Rupee unchanged
Mumbai: The rupee closed at 43.95/96 in its value against dollar.
Forwards Market- The six month forwards closed at -0.41 per cent (-0.25 per cent) and the one-year closed at -0.12 per cent (-0.04 per cent).
G-Secs- The 8.07 per cent 2017 paper closed at Rs 125.43 and the 7.37 per cent 2014 paper closed at Rs 117.92.
Call rates- remained in a narrow range of 4.25 per cent with abundant liquidity in the system.
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RBI puts rate cap on NRI deposits
Mumbai: The Reserve Bank of India has said that interest rate on fresh repatriable non-resident Indian (NRI) deposits accepted by non-banking financial companies (NBFCs) should not exceed LIBOR or SWAP rate for the US dollar, effective from close of business on April 17.

These rates would also be applicable to renewed repatriable NRI deposits after their present maturity period, said an RBI release. Other instructions relating to maturity period of deposits would remain unchanged.
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FICCI concern at exchange rate fluctuations
New Delhi: According to Y.K. Modi, President, the Federation of Indian Chambers of Commerce and Industry (FICCI) the recent volatility in the rupee exchange rate is a major concern and such uncertainties should be avoided.

In this context, he welcomed the new market stabilisation bond scheme, which he felt could be an effective instrument in smoothening out the fluctuations. Modi also pointed out an urgent need to further reduce interest rates on credit to help the industry reduce costs.
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IDFC to pay 10 per cent dividend
Mumbai: Infrastructure Development Finance Co Ltd (IDFC) has registered a 44 per cent increase in net profit during 2003-04 to touch the Rs 259.15-crore mark, against Rs 179.95 crore in the previous fiscal.

IDFC's Board of Directors has accordingly recommended a dividend of 10 per cent, which is Re 1 per equity share.
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i-flex and FRS in global pact
Mumbai: i-flex Solutions has entered into a global agreement with FRS, a unit of S1 Corporation, for promoting FRS' regulatory reporting and financial analytic solutions to banks worldwide. FRS is a global leader in regulatory reporting solutions.

i-flex provides core banking solutions to a number of clients across the world.
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HDFC Bank margins up on higher retail lending
Mumbai: HDFC Bank has increased its net interest margin to 3.8 per cent in FY04, up from 3.3 per cent in FY 03. The increase in the margin is due to lower cost of funds and increased retail lending of the bank.

Total deposits of the bank for the year grew at a healthy pace of 35.9 per cent to Rs 30,409 crore up from Rs 22,376 crore in the previous year.
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Higher FCNR(B) deposit rates from UCO Bank
Kolkata: UCO Bank has revised upwards the interest rates on FCNR(B) deposits from Tuesday. For deposits held in dollar, the rates have been increased to 1.3 per cent, 2.1 per cent and 2.7 per cent for the periods of one year to less than two years, from two years to less than three years and that of three years respectively.

For British pound deposits, the rates are 4.55 per cent, 4.6 per cent and 4.8 per cent respectively for the periods of one year to less than two years, from two years to less than three years and three years. For deposits held in Euro the rates will be 1.85 per cent, 2.25 per cent and 2.6 per cent for the respective periods, according to a UCO Bank press release.
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