Rupee firms up 10 paise
Mumbai: The rupee closed at 44.05 per dollar on Friday, with a stronger closing of around 10 paise as compared to its previous closing of 44.1550.
Forwards Market- The one-month premia was at - 2.95 per cent (- 3.49 per cent), the six-month at - 0.65 per cent (- 0.77 per cent) and the one-year at - 0.32 per cent (- 0.39 per cent).
G-Secs- The 8.07 per cent 2017 traded between Rs 125.22 and Rs 125.27, while the 7.46 per cent 2017 traded between Rs 120.14 and Rs 120.18.
Call rates remained at 4.50 per cent levels in the inter-bank market.
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RBI: No dividends fiesta from banks
Mumbai: The Reserve Bank of India (RBI) on Friday decided that only healthy scheduled commercial banks would have a free hand in declaring dividends while the weaker ones would need permission from the regulator, which would be given on a case-to-case basis. Accordingly, banks that have a net NPA of more than 3 per cent of net assets will no longer be able to declare dividends without the prior permission of the RBI, according to a press release.

The revised guidelines on dividends payable by banks also prescribe that only banks wishing to pay out dividends must have a capital adequacy ratio of at least 11 per cent for the preceding two completed years and the accounting year for which it proposes. Further, they must have made adequate provisions for impairment of assets and staff retirement benefits, transfer of profits to statutory reserves and Investment Fluctuation Reserve.

Additionally, the apex bank has said it should not also have placed any explicit restrictions on the bank for declaration of dividends.
With regards to the quantum of dividends, the proposed dividend should be payable out of the current year's profit.
Banks such as State Bank of India, Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and, among the private banks, ICICI Bank, United Western Bank, Federal Bank and Global Trust Bank have NPA ratios above the 3-per cent mark.
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HDFC Bank partners Bahrain Saudi bank
Mumbai: HDFC Bank and Bahraini Saudi Bank (BSB) have announced an alliance, which will allow Indian expatriates in Bahrain, unhindered access to HDFC Bank's complete bouquet of products and services through the BSB.

With this alliance NRI customers now will be able to affect speedy transfer of funds between Bahrain and India at affordable rates.
4= ABN Amro sells LeasePlan to Volswagen
New Delhi: ABN Amro has announced that it will divest LeasePlan Corporation to a consortium led by the Volkswagen Group for 2.13 billion euro. As per the terms of the agreement, of the total amount, 2 billion euro is to be paid in cash and the remaining 130 million euro as a dividend.

LeasePlan Corporation is the European market leader in operational multi-brand car leasing and one of the world's leading companies in fleet management services. It has also been operating in the Indian market for about four-and-a-half years and leads the business with a fleet size of over 6,600 vehicles.
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ABN Amro sells LeasePlan to Volswagen
New Delhi: ABN Amro has announced that it will divest LeasePlan Corporation to a consortium led by the Volkswagen Group for 2.13 billion euro. As per the terms of the agreement, of the total amount, 2 billion euro is to be paid in cash and the remaining 130 million euro as a dividend.
LeasePlan Corporation is the European market leader in operational multi-brand car leasing and one of the world's leading companies in fleet management services. It has also been operating in the Indian market for about four-and-a-half years and leads the business with a fleet size of over 6,600 vehicles.

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Euronet to deploy ATMs for Citibank
Mumbai: Euronet Worldwide Inc, an electronics payment provider, has announced an ATM outsourcing and deployment agreement with Citibank India, whereby it will install 100 ATMs for Citibank across cities over the next six months.
Under this agreement Euronet will select the sites, install the ATMs and all related equipment, drive the ATMs for Euronet's operations centre in Mumbai and provide all of the day-to-day outsourcing services.
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Motilal Oswal PMS scheme outperforms market
Mumbai: Stockbroking firm Motilal Oswal Securities has provided returns of 160 per cent (post-tax) for its clients under the portfolio management services (PMS) in the last financial year. The portfolio has outperformed the Sensex, which gained 80 per cent in the last fiscal. Currently, PMS has 50 clients and a corpus of Rs 51 crore. The minimum investment in the PMS is Rs 50 lakh.
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