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Rupee
weakens further
Mumbai: The rupee closed at 45.0650/0750 on Thursday,
over nine paise lower than Wednesday's close of 44.97/99
against the dollar.
Forwards Market: The six-month forward closed at
0.46 per cent (0.23 per cent) and the one-year forward
closed at 0.45 per cent (0.25 per cent).
G-Secs: The benchmark 8.07 per cent 2017 paper
closed at Rs 120.90 with YTM 5.71 per cent.
Call Rates: They were easy at 3.90 - 4.10 per cent
on account of selling pressure in the market and also
heavy buying in the forex market.
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Securitisation
Act — IBA to press for pre-appeal deposit
Kolkata: Indian Banks' Association plans to move
Supreme Court to prevent defaulting borrowers from exploiting
a stance taken by the judiciary with respect to a key
provision of the Securitisation Act. IBA's proposal is
specifically directed against an action taken by the apex
court in early April, which resulted in the striking down
of Section 17(2) of the Act. This Section provided for
pre-appeal deposit of 75 per cent of the liabilities,
if a defaulting company wanted to appeal against the order
of attachment of its assets.
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RBI
restricts HSBC buyout in UTI Bank
Mumbai: The Reserve Bank of India has turned down
HSBC's attempts to purchase a second tranche of 5.46 per
cent in UTI Bank. HSBC had applied for acquiring 20.08
per cent in UTI Bank, of which only the first tranche
of 14.62 per cent of the deal aggregating Rs 304.2 crore
has been cleared. With RBI's ruling the HSBC investment
in UTI Bank is now curtailed at 14.62 per cent.
According to HSBC RBI did not cite any reasons for their
decision. HSBC has also been asked not to pursue the matter
any further.
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TCS to implement HR solution for PNB
New Delhi: Software major Tata Conultancy Services
has been mandated by Punjab National Bank to implement
PeopleSoft's HR and payroll solutions for the bank. According
to PNB, the implementation of the PeopleSoft human capital
management (HCM) solutions across PNB's 4,000 branches,
covering 54,000 employees and 10,000 retirees, would be
one of the largest HCM implementations in Asia for the
banking sector. The project will go live in next three
months.
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UTI
Bank to raise $50 million
Mumbai:
UTI Bank is to raise $50 million through a 1-year syndicated
foreign currency loan shortly. The coupon rate of the
loan is yet to be fixed, but is expected to be at 0.40-0.50
per cent six months LIBOR (1.79 per cent).
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Corporation Bank
takes on Boston Consulting Group
Mangalore:
The
Corporation Bank has approved the appointment of Boston
Consulting Group (India) Private Ltd as the managing consultants
for the bank. A bank release says that the consultant
would assist the bank in the areas such as mapping the
existing business and transaction processes. The group
will also assist the bank in brand building, foraying
into overseas operations and in re-orienting its training
system. The assignment is to be completed in six months.
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BoI
to bring down NPAs to below 3 per cent
Hyderabad:
Bank of India (BoI) has announced plans to bring down
its net non-performing assets (NPAs) below three per cent
from the existing level of 4.5 per cent. The bank, during
the last fiscal, recovered Rs 763-crore, thereby, bringing
down the net NPAs level to 4.5 per cent from 5.59 per
cent in the previous fiscal. The bank expects global advances
to reach Rs 55,000-crore during the current fiscal. The
bank is making efforts to improve the low-cost deposits
by adding branches and extension counters. It is also
currently implementing core-banking solution in all its
branches across the country. The bank has opted for Hewlett
Packard as main system integrator. The major partner of
HP in this project is Infosys with Finacle Core Banking
Solution.
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