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RBI credit policy todayMUMBAI: Reserve Bank of India governor Bimal Jalan will announce his maiden monetary and credit policy for the first ...

RBI credit policy today

MUMBAI: Reserve Bank of India governor Bimal Jalan will announce his maiden monetary and credit policy for the first half of 1998-99 today. Bankers are expecting an easy money policy to trigger growth impulses in the economy in the face of industrial slowdown and massive government borrowings in the new fiscal year. Jalan8217;s primary objective is, however, to maintain stability on the external front. Unlike his predecessor, C Rangarajan, Jalan is focussed more on structural issues, and not in favour of announcing quot;measuresquot; in his policy.

RIL comes out with annual report

MUMBAI: Reliance Industries Ltd RIL has become the first corporation to release its full annual report within 24 hours of the declaration of the results. The board of directors of RIL met on April 27 to adopt the company8217;s audited annual report for the year ended March 1998. The full annual report was made available during the presentation held by RIL to analysts, bankers and fund managers on April28.

The annual report is also available in electronic form at the company8217;s internet site quot;ril.comquot;. The electronic version is available in both browsable as well as downloadable formats at the website. With the publication of the annual report within 24 hours, Reliance scored another first in corporate history. With its 1997-98 annual results, Reliance has become the first Indian company to voluntarily reconcile its accounts with both US GAAP Generally Acccepted Accouting Practices as well as the IAS International Acconting Standards.

UGS 10,000 scheme from UTI

MUMBAI: Unit Trust of India has launched the UGS 10000 scheme on April 15, 1998. The scheme will remain open till May 29, 1998. This is exactly one year after the USG 2,000 rights offer from UTI. The UGS 10,000 is a preferential offer to UGS 2,000 and UGS 5,000 unitholders. Therefore, UGS 10,000 offer is an equity scheme and is positioned as something exclusive to a select group of privileged customers, said a UTI statemeent. Theportfolio will comprise multinational company stocks. The scheme is also UTI8217;s first interval fund and the portfolio will be disclosed on a monthly basis.