Rupee pulls back 52 paise on earlier losses
Mumbai: The rupee recovered some of its earlier losses, ending at 44.2750/2850 against the dollar, 52 paise stronger than its previous close at 44.79/80 on Friday.

Forwards Market: The six-month forward closed at 1.50 per cent (1.61 per cent) while the 12-month forward ended at 1.24 per cent (1.29 per cent).

G-Secs: Yield on the benchmark 7.38 per cent 2015 paper closed at 6.69 per cent with the price of the paper closing at Rs105.25. The 7.55 per cent 2010 finished at Rs104.90 at a yield of 6.47 per cent.

Call Rates: in the inter-bank market ranged between 4.60 per cent and 4.80 per cent.

CBLO Market: 124 trades worth Rs5,277.65 crore were transacted in the rate range of 4.65 to 5.00 per cent.
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Banks told to comply with directions on savings bonds
Mumbai: The Reserve Bank of India has said that most of the designated branches of Agency banks dealing in savings bonds have not adhered to the directions issued by the central bank and has warned them that non-compliance with instructions will be dealt with in a serious manner.

In a notification to the chiefs of State Bank of India and Associate banks, 17 Nationalised banks, UTI Bank Ltd, ICICI Bank Ltd, HDFC Bank Ltd and IDBI Bank Ltd and Stock Holding Corporation of India Ltd, the central bank has said that although the designated branches have introduced standardised application forms for savings bonds, they could not provide the same readily when applicants had requested for the same.

The information relating to the `duties and rights of the investor' was kept separately and provided only on specific request. Some of the designated branches continued to use the old application forms and argued that they have the approval of RBI to use them till the stock is exhausted.

No such approval has been granted by RBI and the Agency banks were instructed to commence using the standardised application forms with effect from June 15, the apex bank has said.
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ICICI Bank board okays sponsored ADR size
Mumbai: The board of directors of ICICI Bank Ltd on Monday approved the size of the sponsored American depository receipt (ADR) offering to be up to a maximum of 6 per cent of the bank's paid-up equity share capital.

This would be about 44 million shares and at the current price, the offer would be to the tune of $400 million, said a bank official.
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