Rupee sheds 18 paise
Mumbai: The rupee ended at 45.86/88 on Tuesday, weaker by about 18 paise.
Forward Market: The six-month forward closed at 1.51 per cent (1.40 per cent) while the one-year forward closed at 1.43 per cent (1.30 per cent).
G-Secs: The market saw better volumes today though still lower than the average traded volumes. The most actively traded paper was the 11-year benchmark 7.38 per cent 2015 paper which shot up by over 40 paise to close at Rs 111.40 at the yield of 5.96 per cent. The ten-year benchmark 7.37 per cent 2014 paper closed at Rs 111.52.
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RBI to divest stake in SBI, Nabard and NHB
New Delhi: The Ministry of Finance is considering taking over the entire stake holding of the Reserve Bank of India in the State Bank of India (SBI), National Bank for Agriculture and Rural Development (Nabard) and the National Housing Bank (NHB).
In separate replies in the Rajya Sabha on the three institutions, the Minister of State for Finance, S.S. Palanimanickam, has said that the RBI proposal for the transfer of its entire shareholding in these institutions is currently under consideration.

While RBI holds 59.73 per cent of shares in SBI, the entire paid up capital of NHB is held by it. In Nabard, the RBI has infused capital of Rs 1,450 crore, while the Government has subscribed to the remaining Rs 550 crore. The Government has said that the transfer of stake is being done on the basis of the recommendation of the Narasimham Committee which had said that it would be appropriate for the Reserve Bank of India not to own the institutions it regulates.
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Indian and Corporation Bank to share ATM network
Chennai: Indian Bank and Corporation Bank have entered into an agreement to share their ATM infrastructure. Indian Bank has signed similar agreements with Andhra Bank and State Bank of India. The bank is already a part of two network consortia, Mitr and CastTree.
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PNB lowers FCNR rates
New Delhi: Punjab National Bank has lowered interest rates on Foreign Currency Non-Residents (Banks) scheme for dollar, pound and euro deposits with effect from Tuesday. The rate of interest on dollar deposits has been revised from 2.13 per cent to 2 per cent for maturities of one year to less than two years; from 2.92 per cent to 2.65 per cent for two years to less than three years, and from 3.45 per cent to 3.14 per cent for maturities of three years only. For pound deposits, it has been revised from 5.12 pc to 4.99 pct for maturities of one year to less than two years; from 5.20 pc to 5.05 pc for two years to less than three years, and from 5.27 pc to 5.12 pc for maturities of three years only.
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ABN-Amro net up 33 pc to Rs 195 cr
Mumbai: ABN-Amro N.V (India) has posted a 33 per cent jump in net profit at Rs 194.8 crore for the year-ended March 2004 - up from Rs 146.06 crore in the previous year. Total income increased to Rs 1,140 crore (Rs 995 crore) and total expenditure was at Rs 946 crore (Rs 849 crore).

Half the bank's assets are retail and the break up is expected to stabilise at 65:35 in favour of retail as against corporate. The deposits are largely low-cost with 75 per cent of it being current and savings accounts. Net NPA as a percentage of net assets stood at 0.88 per cent (1.59 per cent). Capital adequacy ratio increased to 13.48 per cent (12.57 per cent) with profit retention in the country. The bank has been retaining its profits for the past 15 years.
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