Bank credit level goes up
Mumbai: Outstanding bank credit has grown by Rs 3,344 crore during the fortnight ended 16 July, according to the Weekly Statistical Supplement of the Reserve Bank of India (RBI).

The RBI report said the growth in credit for the current financial year has taken place between 25 June and 16 July and that the growth during the current financial year touched Rs 6,711 crore.

The outstanding bank credit has been pegged at Rs 3,72,715 crore as on 16 July. Bank deposits have risen by Rs 24, 716 crore or 3.5 per cent to Rs 7,33,808 crore as on this date.

Foreign currency assets accounted for 30.59 billion while gold accounted for $2.70 billion and special drawing rights $8 million.

Only few banks to attain Y2K compliance
Mumbai: Only a few banks are yet to achieve Y2K compliance, the high-level working group under the chairmanship of S.P. Talwar, deputy governor of the Reserve Bank of India, has said.

The working group, which met recently to review the Y2K preparedness, said it is necessary to interact on an individual basis with each of the non-compliant entities.

Moody's predicts liberalisation in banking sector
Mumbai: Moody's Investors Services feels that financial pressure would herald a process of banking sector liberalisation in India. Moody's cites that the government has injected Rs 20,046 crore towards capitalising public sector banks and has allowed banks to write off Rs 3,978 crore since the banking reforms were initiated in 1991.

It says profitability has become a valid objective for public sector banks and bank managements are becoming sensitive to the need for growing quality business.