ICICI Bank today asked its customers not to panic, saying rumours about the financial strength of the bank are baseless and malicious. ICICI Bank is aware that rumours are being repeatedly being circulated in certain centres regarding the financial strength of the bank.

"The bank states that these rumours are baseless and malicious," ICICI Bank CEO and Managing Director K V Kamath said today.

The Kozhikode Corporation is planning to introduce a new system for collection of property tax in the city, based on the carpet area of the building. Councillors are expected to give approval to the recommendations of the Finance Standing Committee, which took this decision in January this year, at the City Corporation Council meeting here today.

The opposition today shouted slogans during question hour in connection with the implementation of health insurance scheme. Minister Paloli Mohammed Kutty informed that they do not intend to implement it under the local self governing department alone.

Economists fear the country is in for a period of high inflation even though it may start easing from the current level of 7.41 per cent to around 6.4 per cent from mid-May onwards. "There is a likelihood of inflation declining in about a month's time. But it will still be around the 6.4 per cent mark," Bank of Baroda Chief Economist Rupa Rege Nitsure told at Mumbai.

Dresdner Bank, a subsidiary of Allianz Group, will open its first branch in the major Indian city of Mumbai (formerly Bombay) in the coming year after being granted a corresponding licence by the Indian Central Bank. "India is a booming market with enormous customer potential.

Weakness in Asian stock markets weighed on the Indian rupee as it fell further by two paise to 40.1650/1750 against the greenback in late morning deals. In dull trade at the Interbank Foreign Exchange (Forex) market, the domestic unit opened lower at 40.17/18 per dollar from overnight close of 40.1450/1550 and remained stable at 40.16/17 in late morning deals.

The Indian currency today improved by another seven paise to 40.44/45 against the US dollar in late morning deals on the back of sharp recovery in equity markets and expectations of fresh capital inflows after US Federal Reserve interest rate cut last night.

State Bank of India (SBI) led consortium will raise 3 billion dollars loan by April for Tata Motors' acquisitions abroad, including the 2-billion-dollar Jaguar and Land Rover deal.

Acknowledging that the rupee appreciation has created some problems for exporters, the government today assured the textile industry of addressing all its legitimate concerns to generate more employment.

South Indian Bank has drawn up a five-year plan to drive its total business to Rs.75, 000 crores by March 2013. Currently, the bank's total business stands at around Rs. 25,000 crore. Under the five-year plan, the bank envisages its deposits to grow to Rs. 44,000 crore and advances to Rs. 31,000 crore by March 2013.