22 may 2004

rupee firms up
mumbai: the rupee closed at 45.28 in its value against the dollar on friday, firming up by 5 paise over its previous close.

forwards market: the six month rupee forward rate closed at - 0.70 per cent (- 0.70 per cent), while the one year forward closed at - 0.33 per cent (-0.35 per cent).

g-secs: the 8.07 per cent 2017 paper closed lower at rs 123.13/18. the 7.46 per cent 2017 paper closed at rs 118.10.

call rates: stable at 4.25-4.50 per cent levels.

pfrda to start with six pension fund managers
new delhi: the pension fund regulatory and development authority (pfrda) plans to allow six entities to perform the role of pension fund managers (pfms) and one psu under the new pension structure initially, pfrda officials said on the sidelines of a tax conference, organised by assocham.

according to the officials, pfrda would first appoint a central record-keeping and accounting agency (cra) and then start issuing licences to the pfms. the officials indi9cated that they hoped to put everything in place within the next 30 weeks.

sbi launches trade finance cells in kerala
thiruvananthapuram: the state bank of india (sbi) is launching dedicated "trade finance cells" in the state from may 22. the cells will be launched in thiruvananthapuram, kollam, alappuzha, changanacherry, kottayam, thodupuzha, palakkad and shoranur.

traders dealing in agricultural and industrial products, stockists, distributors, professionals, service providers and contractors can directly approach the trade finance cell, which is a single-window facility for quick sanction of financial assistance.

bengal may add mediclaim to provident fund scheme
kolkata: the west bengal government is planning to join hands with the national insurance company ltd for introduction of a medical insurance scheme, popularly known as mediclaim, for the landless farmers and unorganised labourers.

this was announced by dr asim dasgupta, west bengal finance minister, at a function organised by national insurance company ltd. at present, the state has two provident fund schemes for landless farmers and unorganised labourers, which together cover more than 15 lakh farmers. according to the minister the government was considering adding mediclaim as an extra benefit to the existing provident fund schemes.

boi q4 profit up 24 per cent
mumbai: bank of india (boi) has recorded a 23.56 per cent growth in net profit for the fourth quarter ended march 31, 2004, at rs 349.10 crore, as against a net profit of rs 282.53 crore in the same period last year. after obtaining special permission from the reserve bank of india, boi's board has recommended a final dividend of 10 per cent, taking the total to 20 per cent for the year under review.