Rupee breaches 45 level
Mumbai: The Indian rupee breached the 45-level mark ending at 44.87, gaining 21 paise in its value against the dollar from the previous close. The rupee has risen by 37 paise in the last three trading days.
Forwards Market - The six months forward contract ended the day at 0.58 per cent (0.58 per cent) and the one-year closed at 0.60 per cent (0.63 per cent).
G - Secs - The 8.07 per cent 2017 paper opened at Rs.123.95 and closed at Rs.123.77. The 10-year benchmark, 7.37 per cent 2014 paper, opened at Rs.117.15 and closed lower at Rs.117.
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Steelage: New bank automation products
Chennai: Steelage Industries Ltd plans to launch a safe vault that uses a robot to dispense cash to a bank official.
A member of the Swedish firm, Gunnnebo Security Group, Steelage Industries would also launch an ATM recycler, which would accept cash from customer, count it and provide a receipt. The machine would also recycle the cash and dispense it to a customer.Steelage Industries, provides physical security products and fire protection devices and systems.
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Corporation Bank: Loans for jewellery
Mangalore: Corporation Bank, Tanishq and World Gold Council (WGC) have entered into a tie-up to offer finance scheme to their customers for the purchase of gold jewellery.The arrangement — Tanishq/WGC - Corp Mahila Gold — will be promoted at all Tanishq outlets.
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BoI denies knowledge of BCCI frauds
Mumbai: Bank of India (BoI) has denied knowledge of frauds perpetrated by the Bank of Credit and Commerce International (BCCI), and maintains that they were normal inter-bank business transactions.BoI informed the Bombay Stock Exchange that it is appealing against the judgment passed by the London High Court for it to pay around $82 million (around Rs 370 crore) in compensation for fraudulent transactions with the collapsed BCCI.
Barring one transaction on December 18, 1984 of $50 million, the essence of the rest of the transactions was that BCCI placed deposits with Bank of India and the Bank of India lent the same amounts to a certain borrower, Maran Trading, which was nominated by BCCI at a higher margin.

The December 18 transaction was between BCCI and Bank of India at the same rate of interest. The credit transactions were also secured by an irrevocable guarantee of BCCI (Overseas) Ltd, BoI has said in a notice to the BSE.The liquidator has contended that the aforesaid transactions of BCCI with Bank of India had no commercial purpose but to enable BCCI to manipulate fraudulently the published results of BCCI Group.The London High Court judge, Justice Nicholas Patten, has ruled that the then chief executive of Bank of India and the bank did not take enough care to verify the commercial purpose of the transaction.
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Govt issues special bonds to liquidate oil pool account
Mumbai: The Government has announced the issue of `5 per cent Oil Companies-Government of India Special Bonds, 2009' for liquidating the outstanding claims of oil companies aggregating Rs.348.63 crore against the Oil Pool Account.The special bonds were issued at par to Oil and Natural Gas Corporation for Rs 257.60 crore and Oil India Ltd for Rs.91.03 crore on Tuesday, said a press release.

The investment in the special bonds will not be reckoned as an eligible investment for the purpose of statutory liquidity ratio, the release said.The special bonds will be transferable and eligible for market ready forward transactions (repo). The bonds, however, will not be an eligible underlying security for ready forward transactions (repo or reverse repo) with the Reserve Bank of India, the release said.
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