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All
banks ready for Y2K: RBI
Mumbai: As of 31 August 1999, all Indian
commercial banks are Y2K compliant, according to the Reserve
Bank of India. Three financial institutions, two primary
and satellite dealers, ten state finance corporations,
six state industries development corporations, and around
175 primary co-operative banks are yet to be Y2K compliant.
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Rupee
falls
Mumbai: Heavy dollar demand resulted
in the rupee falling on 29 September 1999. It touched
an intra-day low of 43.60 before closing at 43.59, two
paise below the close on 28 September 1999.
Sources
say that the rupee was under pressure mainly because of
banks covering gold imports. There were also some outward
remittances by diamond traders. Normally, there is also
a month-end demand for dollars from companies. The forward
premium has also moved up, indicating a further fall in
the value of the rupee in the future.
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Banks
show negative credit growth
New Delhi: Top Indian banks – the
State Bank of India, Canara Bank, ANZ Grindlays -- had
negative credit growth during the period April-August
1999. Lending by the SBI declined Rs.965 crore, Canara
Bank Rs.464 crore, and ANZ Rs.558 crore.
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RBI
wants to steer clear of power
Mumbai: The Reserve Bank of India has
refused to be party to the tripartite agreement proposed
between itself, the Power Trading Corporation and the
state electricity boards. The agreement was part of the
power policy of the government.
The
agreement was supposed to secure payment to the Power
Trading Corporation by the state electricity boards. Up
to 30 per cent of any default in payment by the state
electricity boards to the Power Trading Corporation was
supposed to be made up by using central plan assistance.
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Petrochemical
prices up
Mumbai: With global oil prices moving
up, petrochemical prices have also moved up. The margins
of Indian majors such as Indian Petrochemical Corporation
and Reliance Industries are likely to be better as a result.
The
price of ethylene rose from $510 on 3 September to $695
on 23 September 1999, that of naphtha from $220 to $236,
propylene from $505 to $530, LLDP from $660 to $805, HDPE
from $660 to $815 and polypropylene from $605 to $735.
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Insat-3B
will make India self-sufficient
New Delhi: With the launch of the Insat-3B
satellite system, the department of telecommunications
will be ready to provide Ku-band services to telecom service
providers. There will not be any need for foreign satellites.
According to the new telecom policy, foreign satellites
can be used by service providers if the Insat system was
found to be inadequate.
DoT
projections reveal that the requirement of Ku-band services
for Vsat operators may not rise till the year 2001-2002.
By this time, the DoT feels that the Insat-3B would have
already been launched. If the launch is delayed, the department
of space will hire transponder capacity from foreign satellites
and provide them to local users.
Currently,
Vsat operators are allowed to use only C-band frequencies.
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