Inflation rate down
New Delhi: The annual rate of inflation fell below 3 per cent level to 2.85 per cent for the week ended 20 November. A decline in the prices of primary goods has brought down the wholesale price index-based inflation rate.
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Moody’s raises rating of 7 banks
Mumbai: Moody’s Investors Service has upgraded the rating outlook of seven Indian commercial banks and four financial institutions from stable to positive. The banks are Bank of India, Canara Bank, Central Bank of India, Oriental Bank of Commerce, Punjab National Bank, State Bank of India and Union Bank of India. These banks have been given a Ba3 rating. The development financial institutions, which get a rating of Ba2, are Infrastructure Finance Corporation of India, ICICI, Industrial Development Bank of India and Power Finance Corporation.

The ratings indicate that these banks and financial institutions may be further upgraded.
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HDFC Bank plans alliances with software cos
Mumbai: HDFC Bank is planning alliances with software companies in its efforts to be No 1 in Internet banking. Mr Aditya Puri, managing director of the bank, says its 'Netbanking' which was launched on 1 September 1999, has become popular, and is now providing a number of facilities like account balance inquiry, stop payment request, cheque book request and demand draft and banker’s cheque requests. The bank is also building a secure payments gateway for e-commerce, he said.

Mr Puri, however, ruled out acquisition of any software firms immediately.
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Chemical berth at Mumbai port
Mumbai: Delhi-based Consulting Engineering Services, appointed by the Mumbai Port Trust to go into the feasibility of setting up a second chemical berth at the Pirpau pier, has submitted its report recently. The berth, to be constructed on a build-operate-transfer basis, is expected to handle an additional 1.5 million tonnes of cargo annually.
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