RBI: Expedite PMRY self-employment ventures
Mumbai: The Reserve Bank of India has directed banks that ninety per cent of the self-employment ventures under the Prime Minister Rozgar Yojana should be sanctioned, and further, by the end of 2005 should disburse seventy five per cent of the loans.

The Central government has set a target of 4,08,600 self- employment ventures under the PMRY for 2005-06. In order to prevent bunching of cases at the end of the year, banks should aim at sponsoring of applications, sanctioning and disbursement of loans and subsidies over the four quarters, the RBI directive says.

The scheme will be implemented in the rural as well as in the urban areas.The implementing agencies should try to sponsor or sanction maximum number of applications in the industry sector.
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ECBs and FCCBs: Forty five companies seek RBI nod
Mumbai: Reliance Industries, Indo Rama Synthetics and LML are among forty-five companies that have sought permission from the Reserve Bank of India to raise foreign funds in March.

These companies propose to raise funds through External Commercial Borrowings (ECBs) and Foreign Currency Convertible Debentures (FCCBs) under the automatic approval channel, according to figures from RBI website.

Reliance plans to deploy $350 million raised via ECBs to fund modernisation plans, while Indo Rama Synthetics plans to use $48.24 million to import capital goods.

Monnet Ispat and LML Ltd will raise $60 million and $20 million respectively through FCCBs for expenditure on projects and modernisation respectively.

Under the approval route, Indian Railways Finance Corporation plans to mop up $53 million for rupee expenditure and Industrial Development Bank of India $49.84 million for onward lending, it added.
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Corporation Bank to raise $100 mn loan
Mumbai: The Corporation Bank plans to raise a one-year foreign syndicated loan of $100 million in the coming weeks, bank officials have said.

Citibank has been appointed as the sole arranger for the deal, Corporation Bank's General Manager, M. Narendra, told reporters on the sidelines of a press conference.

Last year, the bank had raised $80 million through a similar loan, at a rate of 0.52 per cent over the London Inter-Bank Offer Rate. Officials said that the rate would likely be lower this year.
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Banks Quarterly Results: Bharat Overseas
Bharat Overseas net drops in 2004-05
Chennai: The Bharat Overseas Bank has reported a net profit of Rs20.05 crore for 2004-05 compared with Rs35.08 crore in the previous year.

While 'other income' (mainly realisation from sale of securities) fell to Rs19.28 crore from Rs31.63 crore previously, provisions and contingencies increased to Rs34.27 crore from Rs21.75 crore in the previous year.

The bank's total business volume grew 14 per cent to Rs4,429 crore. Deposits and advances increased 11 per cent and 18 per cent respectively. Credit-deposit ratio improved to 60 per cent, while NPAs slid to 1.57 per cent.

Capital adequacy ratio stood at 14.95 per cent as on March 31, 2005.

Officials said the bank intended to raise Rs100 crore in the current year, which will raise the bank's net owned funds to Rs300 crore, from Rs198 crore now.

The mode of raising the funds was being worked out, officials said.
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