RBI checks rupee slide
Mumbai: The rupee closed nine paise weaker at a month's low of 45.49/51 against the dollar. The currency had ended on Wednesday at 45.4050/4. At an intra day low of 45.55/56 the RBI supplied dollars in the market through state-run banks, which took the rupee to 45.44 levels.
Forward Market: The six-month forward closed at 0.50 per cent (0.40 per cent) and the twelve-month closed at 0.45 per cent (0.42 per cent).
G-secs: The Rs 9,000-crore auction papers were over-subscribed. The cut-off price for the Rs 3,000 crore, 6.13 per cent 2028 paper was at Rs 98.03 and the cut-off yield was at 6.29 per cent. The cut-off price of the Rs 6,000 crore, 7.38 per cent 2015 paper came at Rs 114.80 and a cut off yield of 5.58 per cent.
The 8.07 per cent 2017 paper closed lower at Rs 120.45/50.
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South Indian Bank rolls out RTGS operations
Kochi: South Indian Bank Ltd has started live RTGS operations from today. The necessary infrastructure has been set up at the bank's centralised data centre at Kochi. This is the first bank to install the entire RTGS set-up in Kerala. With this new facility, the bank can effect inter-bank payments instantaneously and the beneficiary would get the credit on the same day itself.
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RBI approval for IndusInd Bank and ALF merger
Mumbai: Indusind Bank has received the RBI approval for merger with group company, Ashok Leyland Finance Ltd (ALFL) with effect from April 1, 2003. The merger would add Rs 3,000 crore of assets and a client base of 5 lakh to the bank, said the bank in a press note.
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IRDA suspends licence of Mass Insurance Brokers
Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has suspended the licence of Mass Insurance Brokers Pvt. Ltd, the Noida-based direct broking (non-life) firm, for its failure to comply with the regulations pertaining to disclosures.

In terms of Regulation 26 of IRDA (Insurance Brokers) Regulations, 2002, every insurance broker should furnish half-yearly unaudited financial statement before October 31 and April 30 each year. The IRDA informed the broker during January about its non-compliance with the above regulation, but with no response forthcoming, during April third week it also served a show-cause notice. The IRDA sources said the broker was directed to acknowledge receipt of the notice and confirm suspension of all insurance broking activities with immediate effect.
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