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Rupee
down 12 paise
Mumbai: The domestic currency closed at 45.95/97
on Monday, weaker by 12 paise than the previous close
of 45.83/84 on Friday.
Forwards Market: While the one year forward closed
at 1.56 per cent against the previous close of 1.45 per
cent, the six month forward closed at 1.29 per cent against
1.20 per cent.
G-secs: The 8.07 per cent 2017 paper closed higher
that the opening levels at Rs 116.65.
Call rates: Steady at 4.25 to 4.50 per cent.
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HDFC
bond plan gets AAA rating
Mumbai: The Housing Development Finance Corporation
Ltd's (HDFC) Rs 500-crore subordinated bond programme
has been granted `AAA/Stable' ratings by Crisil. The ratings
reflect HDFC's strong market position in the housing finance
business, its well-diversified, stable and low-cost resource
base and its good asset quality.
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Indian
Bank to provide direct credit to farmers
Chennai:
The Indian Bank has entered into an agreement with tractor
manufacturer Mahindra & Mahindra in an attempt to
by pass the middle men which afflict rural economy. More
such deals with other tractor and fertiliser companies
are being negotiated, according to the bank.
Under the new plan, Indian Bank supplements the traditional
role of credit disbursal by training select SHGs. Subsequently,
the corporates which have entered into a deal with Indian
Bank would use the SHGs to sell agricultural inputs. Among
the SHGs Indian Bank deals with are Perumanur Magalir
Sangam and Periyagoundarpuram Magalir Sangam, based in
Tamil Nadu.
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PNB
begins implementing agriculture policy initiatives
New Delhi: The Punjab National Bank has started
implementing the recently announced policy initiatives
for doubling flow of credit to agriculture within the
next three years with an aim to achieve at least 30 per
cent growth in disbursement under agriculture credit.
The bank had initiated steps to identify farmers who had
suffered due to natural calamities, to reschedule or offer
fresh finance as per RBI guidelines. The bank has also
adopted 70 villages for providing community TV, solar
energy-based streetlights and water coolers/fans to schools.
PNB has also set up the PNB Farmers' Welfare Trust for
establishing farmers' training centres.
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