Rupee firms up
Mumbai: The rupee closed at 45.28 in its value against the dollar on Friday, firming up by 5 paise over its previous close.
Forwards Market: The six month rupee forward rate closed at - 0.70 per cent (- 0.70 per cent), while the one year forward closed at - 0.33 per cent (-0.35 per cent).
G-Secs: The 8.07 per cent 2017 paper closed lower at Rs 123.13/18. The 7.46 per cent 2017 paper closed at Rs 118.10.
Call rates: Stable at 4.25-4.50 per cent levels.
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PFRDA to start with six pension fund managers
New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) plans to allow six entities to perform the role of pension fund managers (PFMs) and one PSU under the new pension structure initially, PFRDA officials said on the sidelines of a tax conference, organised by Assocham.

According to the officials, PFRDA would first appoint a Central Record-Keeping and Accounting Agency (CRA) and then start issuing licences to the PFMs. The officials indi9cated that they hoped to put everything in place within the next 30 weeks.
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SBI launches Trade Finance cells in Kerala
Thiruvananthapuram: The State Bank of India (SBI) is launching dedicated "trade finance cells" in the State from May 22. The cells will be launched in Thiruvananthapuram, Kollam, Alappuzha, Changanacherry, Kottayam, Thodupuzha, Palakkad and Shoranur.

Traders dealing in agricultural and industrial products, stockists, distributors, professionals, service providers and contractors can directly approach the trade finance cell, which is a single-window facility for quick sanction of financial assistance.
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Bengal may add Mediclaim to provident fund scheme
Kolkata: The West Bengal Government is planning to join hands with the National Insurance Company Ltd for introduction of a medical insurance scheme, popularly known as mediclaim, for the landless farmers and unorganised labourers.

This was announced by Dr Asim Dasgupta, West Bengal Finance Minister, at a function organised by National Insurance Company Ltd. At present, the State has two provident fund schemes for landless farmers and unorganised labourers, which together cover more than 15 lakh farmers. According to the minister the Government was considering adding mediclaim as an extra benefit to the existing provident fund schemes.
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BoI Q4 profit up 24 per cent
Mumbai: Bank of India (BoI) has recorded a 23.56 per cent growth in net profit for the fourth quarter ended March 31, 2004, at Rs 349.10 crore, as against a net profit of Rs 282.53 crore in the same period last year. After obtaining special permission from the Reserve Bank of India, BoI's board has recommended a final dividend of 10 per cent, taking the total to 20 per cent for the year under review.

The bank has reported an 18.5 per cent rise in net profit at Rs 1,008.32 crore for the fiscal ended March 31, 2004, compared with Rs 851 crore posted in the previous financial year. Recently, the London High Court directed the bank to pay around $82 million (around Rs 370 crore) in compensation over alleged fraudulent transactions with the collapsed Bank of Credit and Commerce International (BCCI), in the mid eighties. An appeal had been filed against the order and the outcome was expected by the year-end, he added. The bank has brought down the net non-performing assets to 4.5 per cent from 5.59 per cent.
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Federal Bank to pay 70 per cent
Kochi: The net profit of the Aluva-based Federal Bank has grown by 30 per cent to Rs 136 crore (Rs 105 crore) for the year 2003-04. The bank has reduced the net non-performing assets percentage from 4.95 per cent to 2.89 per cent. The book value per share has increased from Rs 243.77 to Rs 298.24. Earnings per share also increased from Rs 48.36 to Rs 62.65 during the year. The capital adequacy ratio has grown to a comfortable 11.48 per cent against the RBI mandated level of nine per cent. The Board of Directors approved of a 70 per cent dividend, subject to the approval of the RBI.
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Karur Vysya Bank posts 10 per cent rise in profits
Chennai: Karur Vysya Bank has reported a 10 per cent growth in profits for the fourth quarter ended March 2004 at Rs.40.65 crore. For the full financial year ended March 2004, net profits rose 29 per cent to Rs 161.05 crore on the back of a 11per cent rise in total income at Rs 722 crore. The bank's net NPAs were down to 2.32 per cent from 4.20 per cent in the previous year. The bank's capital adequacy ratio was at 17.11 per cent.
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