Committees set up by the RBI on various subjects have come out with close conclusions on the range that inflation should be managed within. The range would be 3-6 per cent. Mr Reddy feels that the mandate of managing inflation should be given to the RBI, formally.
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RBI rejects three NBFC applications
Mumbai: The Reserve Bank of India has rejected the registration applications of Nagma Mutual Benefit (I) Ltd, Grover Leasing and City Investment and Finance Ltd. This bars them from carrying out operations as non-banking financial service companies.
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IDBI goes global
Mumbai: The Industrial Development Bank of India is looking at opening branches in Europe and other countries in Asia. It is also prepared to tie up with foreign banks in its venture overseas. The IDBI is not only looking at doing business for Indian companies abroad, but also for foreign ones.

IDBI has garnered closed to Rs.1,000 crore through its Flexibond VII issue. The issue opened on 27 July 1999 and is expected to close on 19 August 1999.
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Trai’s new tariffs hit DoT revenue
New Delhi: The new tariff that the Telecom Regulatory Authority of India fixed from 1 April 1999 would hit the turnover of the department of telecommunications. The gap is expected to be about Rs.2,000 crore.

The DoT feels that over the last four months of the current financial year, there has been no significant increase in the number of calls made, even after a tariff reduction. This, it feels, is because bulk users, who form a large proportion of revenues, do not increase long distance calls because tariffs have been reduced.
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Lovelock to help Standard Chartered in processing
Calcutta: Standard Chartered Bank has engaged Lovelock and Lewes to do the processing work in its credit cards division. This will enable the bank to concentrate on its core areas such as selection of card holders. The bank has decided to outsource a substantial part of its non-core areas of operations.

The bank's employees' union has strongly protested against appointment of outside consultants, since the bank has identified a large number of employees as surplus.

Standard Chartered is keen on reducing around 200 surplus employees in the banking services division through its voluntary retirement scheme.
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