DOUBLE WHAMMY
Article Abstract:
Citibank has entered into a dedicated joint venture with Maruti Udyog Ltd and set up CitiCorp Maruti Finance Ltd (CMFL) to finance the entire range of Maruti cars. It has closed the CitiMobile setup and will now finance other car brands through its Citibank car loans scheme. The new company has already increased the number of Maruti cars financed by 25 percent than what Citibank financed in 1997-98. The company has already sent about 80,000 mailers to owners of two-wheelers in a sales-cum- financing campaign for the Maruti 800. CMFL has already established operations in 24 cities with about 75 Maruti dealers. CMFL plans to leverage consumers through the Citibank and Maruti connection by launching a co-branded Citibank Maruti credit card in November 1998. (khr) 1997. The company estimates that India's inbound traffic is about 700,000 people and that the current slowdown in the hospitality sector will improve. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CALL RATES STAY RANGE-BOUND
Article Abstract:
Call rates opened just above the 8.00 percent fixed repo rate, hovered between 8.00 and 8.10 percent throughout the day and closed around 8-8.05 in the inter-bank call money market on November 24, 1998. The easy liquidity and an inflow of Rs1,725 crore from Reserve Bank of India's repo reversals accounted for the low rates. Outstandings under the repo were Rs2,707 crore with Rs357 crore coming in. The sales of the 12.6 percent 2018 paper was dull, with only life insurance and provident fund companies being possibly interested in such a long term issue. (nr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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SBI READIES TO LAUNCH RIBs IN US AS SEC GIVES GREEN SIGNAL
Article Abstract:
State Bank of India (SBI) has obtained approval from Securities and Exchange Commission (SEC) for launching its Resurgent India Bonds (RIBs) in the US market. SBI has announced that these bonds will be available for subscription in the US from August 5, 1998. SBI has already obtained clearance from banking departments of the New York state and it is expecting approvals from other states in the US. The bank will begin its campaign for RIBs through media as well as direct marketing. (gs)
Comment:
Obtains approval from Securities and Exchange Commission to launch its Resurgent India Bonds in the US market
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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