RBI to issue new banknotes with star sign
New Delhi: The Reserve Bank of India (RBI) has announced that it would issue a new 'star' series of banknotes under the denomination of Rs10, Rs20 and Rs50. The new banknotes (star) in the Mahatma Gandhi series 2005 will look exactly like the existing ones but will have an additional character '*' (star) in the number panel between the prefix and the serial number, the RBI said in a release.

The RBI is issuing the new banknotes as per the announcement made in the 2006-07-policy statement, in order to benchmark its procedures to international best practices as well as achieve cost effectiveness and greater operational efficiency.
Back to News Review index page  

Indiabulls to submit EOI for merger of UWB with itself
Mumbai: Indiabulls Financial Services has received approval from its board for submitting an Expression of Interest to the Reserve Bank proposing merger of under-moratorium United Western Bank with the company.

Under the proposed merger, Indiabulls would offer one share of the company (after demerger of its real estate business) for every six shares of UWB, thereby providing a large upside to UWB shareholders.

In a notice with the Bombay Stock Exchange today Indiabulls said its board approved the proposal for merging UWB with the company, adding that this would create a competitive universal bank with a diversified product and services, offering large pan-India customer base and an extremely strong capital base.
Back to News Review index page