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Business Briefs

Sangli merger cleared

Mumbai, April 18: The Reserve Bank of India (RBI) has approved the merger of Sangli Bank with ICICI Bank. Following this, all Sangli Bank branches will start operating as ICICI Bank branches from tomorrow. ICICI Bank had okayed the merger of the privately-owned bank with itself in December last year. Its board had approved an all-stock merger. The deal came in a ratio of one share of ICICI Bank for 9.25 shares of Sangli Bank. ICICI Bank had then said the merger will result in an issuance of additional 3.45 million shares, equivalent to about 0.4 per cent of its existing issued equity share capital. The deal size was pegged at over Rs 300 crore.

Bank report

New Delhi, April 18: Public sector banks will present a report card to finance minister P. Chidambaram tomorrow on the instructions by the government and the rbi to cut the lending rate to sensitive sectors like real estate and stock markets. “The agenda of the meeting includes actions taken on the decisions of the last meeting such re-balancing of banking portfolio and lowering of credit growth to real estate, stock market and non-banking finance companies,” a finance ministry official said.

Wheat yield

New Delhi, April 18: The government has admitted that wheat procurement has been affected due to the late arrival of the grain in the market. It said the strategy of the farmers to gain maximum profit by separating straw from wheat was causing the delay. Wheat procurement till yesterday was at 35.45 lakh tonnes against 56.46 lakh tonnes same day last year. The arrivals stood at 46.81 lakh tonnes against 67.9 lakh tonnes last year.

RBI norms

Mumbai, April 18: The Reserve Bank today tightened the disclosure norms for banks to include corporate, wholesale banking and retail banking as separate accounting heads in the balance sheet.

RIL results

Mumbai, April 18: Reliance Industries (RIL) will declare its unaudited financial results for the fourth quarter and year ended March 31, 2007 on April 26.


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