Rupee moves up
Mumbai: The domestic currency appreciated for a second day in a row, closing six paise stronger on Thursday at 45.88/90 per dollar.
Forward Market: The six-month forward closed at 1.78 per cent (1.62 per cent), while the 12-month closed at 1.60 per cent (1.46 per cent).
G-Secs: The 8.07 per cent 2017 paper closed lower at Rs 116.25. The yield on the 7.37 per cent 2014 rose to 5.80 per cent from 5.76 per cent.
Meanwhile, the Rs 2,000-crore auction of the 6.13 per cent 2028 Government stock was subscribed at the cut-off price of Rs 93.20, below the market expectation of Rs 94.
The Rs 6,000-crore auction of the 11-year GoI FRB auction was subscribed at the cut-off spread of 0.19 per cent above the base rate for the first half-year at 4.52 per cent per annum.
Call Rates: In the range of 3.50- 4.40 per cent.
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PNB introduces Expo Gold Card for exporters
Kolkata: The Punjab National Bank has said that it has come out with the PNB Expo Gold Card for its exporter clients. The scheme proposes to ensure easy availability of export credit to exporters with a good track record. The card, to be issued for three years, would be renewed automatically for a further period of three years unless there were adverse features in the account.

Apart from relaxation in interest rates up to 0.25 per cent on rupee- export credit, the concessional rate of interest, applicable upto 90 days on post-shipment rupee-export credit, would also be extended to 365 days, a bank statement said. The bank will also offer discount of 10 per cent in charges and fee structure for various services apart from providing export credit in foreign currency on priority basis at LIBOR+ 0.75 per cent with service charges at the flat rate of 0.1 per cent for each disbursement.
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IDBI Bank to double business in FY '05
New Delhi: IDBI Bank plans to double its balance sheet this year, as well as make an entry in the Gulf region. The balance sheet of the bank currently stands at about Rs 13,000 crore of which 40 per cent was in retail assets. Bank officials have indicated that the IDBI, which is slated to convert itself from development financial institution to a commercial bank this year, was also exploring various options - merging with a big PSU bank or a reverse merger with IDBI Bank or a stand alone entity.

The bank has plans to open offices in Dubai, Singapore and Malaysia. IDBI Banks deposits crossed Rs 10,000 crore in the last fiscal from Rs 6,032 crore in 2002-03, while advances grew by over 60 per cent to Rs 8,438 crore from Rs 5,021 crore. Its net profit was up by 86 per cent to Rs 132.45 crore last fiscal from Rs 71.10 crore in 2002-03.
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LIC targets Rs11500 crore as premium income
Mumbai: The Life Insurance Corporation of India (LIC) is targeting a premium income of Rs 11,565 crore during the current financial year, from the sale of three crore and ten lakh policies.
LIC officials said that the insurer had recorded a growth of over 52 per cent in first premium income during this period, on a year-on-year basis, while the growth in sale of policies had been 27.64 per cent and growth in sum-assured was 31.33 per cent. Both the insurer and the Allahabad bank have signed a memorandum of understanding, according to which, the latter will market LIC's insurance products through its branch network, acting as its corporate agent. Allahabad bank has a network of 1,900 branches catering to around 20 million customers.
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RBI reshuffles industrial and export credit departments
Mumbai: The Reserve Bank of India (RBI) has decided to merge various functions of the industrial and export credit departments of the bank with other departments of the RBI with effect from today.
All matters relating to industrial and export credit including inter-bank guarantees, housing finance, bank lending to NBFCs, infrastructure financing and industrial rehabilitation and progress reports on relief packages for tea, coffee, tobacco and marine products will be handled by the RBI Department of Banking Operations and Development. While all matters relating to food credit will come under the monetary policy department, returns relating to industrial and export credit, housing finance, infrastructure financing and industrial rehabilitation will be taken care by the department of banking supervision of RBI.

Matters relating to Commercial Paper returns and data on sectoral deployment of credit will be looked after by the RBI monetary policy department. Matters relating to National Housing Bank (NHB) and Infrastructure Development and Finance Company (IDFC) including the nodal functions relating to RBI's shareholding in these institutions and the secretarial services rendered to the RBI's nominee directors on their boards will come under the department of banking supervision (financial institutions division).
All correspondence relating to IECD may, therefore, hereafter be addressed to the respective Departments, a RBI notification here said.
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Geojit launches wealth management services in Qatar
Kochi: Geojit Financial Services Ltd in association with the Doha Bank has launched the India Wealth Management Services for non-resident Indians living in Qatar. The service will provide the complete wealth management services include equity-trading services, mutual funds and investment consulting. There are over 1,60,000 NRIs living in Qatar alone. Doha Bank offers mutual funds with an outstanding record of money management and professional service. Equity trading is offered through a strategic association with Geojit. Customers are offered trading and settlement through the NSE and the BSE.
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