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Elbow room for NBFCs on deposit repayment
The RBI has allowed non-banking finance companies (NBFCs) to repay their excess deposits on maturity, instead of adhering to the deadline of December 31, 1998, as stipulated in the recently issued guidelines. The RBI today clarified that “the NBFCs may repay their deposits only on maturity. If the deposits accepted before January 2, 1998, are maturing after December 31 and the concerned NBFC holds these deposits in excess of its entitlements, this would not be tantamount to violation of RBI directions”.
ITC to focus on Global’s woes
ITC Ltd, which has just struck a deal to sell ITC Classic Finance, has now decided to devote its attention to easing the difficult situation that ITC Global, its wholly-owned Singapore- based subsidiary, has landed itself in. It has also decided to leave the fate of deposit-holders of ITC Classic at the hands of ICICI, which is buying the financial services company. “Finding a solution to the problem posed by ITC Global will be our next priority,” the Chairman, Mr. Y.C. Deveshwar, told shareholders.
“No devaluation in response to Asian crisis”
The Union Finance Minister, Mr. P. Chidambaram, has ruled out a competitive devaluation of the Indian rupee following the fall in values of the currencies of various Asian regions in the last few months. Answering questions at the end of a plenary session on Asian economic reforms and challenges for a new millennium at the Partnership Summit 1998 organised by the Confederation of Indian Industry (CII), Mr. Chidambaram said that Indian exports would be uncompetitive for some time, but exporters should react by developing new markets and improving quality and delivery of exports.
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