Rupee closes higher
Mumbai: In the Forex market, the spot rupee ended around five paise stronger at 46.32/33 as against its previous closing at 46.35/37.
Forwards Market: The six-month premium ended at 2.80 per cent (2.74 per cent), while the premium for one year ended at 2.46 per cent (2.42 per cent).
G-Secs: The 10-year benchmark paper, the 7.37 per cent 2014 closed stronger at Rs.106.15. The 7.38 per cent 2015 paper also closed at Rs.106.25 levels.
Call rates: Easy at 1.50 per cent-2.00 percent levels in the inter-bank market.
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Allahabad Bank provides relief package for farmers
Kolkata: Allahabad Bank, according to a press note issued here, will provide conversion and rescheduling facilities in case of damage to standing crops due to natural disasters. Those who have suffered from production and income losses on account of such disasters for two or more consecutive years (during the past five years) will get a special facility: Their existing loans as on March 2004 will be rescheduled by the bank.

The restructured amount will be payable over a period of five years at current rates of interest. This will include an initial moratorium of two years, after which the farmers concerned will become eligible to take fresh loans.

A scheme for one-time settlement of dues has been drawn up. This will relate to farmers who are in default of earlier loans as on June 30, 2004. It will offer them various relaxations and concessions for settlement of dues. Such a measure will make them eligible for fresh loans once again.
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All branches of the Federal Bank are RTGS enabled
Kochi: The Federal Bank will offer instant fund transfer facilities to all its customers through the real time gross settlement system, which is now available across all its branches. According to a press release issued by the bank, it is the first bank in the country to extend inter-bank transactions through the RTGS system at all its branches.
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Srei International goes global
Kolkata: SREI International Finance Ltd has gone global with the formal launch of operations of its wholly-owned German subsidiary, International Infrastructure Services GmbH (IIS). The company has also announced a CEO for the German subsidiary.
Registered in Bonn, IIS will have two managing directors, as required by German company regulations. While Mr Hemant Kanoria is the MD on the Indian side, Dr Stephan Kinnemann, a banker by profession, will be heading the international operations from his Bonn office.

Dr Kinnemann is also the special advisor on investment and trade to Afghanistan, appointed by the Government of the Federal Republic of Germany. The two companies today formalised the relationship by signing the articles of association and exchange of documents. Formed with an initial equity base of one million euro, the board structure of the new company and formation of another outfit in Russia would be finalised at Srei's forthcoming board meeting here, following the AGM on August 28.

IIS would act as a bridge between the small and medium German and Indian companies, particularly in the area of infrastructure equipment financing and other financial services, including consultancy. The new outfit would be competing with other international infrastructure finance companies that may be entering India for participating in the new projects such as developing airports and urban infrastructure.
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HDFC exits SBI Home Finance
Mumbai: HDFC has sold its entire stake of over 12 per cent in SBI Home Finance through the open market. SBI Home Finance was promoted by SBI along with HDFC in 1988.

In a notice to the NSE, SBI Home Finance said HDFC has sold its holding in the company and its holding stands reduced to nil. The shares, sold in the market between Rs.11-12, have realized total proceeds of around Rs.2 crore.
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Gartner will be IT advisor to Yes Bank
Mumbai: YES Bank has announced the appointment of Gartner India as its advisor to develop a information technology strategy, said a press release.

Gartner will work to develop an IT blueprint for the bank considering its business strategy and technology architecture. Also the company will focus on building operations, governance and organisational models for the technology initiatives of the bank, said the release.
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States announce loan sale
Mumbai: Three State Governments, Kerala, Tamil Nadu and West Bengal, have announced the auction of a 10-year stock for an aggregate amount of Rs.1, 186 crore, on August 24. The auction will be held based on the multiple yield format, said a press release.
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Unions reject IBA offer
Chennai: At the wage negotiation talks held today in Mumbai, the Indian Banks Association is understood to have improved its wage offer. The unions, though, have rejected the offer terming it as not good enough.
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