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february 17, 1995
Four banks get fresh capital of Rs 473 cr
The Government has released an additional Rs. 473.33 crores to re-capitalise four weak nationalised banks to help them meet capital adequacy targets for the current financial year. UCO Bank, Andhra Bank, United Bank of India and Bank of Maharashtra will be the beneficiaries of the Government's move. The largest chunk was earmarked for UCO Bank, which has been given Rs. 235.56 crores. While Bank of Maharashtra will get Rs. 94.61 crores, Andhra Bank will be allotted Rs. 75.72 crores and United Bank of India Rs. 67.44 crores.
Six players shut out from NSE
The National Stock Exchange (NSE) has told six members including the two leading FIs, Industrial Bank of India (IDBI) and ICICI Securities (I-Sec) to stop trading on the exchange for not setting up separate stock broking subsidiaries. The four other members put on the bench for the present are Prime Securities, Hindustan Financial Services, Gujarat Securities and Twentieth Century Financial Corporation. When debt trading commenced on the NSE in November 1994, the institutions were given six months to set up their subsidiaries. In the interim they were allowed to trade on the exchange. None has managed to stick to the deadline for setting up the special purpose vehicles.
Volkswagen to launch cars in India by ’96
Volkswagen, the Germany-based car major, plans to introduce Volkswagen and Audi passenger vehicles in India by next year. It is awaiting the result of a study of the passenger car market being carried out with Eicher Motors.
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