Tougher capital adequacy norms coming
Pune: Reserve Bank of India governor Bimal Jalan has said that banks will have to comply with tougher capital adequacy norms that will be in line with international practices. The RBI will finalise its views on capital adequacy by April 2000, Mr Jalan said, addressing a conference of bank chairmen at the National Institute of Banking Management. He said the RBI is studying the recommendations of the Bank of International Settlements on this issue. The RBI governor argued in favour of a flexible interest rate system in order to build a sound financial structure.

Mr Jalan told the conference that the RBI had proposed to transfer its holding in the State Bank of India to the government.
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Allahabad Bank plans retail boutiques
Mumbai: Allahabad Bank is launching retail banking boutiques all over the country. These boutiques are intended to concentrate only on four products of the bank - car finance, consumer finance, housing loans, and personal loans. The entire activity in regard to these products will be carried out at the boutiques. They will be part of the bank’s branches. The bank is also planning to set up a website for online loans, especially car loans.
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ICICI cuts interest rates on bonds
Mumbai: ICICI has reduced the interest rates on its regular income bonds under the latest safety bond issue by 35 basis points. This reduction is in line with the overall reduction in money market rates. The regular income bonds will offer an interest rate of 11.75 per cent for a tenor of three years, compared to 12.1 per cent being given earlier. Under the tax saving infrastructure bonds, the return is 11.7 per cent for the same tenor.
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Lazard Credit Capital has a new name
Mumbai: Lazard Credit Capital will now be Lazard India, following the merger of three Lazard companies worldwide into new Lazard Credit Capital Holdings, UK. Earlier Lazard’s offices in New York, London and Paris were three different entities. The shareholding of these three units was different, though the founding family member, Michael David Weill, had overall control of all three entities and the rest of the business. The three units have merged into a single entity effective 1 January 2000.

Lazard India will be owned 50 per cent by Lazard and 50 per cent by Udyan Bose and associates.
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