Tier-II bonds from State Bank
Mumbai: The State Bank of India is planning to come out with a Rs 1,000 to Rs 2,000-crore tier-II bond issue in March 2000 to maintain its capital adequacy ration below the 12 per cent level. The bank’s chairman G.G. Vaidya said the bank’s capital adequacy ration was just over 12 per cent now although it is likely to go down as the bank is looking at a substantial growth in advances of Rs 13,000 crore during the current financial year. .
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RBI happy with rollover
Mumbai: The Reserve Bank of India announced that all the banks and financial institutions have been found to be functioning satisfactorily on January 3, the first full working day after the Y2K rollover. The central bank said the banks and financial institutions have reported normal functioning. A few bank branches had reported minor problems, but these were solved without hindering any business transaction. .
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Bank of India introduces gold products
Mumbai: Bank of India has launched its retail gold business. The bank has released its 10-gram millennium gold medallions made by the Royal Canadian Mint . The medallions are made by and carry Bank of India’s emblem on one side and the Royal Canadian Mint’s logo on the other The medallions are priced at Rs 4,950 each. The bank has plans to introduce other valued added gold products soon. .
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Canara Bank opens NRI branch
Chennai: Canara Bank has opened an exclusive branch for non-resident Indians at Anna Nagar. This will be the bank’s second NRI branch. The fully-computerised branch has safe deposit locker and e-mail facilities. .
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ISPs allowed to use Ku-band frequency
New Delhi: The government will allow private internet service providers to make use of the Ku-band transponders for international connectivity. This will improve the quality of transmission and reduce capital cost of setting up gateways. The decision forms a major policy shift. Recently the department of telecommunications had allowed ISPs use of foreign satellites for connectivity,. However, the notification did not specify the use of Ku-band. Hitherto, Ku-band frequencies were not permitted to be used by private telecom operators. 
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