Bonds crash
Mumbai: Bond prices crashed by around one rupee across maturities on Thursday due to aggressive sell-offs. The domestic currency ended at Rs.46.33/3350 marginally stronger as compared to Wednesday's closing at Rs.46.35/37.

Forwards Markets: The six month premium ended at 2.49 per cent (2.55 per cent) and the one year at 2.16 per cent (2.22 per cent).

G-Secs: The 10 year bench-mark yield on the 7.37 per cent 2014 paper hardened to 6.27 per cent at Rs.107.90.

Call Rates: In the range of 4.25 and 4.50 per cent.
Back to News Review index page  

Market stabilisation scheme ceiling raised to Rs.80,000 crore
Mumbai: The Government has raised the ceiling of the Market Stabilisation Scheme (MSS) to Rs.80,000 crore from the existing level of Rs.60,000 crore. The revision was made by the Government as per the request of the Reserve Bank of India.

The threshold limit of amount outstanding under the MSS has crossed the Rs.50,000 crore mark and the RBI had accordingly informed the government, said an RBI press release.

The threshold level at which the ceiling will be reviewed in the future, has also been revised upward to Rs.70,000 crore from Rs.50,000 crore previously.

The indicative schedule of issuance of securities under MSS for the quarter July-September 2004 has remained unchanged.
Back to News Review index page  

HDFC Bank opens 24-hour branch
Mumbai: HDFC Bank has opened its first 24-hour branch at the International Air Cargo Complex in Mumbai. The customers will be now offered various current account facilities at the Airport Authority of India (AAI) branch including 24-hour payment facility, funds transfer, forex services, inward or outward remittances and trade finance services, said a press release.

The collections of and payments of the funds across India can be arranged through the bank's on-line real time banking with its entire branch network.
Back to News Review index page  

RBI allows withdrawals on Prudential Cooperative
Hyderabad: The Reserve Bank of India on Thursday allowed the financially struggling, Prudential Co-operative Bank Ltd to permit withdrawal of a sum not exceeding Rs.20,000 in any deposit account by a depositor.

The disbursement programme would be put in place by the co-operative bank and announced shortly, the Managing Director said in a press release.

The RBI directive said that the mentioned sum in any deposit account, by whatever name called could be withdrawn by a depositor provided that the depositor is having liability to the bank - either as a borrower or surety, and the amount may be adjusted first to the relevant borrowal accounts.
Back to News Review index page