Financial Daily
from THE HINDU group of publications

Thursday, April 20, 2000




Banking & Finance

Banking and Finance
Allahabad Bank revises deposit rates, PLR
ALLAHABAD Bank has revised its interest rates on domestic term deposits, a release said.

Conditioning States
IN its interim report, the Eleventh Finance Commission has said devolution of funds from the Centre to States could be made conditional in the future, going by press reports. This could be an important departure from the traditional handing over of funds from the Centre to States and will get State Governments to push for reforms and be more responsible.

RBF Nidhi submits repayment schedule to CLB
THE Chennai-based RBF Nidhi Ltd has sought the Company Law Board's approval to start repaying its depositors. The repayment is proposed to be made in instalments, the first being equal to 10 per cent of the money deposited. The first instalment is propos ed to be paid by mid-May.

SBI earmarks Rs 100 cr for sago project
STATE Bank of India has earmarked Rs. 100 crores towards `Sago Project Uptech' _ a project for upgrading sago units in the Salem belt.

Special court strictures -- SC turns down Stanchart plea
THE Supreme Court has turned down the plea of Standard Chartered Bank to set aside the strictures passed against it by the special court dealing with the 1992 securities scam, for creating false records and flouting the rules and regulations of the Reser ve Bank of India.

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