The Telegraph
Since 1st March, 1999
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Business Briefs

NPA ceiling raised

Mumbai, Jan. 29: The Reserve Bank of India (RBI) today issued new guidelines doubling the ceiling to Rs 10 crore for settling non-performing assets (NPAs) of public sector banks, under the recently enacted Securitisation Act, giving yet another opportunity for defaulters to settle their dues. The revised guidelines will cover NPAs of all sectors, which have become doubtful or loss as on March 31, 2000. But the outstanding balance should be Rs 10 crore or less on the cut off date.

Rupee firms up

Mumbai, Jan. 29: The rupee spurted against the US currency today, backed by robust trade inflows, leading to unwinding of long dollar positions by banks on receding war fears in the Gulf region. The rupee closed at Rs 47.82 per dollar, an 8-1/2 paise gain from Tuesday’s finish of Rs 47.90.

Indian Hotels

Calcutta, Jan. 29: The board of Indian Hotels has decided to sell two of its properties to PIEM Hotels for Rs 100 crore. It will sell Taj Blue Diamond in Pune for Rs 60 crore and Taj Residency in Lucknow for Rs 40 crore, the company informed the bourses.

Canara Bank

New Delhi, Jan. 29: Canara bank has cut interest rates on home loans by 50-75 basis points. The new rates are 8.75 per cent for a term loan of five years with no ceiling on the term amount and 9.75 per cent on a Rs 10-lakh loan for a 10-year term.

US-64 value

Mumbai, Jan. 29: The market value of Unit Trust of India’s flagship scheme, US-64, increased marginally by 2.02 per cent at Rs 10,793.14 crore as on December 31, 2002 compared with Rs 10,579.29 crore as on November 30, 2002.

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