Rupee recovers ground
Mumbai: The rupee was up 53 paise from the eleven-month low of 46.25/26, as it closed at 45.72/77 against the dollar.
Forwards Market: The six-month forward closed at 1.15 per cent (1.40 per cent), while the one-year forward closed at 0.91/93 per cent (1.10 per cent).
G-secs: The 8.07 per cent 2017 paper closed higher at Rs 117.75/ 118.
Call rates were stable at 4.25-4.50 per cent.
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RBI modifies requirements for NPA provisioning
Mumbai: Banks will have to introduce graded higher provisioning based on the age of non-performing assets that have been in the doubtful category for more than three years effective from March 31, 2005, according to a circular issued by the RBI. At present, banks are required to make provisions on NPAs on a graded scale based on the age of the NPA.
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'Woman First Plan' from Birla Sun Life
Mumbai: BIRLA Sun Life Insurance has launched a unit-linked insurance plan for women called "Woman First Plan." The scheme is designed to offer high growth potential along with a safety net in the form of a three per cent guarantee on the premiums, net of the policy fees and charges, said a press release. The plan also has added features such as cover for women specific critical illness along with the accidental death and dismemberment benefit, the release said.
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GTB allowed time to declare results
Hyderabad: Global Trust Bank Ltd (GTB) has sought and obtained an extension of time from the Reserve Bank of India for publishing the accounts for the financial year 2003-04 in terms of Section 31 of the Banking Regulation Act, 1949.

In a communiqué to stock exchanges on Wednesday, the bank said the extension was obtained in view of certain important and positive developments relating to the bank's capital raising programme. According to GTB, the apex bank has granted time up to August 31 to the bank for publication of the accounts. The financial results for the first quarter of current fiscal ended June 30, 2004 would also be furnished by August 31, the bank said.
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