SBI LOOKS AT RS4,250 CR FROM GOLD SCHEME

Article Abstract:

The State Bank of India's (SBI) gold mobilisation scheme will be launched during mid-1999. The bank expects to mobilise Rs4,250 crore ($1 billion) within a year of the launch. SBI is also planning a joint venture with an international assaying and melting company to set up infrastructure facilities. The scheme envisages accepting deposits from public in the form of gold (bars and scrapped jewellary) for three, five and seven years period with varying interest rates. While a part of the gold will be lent to jewellers and jewellary exporters, the rest will be encashed and deployed by the SBI. SBI has approached the Reserve Bank of India for exempting the scheme from statutory liquidity ratio and cash reserve ratio requirements. It has also approached the Government of India for waiving the income tax on interest accruing from the scheme. (um)(psr)

Strategy & planning, State Bank of India

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CALL CLOSES IN 9-PER CENT RANGE

Article Abstract:

The call money rates closed in the range of 8.90-9 percent in the interbank market in Mumbai on February 4, 1999. The call money rates opened at 8.90 percent which was quoted by the borrowers and 9.10 percent by the lenders. A number of deals were struck in the nine percent range. (rk)(vr)

Comment:

The call money rates closed in the range of 8.90-9 percent in the interbank market in Mumbai on February 4, 1999.

Securities issued, listed

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