Rupee gains further, up 34 paise - bonds shoot up
Mumbai: Buoyed by strong dollar inflows and a easing in the global crude oil prices, the rupee appreciated by 34 paise and the bond prices rallied by around Rs1.50 in the debt markets. The Indian currency appreciated for the sixth consecutive session as foreign funds continued to pump in dollars in the equity markets. The Rupee closed at 44.11/12 per dollar, against its previous close at 44.45/46. The rupee touched an intra-day high of 44.05.

Forwards Market: The six-month annualised premium ended at 1.07 per cent (1.00 per cent) while the twelve-month forward closed at 0.84 per cent (0.81 per cent).

G-Secs: The yield on the benchmark 7.38 per cent 2015 paper ended at 6.80 per cent.

Call Rates: were in the range of 4.50-4.80 per cent.
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Twenty three states to go in for on tap sale of loans
Mumbai: The Reserve Bank of India has said that twenty three states have offered to sell the 7.32 per cent State Development Loan, 2014, with a maturity of 10 years, aggregating about Rs4,000 crore on December 8, by way of tap sale under the normal market borrowing programme.

The States which are not participating in the tap sale are Kerala, Manipur, Meghalaya, Punjab and Tamil Nadu. The sale for all the twenty-three sates will be held at the respective regional offices of the RBI and at Mumbai, said a press release.

The RBI reserves the right to close the sale during banking hours on or after December 8, having regard to the requirements of the State Governments and the subscriptions received. The date of payment will be December 10, the release said.
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AIBOC to strongly oppose merger of banks
Mumbai: The All-India Bank Officers' Confederation (AIBOC) has announced that the unions have decided to strongly oppose the merger and acquisition of banks in any form at the 7th Triennial General Conference of AIBOC, which ended on November 29.

In a press release, the union said that the organisation would pursue extension of the second option of pension for officers and the employees of the banks. The banking industry should also be taken out of the purview of the CVC and the CBI for progress and development of its business base, said the release.

At the conference, R.C. Agarwal was elected as the President for the next triennial period and Shantha Raju, as the General Secretary.
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National Insurance joins hands with Birla Sun Life
Kolkata: The National Insurance Company Ltd. (NIC) has tied up with the Birla Sun Life Insurance Company (BSLI) for joint product promotions. NIC is the largest non-life insurer in the country.

To begin with, the companies will market three product packages combining both life and non-life solutions. The premium earnings for the jointly packaged products during the first year of operation are expected to be Rs500 crore. Both the companies have decided not to strike similar arrangements with any other insurance company.

Initially the popular life insurance plans such as money-back, endowment, term and credit protection will be packaged along with mediclaim, personal accident and householders' insurance.
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