Meet on states’ loan swap
New Delhi, Nov. 6: As a follow up to the chief ministers meeting with the Prime Minister Atal Bihari Vajpayee last month, the high-powered committee on state finances today met Reserve Bank governor Bimal Jalan to discuss the issues of swapping high cost loans with lower interest bearing loans. The finance ministers of West Bengal, Assam, Tamil Nadu and Madhya Pradesh discussed the contentious issue of debt swapping through adjustment of 20 per cent of small savings collection and additional market borrowing. The states also took up the issue of relaxation in “restrictive circular” issued by the RBI in respect of state government loans from banks and financial institutions to fund their plan expenditures.
BSNL Net tariff
New Delhi, Nov. 6: Bharat Sanchar Nigam Ltd (BSNL) today announced a 50 per cent reduction in night time dial-up access charges for internet connectivity and said the new charges would be applicable from Thursday.
NHB rate cut
New Delhi, Nov. 6: Taking cue from the RBI’s cut of 0.25 per cent in bank rate, National Housing Bank (NHB) has decided to slash the coupon rate on its capital gains bonds by 0.65 per cent to 6.50 per cent and suspend the bond issue for a short period of four days starting from Thursday.
Calcutta, Nov. 6: Uco Bank has raised Rs 150 crore through private placement of subordinated bonds to strengthen capital adequacy. The bonds have a coupon rate of 7.50 per cent payable annually and a tenure of 66 months. The issue closed for subscription today.
New Delhi, Nov. 6: Shaw Wallace and Co has appointed A. K. M. A. Shamsuddin as president of its liquor division. He resigned today as CEO of UB spirits division, a position he held for nearly a year.