Forex Reserves: Up by $169 million
Mumbai: The country's foreign exchange reserves had added a further $169 million due to fresh inflows and revaluation of the US currency vis-à-vis other currencies for the week ended February 20. The foreign exchange reserves stood at $1,07,675 million, according to the Reserve Bank of India's weekly statistical bulletin.

The foreign currency assets also saw a similar increase of $169 million to touch $1,03,384 million. Gold reserves and special drawing rights during this period remained static at $4,289 million and $2 million respectively. India's Reserve Tranche Position (RTP), with the International Monetary Fund (IMF), declined by $12 million to $1,324 million, the central bank said adding, that the RTP may change from time to time due to India's transactions with the IMF as well as changes in SDR exchange rates vis-à-vis the rupee and the dollar.
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RBI: Independent Panel for ECB applications
Mumbai: The Reserve Bank of India has formed a three-member committee to clear applications for external commercial borrowings (ECBs) of above $500 million. The three members on the committee are the former State Bank of India chairman, Dipankar Basu, Infrastructure Finance and Development Corporation's managing director Naseer Munjee and National Securities Depository Ltd's managing director CB Bhave.

This committee will vet forex loan proposals in excess of $500 million, and give its view to the central bank on the merits of the same. It has also been decided to put in public domain the details of all such applications, and the names of the borrowers involved.
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Corporation Bank: 'Favoured bank' for tractors
Mangalore: The Corporation Bank has signed a memorandum of understanding with Tractors and Farm Equipment Ltd for financing tractors to farmers. This grants Corporation Bank the status of being the "favoured bank" of Tractors and Farm Equipment Ltd for the financing of their tractors.
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HDFC: Raises Rs 1000 crore
Mumbai: Housing Development Finance Company (HDFC) has become the first private corporate to raise Rs 1,000 crore debt in a domestic issue for corporates in 2003-04. The financial institution has tapped the market for five years at a coupon of 5.85 per cent. Deutsche Bank is the lead manager to the issue with the ICICI and UTI Bank as the co-arrangers to the issue. With this the outstanding papers in the market for HDFC stand at Rs 4,000 crore.
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ADB plans fresh $100m rupee bond float
Mumbai: The Asian Development Bank (ADB) may come out with another rupee bond issue of $100 million before the calendar year, contingent to approvals of projects for which funding is to be done. ADB raised Rs 500 crore from India through a 10-year bond at 17 basis point over the gilt yield of 7.37 per cent 2014.

ADB has identified three projects for onlending the money raised from the Indian debt market including healthcare, power transmission and housing finance. It has also entered into a interest rate swap with the HSBC under which the ADB will get fixed rate proceeds for ten years while HSBC will have floating interest rate pegged to the one year gilt. ADB has indicated that the swap route of bringing dollars from overseas and converting them into rupees will continue along with rupee resources for onlending in India.

ADB has indicated that they are on the lookout for more infrastructure projects and banks for equity participation.
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