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RBI to meet bank chiefs on Sept. 16

MUMBAI SEPT. 12. The Reserve Bank of India has convened a meeting of bank chairmen and managing directors on September 16 to discuss ways to formulate the benchmark prime lending rate, which is expected to be introduced by this month-end.

The RBI Deputy Governor, Rakesh Mohan, would chair the meeting of bank chief executives to review the ground work done by senior banking industry officials, Indian Overseas Bank chairman and managing director S. C. Gupta told reporters on the sidelines of a function to launch a co-branded ATM network here today. — PTI

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