Rupee loses another 10 against the dollar
Mumbai: The rupee ended at 46.1050/1100 against the dollar on Thursday, weaker by 10 paise from Wednesday's close of 46.00/01.
Forward Market: The six-month forward closing at 1.84 per cent (1.80 per cent) and the twelve-month closing at 1.61 per cent (1.60 per cent).
G-Secs: Prices tumbled by over 80 paise, pushing up the 10-year benchmark yield to 5.99 per cent on fears of a high inflation figure. The 11-year benchmark 7.38 per cent 2015 paper closed at Rs 110.30. The 10-year benchmark 7.37 per cent 2014 paper closed at Rs. 110.30.
Call Rates: Easy at 4.40-4.50 per cent.
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Commodity Exchange members to get PNB guarantees
Mumbai: The Punjab National Bank (PNB) has issued guidelines to its offices and branches to issue bank guarantees in lieu of security deposit to the members of National Multi-Commodity Exchange of India (NMCE), according to an exchange release. This facility would now enable the NMCE members to increase their exposure limits on the exchange. The bank guarantees are expected to increase liquidity in the commodity market and result in greater trading volumes in the long run. NMCE had recorded a turnover of Rs 47,372 crore in the financial year ending March 31 — an average of Rs 158 crore per day.
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Bank of India launches gold card for exporters
Mumbai: The Bank of India has launched the 'Exporters Gold Card' in order to make credit easily available to exporters. Exporters with a good track record, satisfactory financials and cash management can avail of the 'gold card'. The card offers a range of benefits, including competitive terms, pricing in interest and service charges, approval of limits for a longer tenure, assessment of working capital limits up to Rs 5 crore at 20 per cent of the average yearly turnover estimated for the next three years, according to bank officials. Cardholders will be given priority for allocation of foreign currency funds and a privileged customer status at BoI branches.
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Bank unions call for strike on August 24
Coimbatore: The United Forum of Bank Unions (UFBU) has given a call to its members to strike work on August 24. The UFBU, which met under the Presidentship of Mr S.D. Dhopeswarkar, President, AIBEA (All India Bank Employees Association) in Mumbai recently, said that an agitation at this juncture has become inevitable because of the adamant attitude of the IBA.
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Reliance Info and ICICI Bank tie up
Mumbai: Reliance Infocomm and ICICI Bank have introduced an interactive mobile banking service through which the bank's customers can get a range of banking services free of charge. The services are available through R-World, Reliance's information and entertainment service. Customers can get mini-statements, make requests for cheque book, view presented bills, and also pay bills by direct debit through bank account.
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