Rupee closes strongest in over a month
Mumbai: The rupee closed on Monday at its strongest levels, in over a month at 46.17 against the dollar

Forwards Market: The six-month premium ended at 1.72 per cent (1.81 per cent), while 1.55 per cent (1.56 per cent).

G-Secs: Prices fell by 30-50 paise across maturities on a net basis. In early trades, the 7.37 per cent 2014 closed at Rs.109.60. The ten-year yield setted at 6.09 per cent.

CBLO Market: 113 trades amounting to Rs.3,998.90 crore were conducted in the rate range of 4.25 per cent and 4.50 per cent.
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RBI cancels registration of Girija Investments
Hyderabad: The Reserve Bank of India (RBI) has cancelled the certificate of registration granted to Girija Investments Pvt Ltd, the city-based company having its registered office in Dwarakapuri Colony, for carrying on the business of a non-banking financial institution.

In a press release, the RBI said the action was taken while invoking powers conferred to it under the RBI Act 1934. Following cancellation of registration, Girija Investments cannot transact the business of a non-banking financial institution.
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Kisan credit cards to cover capital expenses as well
Ahmedabad: The National Bank for Agriculture and Rural Development (Nabard) has expanded the scope of the kisan credit card scheme to include capital and personal expenses of agriculturists.

According to the amended scheme notified last month, a farmer can now take loans not only for crops but also take term credit for purchasing capital equipment such as a tractor or implements. In addition, farmers can also take loans to meet their contingency expenses through the kisan card.

The kisan credit card scheme had been introduced in 1998 as a credit delivery mechanism for crop loans and now boasts of nearly 4.14 crore beneficiaries. Till now, farmers could only take loans for purchase of seeds or fertiliser, which had to be repaid at the end of the crop cycle. To finance their capital needs, farmers still had to approach banks or private moneylenders separately.

Under the amended scheme, banks would determine the value of the farmer's land and set a total exposure limit for the individual. While the bank's overall exposure would not exceed 75-80 per cent of the farmer's asset value, the individual would have the liberty to decide the quantum of loan under term and crop loans.
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RBI withdraws export facility to Latin American countries
Mumbai: The Reserve Bank of India has discontinued the facility for realisation and repatriation of full value of goods or software exported to Latin American countries within 360 days with retrospective effect from September 1, 2004.

This facility was extended up to August 31, 2004 for few Latin American countries, subject to review by RBI.

The exporters exporting to these countries are under obligation to realise full export proceeds within the prescribed six months from the date of export for exports made on or after September 1.
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SBT launches gold card for exporters
Thiruvananthapuram: The State Bank of Travancore has introduced a gold card scheme for exporters to make available export credit on more attractive terms.

Exporters, including those in the small and medium sectors, with a proven track record of three years and above are eligible for finance under the scheme, according to a statement from the bank.
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BoB and PNB to step into the equity market
Mumbai: The Bank of Baroda and the Punjab National Bank plan to tap the equity markets to raise funds by the end of this fiscal, as per their notifications to the Bombay Stock Exchange.
Bank of Baroda, the second largest government-owned bank in the country, has informed the BSE that its board of directors has considered a proposal to increase the paid-up capital of the bank through public issue subject to compliance of all regulatory and statutory requirements.

Currently, the Government holds 66.80 per cent equity in the bank and post-issue, its holding is expected to come down to 51 per cent, according to sources.

The Punjab National Bank, the third largest State-owned bank, is planning a `follow-on public offer' pending approvals from the Union Government and RBI, for a further issuance of up to 5 crore shares with pricing to be discovered through the book-building process.

The bank's board has approved the fresh equity issue and will seek shareholders' approval for the same in its extraordinary general meeting on October 11, PNB said in a notification to the BSE on Monday.

Currently, the Government holds 80 per cent stake in PNB.
PNB's initial public offer in 2002 was oversubscribed by over 300 per cent, with the total subscription touching about Rs.690 crore against the issue size of Rs.64.49 crore.
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