21 february 2004

gail to raise ecbs
mumbai: gail (india) is set to raise $100 million external commercial borrowings to meet its capital expenditure needs, a senior official said on the sidelines of a news conference announcing sale of union government's 10 per cent stake in the company.

"we plan to add 50,000 tonnes through de-bottlenecking to our three lakh-tonne petrochemicals capacity over the next two-three months. over the next two years, we plan to add a total 1.2 lakh tonnes to its present capacity," mr j.k. jain, director (finance), told reporters.

new holland tractors, oriental bank in pact for finance schemes
new delhi: new holland tractors (india) has partnered with the oriental bank of commerce (obc) to offer finance schemes for new holland tractor customers.
under the scheme, named obc-nhi agri machinery loan scheme, farmers can avail themselves of a special rate of interest of 10.25 per cent for loans up to rs 2 lakh and 11.25 per cent for loans over rs 2 lakh. the loan is repayable in convenient half-yearly instalments spread over five-nine years.

rtgs undergoing trial run with 4 banks
mumbai: the real time gross settlement system (rtgs) is currently undergoing a trial run with the participation of four banks, one from each sector.

the `critical and complex' rtgs system is being implemented in two phases in india, said an rbi press release.

enstage e-payment solution for banks
bangalore: enstage has announced its plans to set up a bpo unit in india. it also launched accosa, an e-payment solution for banks, with hdfc bank as its first customer.

the bpo unit is targeted at indian banks and institutions to enable them to deploy accosa, said mr govind setlur, ceo.

rupee gains slightly
opening at rs 45.2550/2625 per dollar, the rupee is currently quoted at rs 45.2450/2550, higher from yesterday's finish of rs 45.26/27.

20 february 2004

cub targets rs 10,000 crore business
coimbatore: city union bank ltd is set to achieve a business of rs 10,000 crore by 2007.

the bank is targeting to double its business within the next three years.

the total business at present is rs 4,400 crore, with deposits at rs 2,700 crore and advances at rs 1,700 crore. the bank has targeted of a business volume of rs 5,000 crore in the current fiscal.

uco bank reduces crop loan rates
kolkata: uco bank has reduced its interest rate on crop loans by half a percentage point. effective march 1, loans up to rs 50,000 will carry an interest rate of 8.5 per cent.

loans between rs 50,000 and rs 2 lakh will carry a rate of 9.5 per cent, a press release issued here noted. the bank will also extend more incentives to senior citizens by increasing to one per cent the additional interest payable on their deposits from 0.5 per cent.

vijaya bank launches bangalore card
bangalore: vijaya bank has launched bangalore card in association with visa. this card is aimed at account holders with vijaya bank's bangalore branches and customers across karnataka.

rbi closes on-tap sale of 2015 loans
the reserve bank of india (rbi) has closed the on-tap sale of 5.85 per cent 2015 loans of eight state governments after receiving the target amount, on the first day of the sale. it will continue its sale for nine more states on friday. the total target sale amount is rs 42 billion.

19 february 2004