CENTRE TO INFUSE Rs400 CR TO RECAP 3 BANKS
Article Abstract:
The government has planned to infuse Rs400 crore to recapitalise three weak public sector banks - Uco Bank, United Bank of India (UBI) and Indian Bank. Uco Bank is to get Rs200 crore while UBI and Indian Bank will receive Rs100 crore each. The banks are to be given the funds a day or two before the close 1998-99. Infusion of the capital will help the banks achieve the minimum capital adequacy ratio stipulated by the Reserve Bank of India. The government has ordered the three banks not to incur any capital expenditure, restructure their unviable branches, redeploy surplus staff and set targets for recovery of non- performing assets. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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SBIMF TO LAUNCH FUND DEDICATED TO IT COS
Article Abstract:
The State Bank of India Mutual Fund (SBIMF) is launching a fund dedicated to the Information Technology (IT) sector. The six year closed ended scheme will invest in high growth infotech companies. The scheme is awaiting approval from the Securities and Exchange Board of India (Sebi). Some portion of the fund will be invested in Government securities and corporate debt with triple A rating. (um)(vr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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