Rupee and bonds tumble
Mumbai: The rupee plunged by around 30 paise closing the day at 43.83/84, as against Tuesday's closing levels of 43.54/55.

Forwards Market: The six-month premium ended higher at 1.96 per cent (1.78 per cent) while the premium for one year ended at 1.50 per cent (1.35 per cent).

G-Secs: In tandem with the fall in rupee value, bond prices too fell by around 60 paise across maturities. The 10-year benchmark paper ended at Rs106.23 at a yield to maturity of 6.56, as against its previous closing at Rs106.90 (6.47 per cent).

Call Rates: At the 4.80 per cent levels in the inter-bank market.
CBLO market: 107 trades were conducted, amounting to a volume of Rs3,085.25 crore, in the rate range of 4.25 per cent and 6 per cent.
Back to News Review index page  
RBI: On-tap sale of State Government bonds
Mumbai: The Reserve Bank of India has said that twenty State Governments have offered to sell 7.02 per cent State Development Loan, 2015 having maturity of 10 years for an amount of Rs6,000 crore on January 11 by way of tap sale under the normal market borrowing programme.

The States not participating in the tap sale are Arunachal Pradesh, Chhattisgarh, Goa, Gujarat, Mizoram, Orissa, Sikkim and Uttaranchal.

The sale will be held at the respective regional offices of the RBI and at Mumbai.

The RBI reserves the right to close the sale during banking hours on or after January 11 with regard to the requirements of the State Governments and the subscriptions received. The date of payment will be January 13, said a release.
Back to News Review index page  
Bank of India may buy into an Indonesian bank
Mumbai: The Bank of India (BoI) is exploring the possibility of an overseas acquisition and may also consider raising around $200-$300 million by way of medium term notes next year, to fund its global expansion plans.

In countries where it is more expensive to set up a branch, the bank may consider going in for acquisitions, bank officials said. In Indonesia BoI have a representative office but converting it into a branch would entail investments of around $100 million. The bank feels it may be cheaper to acquire some bank which has a few branches and has accordingly initiated talks with a few banks in this regard.

The bank was also looking to raise $200-300 million through a medium term notes programme, the details of which have not been finalised yet, he added.

BOI also has plans to set up branches in Antwerp (Belgium) and Shenzen (China) shortly.

Responding to queries on the rumours of a merger between BOI and Union Bank of India, Mr Venugopalan said, "We are not averse to mergers and acquisitions, but there is nothing specific as of now."
Back to News Review index page  

Bank of India launches global credit card
Mumbai: The Bank of India has launched an international gold credit card in association with Visa International.

With this card, cardholders can access cash at over 8,10,000 ATMs in the Visa Global ATM network and at over 1,00,00,000 merchant locations worldwide. It allows free personal accident death insurance up to Rs8 lakh and a revolving credit facility at a preferential interest rate of 1.7 for pre-qualified customers.
Back to News Review index page  
Union Bank and Principal PNB Asset tie up for MF products
Mumbai: The Principal PNB Asset Management Company has tied up with the Union Bank of India for distribution of their mutual fund schemes.

This tie-up will enable Principal to distribute its mutual fund schemes through Union Bank of India's 2,020 branches, according to a company press release.
Back to News Review index page