Rupee recovers some ground
Mumbai: The rupee recovered some ground to close at 43.75 per US dollar on Wednesday, gaining about four paise on Tuesday's close of 43.82/83.

Forwards market: The six-month forward closed at 1.70 per cent (1.3 per cent) and the 12-month forward at 1.45 per cent (1.2 per cent).

G-secs: The benchmark 7.38 per cent paper closed at 6.53 per cent as against its previous finish of 6.51 per cent.

Call market: Flat at 4.75-4.85 per cent levels.

CBLO market: 114 trades aggregating Rs3,245.75 crore were put through in the rate range of 4.66-4.85 per cent.
Back to News Review index page  

New schemes from State Bank of Hyderabad
Hyderabad: The State Bank of Hyderabad (SBH) has announced the launch of two new schemes - 'Grahak Mitra' and `Drop Box Migration'.

A bank release said that the objective of 'Grahak Mitra' was to help walk-in customers get personal attention, respond to basic enquiries, and to encourage migration to alternate channels at branches.

The purpose of `Drop Box Migration' was to enhance customer satisfaction by providing hassle-free cheque tendering.
According to the bank, the drop box would have three separate compartments for dropping outstation, local clearing and payable-at-the-branch cheques, with 24-hour access for customers.
Back to News Review index page  

Andhra Bank in pact with ICFAI for education loans
Hyderabad: Andhra Bank has entered into another alliance with the ICFAI University for extending education loans to its students at concessional interest rates.

The bank had recently signed memoranda of understanding (MoUs) with the Indian School of Business (ISB) at Hyderabad and the Birla Institute of Technology and Science (BITS), Pilani.
The bank has so far sanctioned educational loans to 35,690 students with the loans aggregating Rs719.63 crore as at the end of December last year. The scheme, exclusively prepared for the students of ICFAI University, would help them achieve their goals without worrying about their financial inputs for the courses, he said.

Under the scheme, the bank offers the lowest and simple rate of interest at nine per cent during the study period, with 50 basis points concession for those who serve interest during the study period and another 50 basis points concession for prompt payment. Thus, the effective rate of interest comes to eight per cent, lowest in the banking industry for educational loans, he said.
Back to News Review index page