Money market: Rupee holds on to gains
Mumbai: The rupee finished the day at 43.42 levels against the dollar, a tad lower from its previous close of 43.40.

Forwards Market: The six-month forward closed at 2.1 per cent against its previous close of 1.84 per cent. The 12-month forward finished at 1.7 per cent (1.56 per cent).

G-Secs: The benchmark 7.38 per cent 10-year paper closed a brisk session at 6.727 per cent as against its previous close of 6.68 per cent.

Call Rates: Ranged in a band of 4.8-4.85 per cent in the inter-bank money market.

CBLO market: 142 trades aggregating Rs6,422.30 crore were put through in the rate range of 4-4.75 per cent.
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SBI picks up 51 per cent stake in Mauritius-based bank
Mumbai: The State Bank of India has acquired 51 per cent stake in Mauritius-based Indian Ocean International Bank Ltd (IOIB). The bank declined to elaborate on the acquisition and has said that it will come out with details ebventually.

An agreement has been finalised with the principal shareholder of IOIB for acquiring over 51 per cent equity with management control.

SBI had said earlier that it was on the look out for small to medium sized banks in Africa and Asia as part of its plan to increase international presence through mergers and acquisitions.
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New RD scheme from Peerless
Kottayam: The Peerless, a leading registered residuary non-banking company, has launched a new Recurring Deposit scheme in the State with free life insurance coverage.

The product is a recurring monthly savings plan for five years with a minimum deposit of Rs500 per month and maximum insurance coverage up to Rs3 lakhs without any premium contribution from the investor.

The deposit would attract a 5 per cent compound interest and 2.3 per cent bonus. So far, 20 million depositors have received their maturity payment from Peerless.
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Aviva raises capital base by Rs.77 crore
New Delhi: Aviva Life Insurance has announced that it has increased its capital base by Rs77 crore, taking the total paid-up capital to Rs320 crore. While Aviva holds 26 per cent stake in the company, Dabur holds the remaining 74 per cent equity.

Aviva Life has recorded a 118 per cent growth during calendar 2004 with a new business premium income of Rs158 crore, according to a company press release.
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Corporation Bank segments current account offerings
Mangalore: Corporation Bank has launched current account variants with add-on facilities targeted at various business segments.

A bank release said that the bank had segmented its current account offerings into four variants - Corp Business Account, Corp Business Premium Account, Corp Business Club Account and Corp Business Privilege Account.

The bank said that there was a need for developing customised products to meet the requirements of each distinct business segment. Based on the quarterly average balance (QAB) maintained by current account holders, the variants will cater to business segments such as individuals, proprietorship and partnership firms, private sector companies, public sector undertakings and multinational companies.

Each of these variants will offer various in-built free services and other services at concessional rates. The facility will be available in all networked core-banking branches. At present, 358 branches of the bank in 132 centres are under core banking.
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