Securities rally, rupee in range
Mumbai: The rupee closed steady at 46.30 per dollar on Friday in a range-bound forex market, as against Thursday's closing of 46.33.
Forwards Market: the six-month premium ended at 2.48 per cent (2.49 per cent) and the premium for one year ended at 2.16 per cent (2.12 per cent).
G-Secs: Bond prices rallied by over one rupee across maturities on Friday. The benchmark 10-year 7.37 per cent 2014 yield ended lower at 6.09 per cent at Rs.109.35.
Call rates: Easy at 4.25 levels.
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Award for Corporation Bank
Mangalore: Corporation Bank has won the "Best Bank Award for Delivery Channels" from the Institute for Development and Research in Banking Technology (IDRBT).

A bank release said here that the Governor of Reserve Bank of India, Dr Y.V. Reddy, presented the award to the Chairman and Managing Director of Corporation Bank, K. Cherian Varghese, in Hyderabad on Friday.

The release said that the bank has won the IDRBT award for the third consecutive year. Earlier, it had bagged the "Best Bank Award for Excellence in Banking Technology" in 2001 and the "Best Bank Award for Innovative Usage and Application on INFINET (Indian Financial Network)" in 2002.
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KSFC and IFFCO in pact for non-life products
Bangalore: The Karnataka State Financial Corporation (KSFC) has signed a corporate agency agreement with IFFCO Tokio General Insurance to further strengthen the marketing of non-life products.

KSFC had diversified its activity into distribution of insurance products in 2002 and had mobilised a cumulative premium income of Rs.2.17 crore till July this year.

With recognition as the corporate agency by the IRDA, KSFC hopes to achieve an insurance business of Rs.4 crore during the current fiscal. KSFC, a State public sector unit, is among the earliest to be awarded the license to conduct insurance business as a corporate agent.

KSFC, with its network of 31 branches across the State, hopes to expand its diversified business insurance products distribution in addition to strengthening its core business of providing loan assistance to small-scale in units. It has extended a cumulative assistance of Rs.7,184 crore to more than 1.54 lakh units so far.
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RBI: New norms for loans against NRI deposits
Mumbai: In a bid to reduce possibility of frauds, the Reserve Bank of India has mandated that applications for loans against non-resident Indian (NRI) deposits be forwarded through a bank branch in the country where the deposit holder resides. In a circular issued to all scheduled commercial banks, the RBI said this decision is also aimed towards facilitating legitimate transactions.

"The preferable procedure would be to route such requests through the bank branch at which the concerned NRI is maintaining his accounts,'' the RBI has said. The routing of the loan requests through the suggested procedures would ensure due diligence and compliance with 'Know Your Customer' norms by that branch. A copy of the passport of NRI should also preferably accompany the application for loan against NRI deposits. These instructions of RBI come in wake of the observations of the Committee on Procedures and Performance Audit (Tarapore Committee), which examined the previous instructions in respect of such loans.
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TMB extends business hours
Madurai: Tamilnad Mercantile Bank has extended its business hours by an hour and half. The bank has also taken several initiatives to improve service to its customers.
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Dhanalakshmi Bank goes live on RTGS
Kochi: The Thrissur-based Dhanalakshmi Bank has gone live on RTGS (real time gross settlement) for inter-bank transactions.
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