The Telegraph
Since 1st March, 1999
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Business Briefs

Another Surat bank in the dock

Ahmedabad, Sept. 3: Close on the heels of Suratís Diamond Jubillee Co-operative Bank, Suryapur Co-operative Bank too was facing liquidity crisis as depositors rushed to the bank for withdrawing their deposits on likelihood of closure of clearing house operations. The investors waited in long queues to withdraw their deposits sensing that the bank had withdrawn from clearing house operations for 15 days with effect from Monday, bank sources said. Gujarat minister of state for co-operatives Vadibhai Patel said that he was awaiting a report by the Reserve Bank of India on the bank on Wednesday.

Housing loans

Mumbai, Sept. 3: Housing loans extended by financial institutions to individuals against the mortgage of residential premises will attract a reduced risk weight of 50 per cent against 100 per cent earlier, the Reserve Bank of India has said.

Euro-III petrol

New Delhi, Sept. 3: Petrol and diesel conforming to Euro-III emission norms will be supplied in metro cities from 2005, petroleum minister Ram Naik said. Euro-II compliant petrol (with 0.05 per cent sulphur content and 1 per cent benzene) and diesel (with 0.05 per cent sulphur), currently being supplied in metro cities, would be extended to the rest of the country by 2005, Naik said in his address at the 17th World Petroleum Congress in Brazil.

BSL stake

New Delhi, Sept. 3: A day ahead of the deadline for a counter offer by BSL promoters expires, Kolmak Chemicals today said it was considering whether to make an unconditional open offer for 30 per cent of the company, at a price higher than Rs 80 per share.

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