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Business Briefs

Credit policy on Oct 29

Mumbai, Sept. 19: The Reserve Bank of India will conduct a mid-term review of monetary and credit policy for 2002-03 on October 29 and is likely to reassess the projected growth rate of 6-6.5 per cent. Bankers expect a cut in the bank rate as the apex bank had stated in its annual monetary and credit policy in April that a 50 basis point reduction may depend on the monetary development. It had, however, not fixed any timing for lowering the bank rate.

NPA Ordinance

Mumbai, Sept. 19: The government may come out with a legislation to prevent banks and financial institutions from misusing the harsh provisions of securitisation Ordinance for dealing with non-performing assets (NPA).

ACC chief

Mumbai, Sept. 19: The board of Associated Cement Companies Ltd (ACC) today appointed M. L. Narula as the managing director for a three-year period, effective from December 1, 2002 to October 31, 2005.

Sebi scheme

Mumbai, Sept. 19: Sebi will introduce an amnesty scheme Sebi Regularisation Scheme for listed companies and individuals who have failed to make or delayed disclosures under takeover regulations from October 1, 2002.

WorldCom

Washington, Sept. 19: WorldCom is preparing a new revision of its earnings that could add about $ 2 billion to already disclosed misaccounted funds, the Wall Street Journal said.


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