Bond prices crash as rupee firms up
Mumbai: Bond prices crashed by around one rupee across maturities as the Reserve Bank of India announced a 'fixed rate' auction. The rupee closed marginally stronger at 45.81/82 against the dollar as against Thursday's levels of 45.85/86.

Forwards Market: The six-month premium ended at 2.45 per cent and the one-year premium ending at 2.05 per cent.

G-Secs: The 10-year benchmark yield touched a high of 6.68 per cent levels. The 7.37 per cent 2014 paper slipped to a low of Rs104.90. The 6.65 per cent 2009 slipped to Rs101.15. The market reacted to the announcement for a re-issue of the 7.38 per cent 2015 paper for raising Rs6,000 crore, to be held on October 11.

Call Rates: Ruled between 4.40 and 4.60 per cent in the inter-bank market.
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Canara Bank achieves full computerisation
Bangalore: Canara Bank has achieved cent per cent computerisation with all the 2,476 branches, 57 per cent of which were rural, fully computerised as on September 15, this year, a bank release has said.

The release said it had built a robust networking system covering 1,090 branches/offices. Leased line connections are backed up with ISDN connections under corporate network
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Iffco-Tokio targets Rs.500 crore premium
Kolkata: Iffco-Tokio General Insurance has targeted a premium income of Rs500 crore this year compared to Rs323 crore, which it had achieved in the previous fiscal.
The company hopes to achieve its target by adopting multi-pronged strategies, including generation of fresh motor insurance business.

Iffco-Tokio recorded a gross premium of Rs323 crore during the past fiscal, earning a pre-tax profit of around Rs14 crore.

It has also announced the launch of a cashless service for the customers of Toyota Kirloskar Motor. All Toyota buyers will now be able to undertake cashless repairs of insured vehicles.
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Banks to offer Senior Citizens Savings Scheme
Mumbai: Banks will now start accepting deposits under the Senior Citizens Savings Scheme (SCSS) which was introduced by the Government in August, said a notification from the Reserve Bank of India.

Banks which are operating 'Public Provident Fund Scheme, 1968' will operate this scheme through their branches.

Small Savings agents working under the Standardised Agency System (SAS) will mobilise deposits under the scheme. Commission of 0.5 per cent will be paid to these agents. The "at source commission payment system" will also be applicable to these agents, the notification said.
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RBI announces auction of Rs.6,000 crore fixed rate paper
Mumbai: The Government has announced re-issue of Rs6,000 crore worth of 7.38 per cent 2015 Government paper through a price based auction on October 11, said a RBI release.

The Reserve Bank of India will conduct the auction through multiple price auction method, said the release. Eligible individuals and institutions will be allotted up to 5 per cent of the notified amount of the sale of the stock according to the scheme for non-competitive bidding facility.

The bids should be submitted to the RBI by October 11. The result of the auction will be announced on October 11 while payment will be on October 12. Bids for underwriting should be submitted by the primary dealers on October 9, said the release.
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