Personal loan rates

Mumbai, May 7: The Reserve Bank of India has asked commercial banks to fix a ceiling on rates and processing charges to be levied on personal loans. The rbi has given banks three months to comply with its directives. This has been done to prevent banks from charging high rates, which are neither sustainable nor in conformity with the banking practice. The rbi further said the total cost to the borrower, including interest and all other charges levied on a loan, should be justifiable, taking into consideration the total cost incurred by the bank in extending the loan.

RBI move

Mumbai, May 7: The RBI has allowed retail investors to buy government securities with a minimum investment of Rs 10,000. The scheme for non-competitive bidding will be open to any person, including firms, companies, corporate bodies, institutions, provident funds, trusts and any other entity as may be prescribed by the central banks.

Power bill

New Delhi, May 7: The Lok Sabha has approved the Electricity (amendment) Bill, 2005, which seeks to cut power pilferage in the country and make power theft a cognisable offence.

IBP merger

Mumbai, May 7: Indian Oil Corporation has fixed June 11 as the record date to determine eligible shareholders of ibp Company Ltd.