Call To Merge All 196 Regional Rural Banks

The All India Regional Rural Bank Employees Association has urged the union finance minister to amalgamate all the 196 regional rural banks (RRBs) in the country. A delegation of the bank association recently met the finance minister, and pleaded with him to restore pay parity among the sponsoring, nationalised bank staff as per the award of the national award tribunal. The association maintained that the health of the rural banks had improved in the past few years and had recorded operating profits. It felt that the RRBs could be made profitable if the government extended financial support to make good the losses and neutralise the non-performing assets. (UNI)

 

The Credit Rating Information Services of India (Crisil) has reaffirmed the A+ rating of the Rs 15 crore given to the non-convertible debenture issue of Apcotex Lattices Ltd.

The fixed deposit programme of Praj Industries Ltd has been assigned a rating of A by Crisil.

The BB- rating assigned to the Rs 10.32 crore NCD issue and the B rating of the fixed deposit programme of Synergy Financial Ltd have both been downgraded to D.

The RBI has announced a 3 day fixed rate repo on May 19.

The RBI has rejected the application for certificate of registration submitted by M/s Panarakalam Finance Pvt Ltd, Kottayam district, Kerala. Hence, the company cannot transact the business of a non banking finance institution.

The principal amount of the 9.75 per cent IDBI Bonds 1998, (37th series) is repayable at par on June 17, 1998 with interest due thereon up to June 16, 1998. Bond holders should tender the bonds at the concerned offices of IDBI, preferably before June 3.