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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