Rupee strengthens as gilts decline
Mumbai: The rupee closed stronger on Tuesday by around 17 paise, finishing at 44.11/12 against the dollar against its previous close at 44.2750/2850.

Forwards Market: The six-month annualised forward premia closed at 1.82 per cent (1.50 per cent). The one-year forward premium ended at 1.38 per cent (1.24 per cent).

G-Secs: Down nearly 30 paise over previous closing levels. The yield on the benchmark 7.38 per cent 2015 ended at 6.73 per cent. The 7.55 per cent 2010 paper closed at 6.52 per cent.

Call Rates: In the range of 4.80-5.15 per cent.

CBLO market: 115 trades worth Rs5,523.55 crore were transacted.
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YES Bank in seven-year outsourcing deal with Wipro
Bangalore: Yes Bank has signed a seven-year total IT outsourcing deal with Wipro Infotech, the domestic IT service arm of Wipro Ltd. As part of the deal, Wipro Infotech will address the entire technology requirements of YES Bank's offices, branches across the country and set up a data centre on build, own and operate basis. Wipro will also be the preferred partner for servicing all future technology demands of YES Bank.

Both Premji and Kapoor declined to comment on the value of the deal with the Wipro Chairman saying "we don't want to unbundle the price for competitive reasons." However, Wipro Infotech will be charging YES Bank on a pay-by-use basis.

YES Bank said that it would save about 30 per cent in total costs, if it ran the IT infrastructure that has been outsourced in-house.

YES Bank is implementing core-banking solution Flexcube from i-flex Solutions and is also outsourcing the ATM infrastructure to another firm.

The Wipro Infotech President, Suresh Vaswani, said the deal is the first of its kind.
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Deutsche Bank to arrange credit for RIL
Mumbai: Deutsche Bank AG has said that it is arranging a 116.2 million euro (around Rs681 crore) buyers credit facility for Reliance Industries Ltd.

The company will use the funds to refinance the import of equipment for the expansion of its polyester plants, said a press release.
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IDBI funding for power projects
Mumbai: IDBI Ltd has sanctioned Rs1,500 crore for funding power projects this year.

The financial institution has sanctioned Rs9,000 crore towards various infrastructure projects so far this year, compared with Rs7,500 crore sanctioned for the financial year ended March 2004, banking officials have said.

Of the 28 power projects sanctioned last year, 20 have already been commissioned.

The ventures sanctioned this year include rural electrification projects worth Rs500 crore, Balakrishnan said.
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Optimus T: Credit card biz solution from Polaris BPO
Chennai: Optimus, the wholly owned business process outsourcing (BPO) subsidiary of Polaris Software Lab Ltd, has launched Optimum T, a comprehensive business infrastructure solution, to support the credit card market.

The solution offers banks the complete portfolio of technology, infrastructure and business services required to build a profitable cards portfolio, says a company press release. Optimum T offers transaction processing services and business consultancy in all areas of the credit card business, including customer acquisition, retention, running loyalty programmes and collections. This will aid banks in leveraging best practices and knowledge gained from global markets, the release said.
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AIBOC threatens stir against mergers
Chennai: The All India Bank Officers' Confederation (AIBOC) has threatened a `lightning strike' if the Government goes ahead with its plan of merging banks or opening up the banking sector for further foreign direct investment.

The General Secretary of AIBOC, Shantha Raju, said that the confederation was opposed to the merger of banks because nobody has been able to offer a convincing justification for the mergers. Second, he said that the Government was trying to push through the move through its dictat, rather than having the issue discussed in Parliament.

He also observed that there had been no call for the mergers from the bank managements, until before the Finance Minister suggested consolidation in the banking industry.
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