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RBI
asks small NBFCs to shut shop
Non-banking finance companies (NBFCs) with net owned funds
of less than Rs 25 lakh as on January 9, 2003, must stop
carrying on business with immediate effect, the Reserve
Bank of India announced today.
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SBI
lowers
deposit rates
State Bank of India has lowered interest rates on domestic
term deposits by 25 basis points in some maturities effective
January 13. The new rates on deposits with a maturity
of one year to less than two years has been reduced to
5.75 per cent.
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