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Bonds
market too in the shadow of the Tax
Mumbai: The rupee ended the day at 45.68/70 against
the dollar on Monday, up by around three paise from its
previous close of 45.66/67 on Friday.
Forwards Market: The six-month forward closed at
1.40 per cent (1.16 per cent) while the twelve-month forward
closed at 1.30 per cent (1.23 per cent).
G-Secs: The ten-year benchmark 7.37 per cent 2014
paper closed at a yield of 5.88 per cent against the previous
yield of 5.82 per cent.
Call Rates:In the range of 4.25-4.50 per cent.
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IBA
draws up new farm schemes
Mumbai: The Indian Banks' Association has drawn
up three schemes to improve credit flow to the farm sector
The schemes include one time settlement for small and
marginal farmers . The scheme will cover all loan accounts
sanctioned to small and marginal farmers, which are in
default as on June 24, 2004. Another scheme is for relief
to farmers affected by natural calamities for at least
two successive years in the last five years in notified
districts.
The scheme covers distressed category of farmers who had
suffered production and income losses on account of natural
calamities such as drought/flood or other calamities which
might have occurred in the districts for two or more successive
years during the past five years, provided such districts
had been declared as "calamity affected" by
the State Government concerned.
The third scheme is for providing relief to farmers in
arrears.
The scheme covers investment credit and production loans
to farmers who have defaulted in meeting repayment commitments
due to factors beyond their control and are not eligible
for relief under the scheme for providing relief to farmers
in distress as per guidelines issued by RBI, said the
IBA. Another measure is to mitigate acute distress faced
by farmers due to heavy burden of debt from non-institutional
lenders. The indebtedness intended to be taken over from
non-institutional lenders may be included as part of assessment
of limits under Kisan Credit Card Scheme, said the IBA.
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IndusInd
Bank reports Rs.262 crore net profit
New Delhi: IndusInd Bank has said that it plans
to acquire a bank or a NBFC in the near future. The bank
has reported a net profit of Rs 262.07 crore for 2003-04
against Rs 90.17 crore in the previous year, The bank
has announced a total dividend of 22.5 per cent for its
shareholders for 2003-04 that includes a special dividend
of five per cent given earlier on the occasion of 10th
anniversary of the bank. After merging Ashok Leyland Finance
with Rs 4,200 crore assets, the bank's total asset base
has gone up to Rs 15,000 crore. The bank has cut down
its net NPAs to 2.72 per cent of net advances last fiscal
as compared to as high as 4.25 per cent in 2002-03.
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Govt
to sell Rs 5,000 crore stock under MSS
Mumbai: The Government of India has announced the
sale (re-issue) of '4.83 per cent Government Stock 2006'
under the Market Stabilisation Scheme for a notified amount
of Rs.5, 000 crore through a price-based auction using
multiple price auction method. The Reserve Bank of India
will conduct the auction on Wednesday, July 14. Up to
5 per cent of the notified amount of the sale of the stock
will be allotted to eligible individuals and institutions
as per the scheme for non-competitive bidding facility
in the auction of government securities. Bids should be
submitted to the RBI office on July 14. The auction is
not being offered for underwriting by the primary dealers
in government securities.
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