document.writeln("
Rupee
recovers 20 paise
Mumbai: The domestic currency closed around 20
paise stronger at Rs 45.8450/8600 on Wednesday as against
its previous close of Rs 46.0450/0550.
Forwards Market: The six-month forward closed at
0.96 per cent (1.16 per cent) and the 12-month forward
closed at 0.91 per cent (1.06 per cent).
G-Secs: The 7.38 per cent 2015 paper closed at
Rs 112.00. The 8.07 per cent 2017 paper closed at Rs 117.90/95.
Call Rates: In the range of 4.10 to 4.25 per cent.
Back
to News Review index page
Economic
Survey: Cut in lending rates to aid industrial revival
New Delhi: The Economic Survey has pointed out
that the pace of reduction in lending rates has not matched
the decline in the deposit rates. It has said that cuts
in lending rates would strengthen and sustain the current
revival in the industrial sector. "A major concern
with regard to interest rates is the downward rigidity
observed in lending rates. Lending rates have remained
sticky and have not fallen as much as the deposit rates,"
the survey has said. This has resulted in the widening
of interest spreads.
Providing a trend on the interest rate movement, the survey
has pointed out that while deposit rates of major banks
for term deposits of more than one year maturity has declined
from 7.5-8.5 per cent on March 29, 2002 to 5-5.5 per cent
on March 26, 2004, the Prime Lending Rate (PLR) of five
major (unnamed) banks have moved from 11-12 per cent to
10.25-12 per cent during the period. However, it has said
that lending rates have "declined markedly"
for large top-rated corporates who are often provided
credit at sub-PLR rates though lending rates have not
declined commensurately for other borrowers. The survey
feels that measures already taken by the Reserve Bank
of India and those that are in the pipeline for improving
credit delivery mechanism "are expected to further
ease the rigidities in lending rates."
Back
to News Review index page
Wage
talks: IBA and Unions stuck with respective positions
Combatore: The talks between the IBA and the representatives
of the officers' organisations have not made much headway
and according to reports, the officers' organisations
are contemplating to resort to direct action. The United
Forum of Bank Unions has called for a meeting on July
13 to chalk out the future course of action, including
strike, to force the issue of overdue salary revision.
Back
to News Review index page
State
Bank of Hyderabad launches pension scheme for Kisans
Hyderabad: The State Bank of Hyderabad (SBH) has
launched "SBI Group-lifelong pension cum-life insurance
cover to kisan credit card holders." The minimum
yearly contribution is Rs 2000 and the scheme for the
aged offers pension facility on a life-long basis.
Back
to News Review index page
