Jalan warning on ECBs
Mumbai, Aug. 14: Reserve Bank governor Bimal Jalan today cautioned against unlimited access to short-term external commercial borrowing (ECBs) for meeting working capital and other domestic requirements. He expressed concern over providing unrestricted freedom to Indians to covert their domestic bank deposits and idle assets in response to market developments or exchange rate expectations.
Mumbai, Aug. 14: Bank of Baroda (BoB) is teaming up with a foreign partner and a domestic public sector bank to enter the life insurance sector. BoB would hold a 51 per cent stake in the venture, the foreign partner 26 per cent and the other bank 23 per cent, chairman and managing director P. S. Shenoy said.
New Delhi, Aug. 14: Domestic car sales surged by 37.7 per cent in July 2003 as companies like Maruti, Hyundai and Tata Motors reaped benefits of increased customer demand due to an 8 per cent tax cut in the budget, low interest finance schemes and launch of models.
Mumbai, Aug. 14: Reliance Infocomm has launched ‘Color Hungama’, a sequel to its ‘Monsoon Hungama’. Under the scheme, customers can buy colour-display handsets for an upfront payment of Rs 5,001.
Calcutta, Aug. 14: Golden Park — the four-star hotel on Ho Chi Minh Sarani — has been renamed ‘Quality Inn Golden Park’. The property is now part of the Quality Inn chain that has 25 properties across the country.