Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (50902)	1/23/2006 10:38:53 AM
From: shades	Respond to of 110194

DJ India RBI Fines 7 Banks For IPO Finance Irregularity MUMBAI (Dow Jones)--The Reserve Bank of India Monday said it has imposed monetary penalties on seven banks for facilitating misuse of initial public offering finance to "ineligible borrowers." A central bank official said the seven banks were ICICI Bank (532174.BY), Citigroup's (C) Citibank, Vijaya Bank, Standard Chartered Bank, Bharat Overseas Bank, HDFC Bank (500180.BY), and Indian Overseas Bank (532388.BY). "On careful examination of banks' submission, the RBI has come to a conclusive decision that the aforesaid violations were substantiated and accordingly the monetary penalties are imposed," the RBI said in a press release. The RBI also directed banks not to credit 'account payee' checks to the account of any person other than the party named in the check. Earlier this month the RBI had said it had asked several banks to explain their involvement in two local initial public offerings last year, which were found to have violated regulations. -By Judith D'Souza, Dow Jones Newswires; +91-22-2288 4212; judith.dsouza@dowjones.com (END) Dow Jones Newswires January 23, 2006 10:35 ET (15:35 GMT)