FIs CUT LENDING RATE TO 13.5%
Article Abstract:
The Industrial Development Bank of India, ICICI Ltd and the International Finance Corporation of India (IFCI) have reduced their term lending rates by 0.5 percent to 13.5 percent. The Reserve Bank of India cut the bank rate by 50 basis points on March 1, 1999. The Industrial Development Bank of India has reduced its medium-term lending rate to 13.5 percent from 14 percent and the short-term lending rate to 12.5 percent from 13 percent. The short-term prime rate of ICICI Ltd is 13 percent, that of medium-term (1-3 years) 13 percent and that of long-term 13.5 percent. The IFCI has reduced its term lending rate to 13.5 percent from 14 percent and that of the short-term loan to 12.5 percent from 13 percent. (rk) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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STANDARD CHARTERED TO CLOSE DOWN 3 BRANCHES
Article Abstract:
Standard Chartered Bank (Stanchart) is closing down its branches at Vasco da Gama, Calicut and Amritsar. It has 23 branches in 10 cities of India. It is likely to reduce the staff through voluntary retirement schemes (VRS). Around 800 employees have availed VRS and 150-200 more employees are likely to avail VRS. Stanchart has 950 unionised staff who are surplus. Stanchart has secured the approval of the Reserve Bank of India for the closure of the branches. (rk)(vr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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GTB IN FORFAITING MARKET, RULES OUT FACTORING FOR NOW
Article Abstract:
Global Trust Bank Ltd has entered the forfaiting market in India but does not have any plans to start factoring services in the near future. The bank has started conducting road shows for forfaiting services, which will be offered at all branches in the country. The bank is trying to create an awareness for its services among domestic exporters. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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