is an indicator of an improvement in bank demand for funds.

the reserve bank of india's weekly statistical supplement says outstanding non-food credit for the banking sector increased by rs 1,648 crore in the fortnight ended on 13 august to rs 3,51,185 crore -- bringing the increase during the financial year to rs 5,243 crore. companies raised funds through issue of commercial paper of nearly rs 1,507 crore, subscribed to mainly by banks, during the fortnight, taking the total outstanding investment in commercial papers to rs 7,419 crore.

the rbi report said food credit declined by rs 432 crore during the fortnight under review.

free phone connections for net users
ahmedabad: free phone connections will be available to subscribers of all internet services providers. this assurance has been given by s.s. sodhi, chairman of the telecom regulatory authority of india.

trai had earlier stayed mahanagar telephone nigam ltd's plan to give free telephone connections to its internet subscribers.