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Rupee
down five paise
Mumbai: As the dollar gained strength in the global
markets, the rupee fell against the greenback by about
5 paise to close on Monday at 45.30. The rupee on Monday
opened at 45.28/29 with the intra-day high being 45.27.
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SIB
ties up for rupee drawing arrangements
Kochi: In a move that is expected to hasten clearance
of demand drafts and remittances between the bank customers
in Dubai and those in India, the Thrissur-based South
Indian Bank has entered into a tie-up with Wall Street
Exchange Centre, LLC, for the commencement of rupee drawing
arrangements. Wall Street Exchange Centre, LLC, is an
established exchange house in Dubai. The speedy remittances
will cover all the networked branches and the beneficiaries'
accounts will be credited within 24 hours of the remittance
from abroad. The bank has thus far concluded remittance
arrangements with 14 reputed exchange companies and three
leading commercial banks in the Gulf countries.
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United
Bank ties up with Tata AIG
Mumbai: Under a tie-up, UBI will offer the entire
range of life insurance products of Tata AIG to its customers
through its branch network. The bank has a network of
over 1,300 branches, of which over 600 are located in
rural areas. The insurance products have been simplified
for the rural masses.
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GOI
2019 paper auction on Feb. 26
Mumbai: The Government of India has announced the
price-based auction of a 5.64 per cent 2019 paper, totalling
Rs 5,000-crore, on February 26. Up to five per cent of
the notified amount of the sale of the stock will be allotted
to eligible individuals and institutions as per the scheme
for non-competitive bidding facility in the auction of
the government securities, said a press release.
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RBI
proposes market stabilisation bonds
Mumbai: The RBI has proposed to the Government
of India to authorise issuance of existing debt instruments
such as treasury bills and dated securities under the
Market Stabilization Scheme (MSS).
According
to the RBI, the total outstanding obligations of the Government
by way of bills and securities issued under the MSS, will
not exceed Rs 60,000 crore, for the present. The bills
and securities will be issued by way of auctions to be
conducted by RBI. The central bank will decide and notify
the amount, tenure and timing of issuance of such treasury
bills and dated securities.
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StanChart
launches EMI credit card
Mumbai:
The Standard Chartered Bank has introduced an EMI credit
card which provides customers a `hassle-free' payment
schedule by automatically converting all purchases into
24 equated monthly instalments (EMIs). Purchases and payments
can be made by swiping the new EMI card and the amount
would automatically get converted into 24 EMIs, thereby
eliminating all the attendant trouble of phone calls,
paperwork, down payment, post-dated cheques, etc. An interest
rate of two per cent per month would be charged on the
outstanding amount as against the 2.95 per cent charged
on the regular credit card. Any transaction through this
card above Rs 2,000 will automatically be converted into
EMIs and behave like an unsecured personal loan.
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