April 7, 1996

Banks in India should move away from the buy and hold syndrome from which they suffer in the area of government securities to help broaden the market for such securities, according to the RBI Governor, Dr. C. Rangarajan. Banks and financial institutions, he said, refrained from trading in government securities fearing booking of losses. In the process, they lost sight of opportunities to maximise yields. Dr. Rangarajan said at a seminar organised by the Securities Trading Corporation of India here on Saturday.

Two expatriates to tone up Bata retailing operations

Bata India will soon have two more expatriates. After their induction, the number of expatriates working in the Indian outfit will be six. The new expatriates to join are Mr. R. Senoner as Senior VP in charge of retail operations, merchandising, planning and distribution, and Mr. D. Richer as Vice- President for business operations and development.

Civic bodies take a leaf out of Ahmedabad bonds

In the wake of the Ahmedabad Municipal Corporation obtaining a A+ credit rating from the Credit Rating Information Services India for its forthcoming Rs. 100 crores bond issue, several others civic bodies are exploring options for tapping the capital markets to meeting their growing infrastructure investments. While the AMC’s non-convertible debenture issue — the proceeds of which would finance capital expenditure programmes worth Rs. 570 crores — is slated to hit the market sometime next month, several other municipalities, including the Bombay Municipal Corporation, have ‘informally’ approached CRISIL for securing credit ratings.

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