SBI NOT TO PROVIDE FUNDS SUPPORT FOR ASSOCIATES
Article Abstract:
State Bank of India (SBI) has decided not to offer funding support to its seven associate banks either as equity or as debt. The associate banks will now have to raise funds from the public to meet their capital needs. The associate banks include the State Bank of Hyderabad, the State Bank of Patiala and the State Bank of Bikaner and Jaipur. SBI plans to work with other banks in regions where it is not sufficiently represented. It has decided against selling its stake in its subsidiary, SBI Capital markets. (ag)
Comment:
Decides not to offer funding support to its 7 associate banks either as equity or as debt
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BoB LAUNCHES NEW MONEY BACK DEPOSIT SCHEMES
Article Abstract:
A new deposit scheme, BoB Money Back Deposit Scheme, has been introduced by the Bank of Baroda. The scheme is similar to a monthly recurring deposit scheme. The scheme will require a minimum deposit of Rs500 and will offer the money-back facility at the end of every completed year. BoB Money Back Deposit scheme has a life of 36 months and involves the payment of 10 times the installment amount. The depositor can either increase or decrease the installment in the 13th and the 25th month. (ag)
Comment:
Launches BoB Money Back Deposit Scheme, a monthly recurring deposit scheme
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CALL RATES FALL ON LOW DEMAND
Article Abstract:
The call rates fell to close at 8-8.25 percent in the inter-bank call money market against the previous closing of 8.25-8.40 percent. State Bank of India did not lend or put money in the repos. Banks took trading positions in short tenor paper as prices of Government securities rose a little. The short term paper gained about 3-5 paise. Reserve Bank of India's four-day 8 percent fixed rate repos received Rs161 crore through two applications. (nr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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