Rupee up 20 paise
Mumbai: The rupee gained by 20 paise to close at 43.5450, up from previous close of 43.74/75 in its value against the dollar.
Forwards Market - The six months premium closed at 0.52 per cent (0.42 per cent) while the one-year ended at 0.44 per cent (0.36 per cent).
G-sec prices - the 6.05 per cent 2019 paper opened at Rs 105.40 touched a high of Rs 105.78 and closed at Rs 105.60.
Call rates were flat at 4 per cent.
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Punjab & Sind Bank to audit performance
New Delhi: Punjab and Sind Bank (PSB) has set up an ad hoc committee on procedure and performance audit on public services.
The committee would comprise three general managers, who would look into ways to simplify the procedures and practices to ensure that the customer do not face any difficulties in their transactions with the bank.
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RBI: Forex market is 'orderly'
New Delhi: The Reserve Bank of India Governor, Dr Y.V. Reddy, has said that the foreign exchange market was witnessing `orderly conditions'. The RBI Governor pointed out that though the rupee had appreciated by 9.5 per cent against the dollar since March 2003, it had at the same time depreciated by 3.1 per cent against the euro, 5.9 per cent against the pound sterling and 4.4 per cent against the Japanese yen. He said that significant depreciation of the US dollar against other major currencies had prompted adjustments in world currencies and this reflected in the exchange rate of the rupee as well.
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'Finacle' in South Africa
Bangalore: According to an Infosys release, Comparex Africa has announced an alliance with Infosys Technologies to market the latter's universal banking solution, Finacle, in southern Africa.
Comparex will act as Infosys's business alliance partner for sales and services related to Finacle in South Africa, Namibia, Swaziland, Mozambique, Lesotho and Malawi, and will provide after-sales support for Finacle customers in the region as well.
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Tata AIG Life launches unit linked schemes
Mumbai: Tata AIG Life Insurance Company Ltd (Tata AIG Life) has launched Unit Linked Insurance Plans (ULIP) for Superannuation and Gratuity schemes. Tata AIG ULIP Superannuation Scheme provides individual members the flexibility to decide on the allocation of their moneys based on their risk appetite, said a press release. In case of the ULIP Gratuity Scheme, the employer or trustee has the flexibility to decide the ratio of investment based on their risk taking appetite, the release said.
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Now `Car Overdraft' with ICICI Bank
Mumbai: ICICI Bank has launched the `Car Overdraft' - an overdraft facility with the car as security. Under the scheme, the bank opens an ICICI Bank roaming current account in the customer's name with a pre-approved overdraft limit. According to a bank release, the limit of the overdraft is determined on the basis of the vintage and condition of the car.

The customer pays interest only on the amount withdrawn and for the period it is withdrawn for. They also get the flexibility of repaying only a minimum of five per cent of the total outstanding every month. The customer gets all the regular benefits of ICICI Bank Roaming Current Account, including multi-city chequebook, fund transfer facilities, ICICI Bank HPCL Visa Electron Debit card, Internet banking, phone banking, etc.
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SBI Life to provide home loan cover for Union Bank
Mumbai: Union Bank of India has tied up with SBI Life Insurance Co Ltd to provide life insurance cover to the bank's home loan borrowers. Under the scheme, which is optional, in the event of the borrower's death, SBI Life will pay the entire balance loan directly to the bank. The insurance cover is available for a minimum loan of Rs 50,000 and a maximum of Rs 50 lakh, with the tenure of the loan extending from five to 20 years. According to the bank, the premium would be linked to the loan amount, tenure and age of the borrower,and will be included in the loan EMI.
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