SIKKIM BANK MD RESIGNS AMID ROW
Article Abstract:
The Managing Director (MD) of the Sikkim Bank, AM Mustafi, and the non-executive director, JC Luther, have resigned as they have allegedly mismanaged the bank. The promoter- director of the bank, RS Chowdhury, has taken over as its Chairman. The Reserve Bank of India has nominated 3 directors to monitor the operations of the bank. Earlier, the Sikkim Bank had been issued a show- cause notice by the Reserve Bank of India as its non-performing assets had increased to 80 percent of its advances. The promoters are not able to invest funds to increase its capital to the stipulated Rs50 crore. The Sikkim Bank is a non-licensed, non- scheduled bank registered under the Sikkim Companies Act. It is based in Gangtok. (rk) (kvr)
Comment:
The Managing Director (MD) of the Sikkim Bank, AM Mustafi, and the non-executive director, JC Luther, have resigned as they have allegedly mismanaged the bank.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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NEW MD FOR SIKKIM BANK
Article Abstract:
The Reserve Bank of India (RBI) has appointed Mr SN Kundu as the new managing director of Sikkim Bank of Calcutta for two years from January 21, 1999. Mr Kundu was formerly the assistant general manager (Inspection) of Bank of Baroda. Mr Kundu appointment follows the exit of Mr A Mitra Mustafi, the former managing director of Sikkim Bank who was chargesheeted by RBI for mismanagement. (rk)(vr)
Comment:
The Reserve Bank of India (RBI) has appointed Mr SN Kundu as the new managing director of Sikkim Bank of Calcutta for two years from January 21, 1999.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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CALL RATES CLOSE BETWEEN 9.15-9.25%
Article Abstract:
Call rates opened at 8.90-8.95 percent and closed between 9.15 percent and 9.25 percent in the interbank call money market for overnight funds on February 19, 1999. The 8 percent fixed rate repo of the Reserve Bank of India did not attract any bids. Traders predict that call rates will open at above 9 percent on February 20, 1999. (khr)
Comment:
Call rates opened at 8.90-8.95 percent and closed between 9.15 percent and 9.25 percent in the interbank call money market for overnight funds on February 19, 1999.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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