BoB cuts rates

New Delhi, Nov. 12: Bank of Baroda today announced a reduction in lending rates for small and medium enterprises by 1-2.25 per cent, along with a special credit card and easy lending norms for them. The new rates will be effective from December this year. The steps have been taken in keeping with the Centre?s mandate of doubling credit flow to small firms. ?The bank?s board has finalised the SME policy. This comes after the finance minister?s announcement that credit to SMEs should be doubled in five years,? BoB chairman Anil Khandelwal said after a board meeting here.

LIC move

Berhampur, Nov. 12: The Life Insurance Corporation of India (LIC) will enter the health insurance business, not banking, its chairman A. K. Shukla said. ?LIC needs to enter into health insurance immediately but we have no immediate plan to enter into banking sector,? Shukla said.

Forex kitty

Mumbai, Nov. 12: Foreign exchange (forex) reserves fell by $1.1 billion to $142.618 billion during the week ended November 4, the RBI said.