Rupee dips lower - G-Secs fall
Mumbai: The rupee ended at 43.62/63 against the US dollar on Wednesday, marginally lower than Tuesday's close of 43.5850.

Forward market: The 6-month premium closed at 1.54 per cent (1.50 per cent) and the 12-month premium closed at 1.34 per cent (1.35 per cent).

G-Secs: The 7.38 per cent 10-year benchmark paper closed at Rs105.62 (6.64 per cent YTM) on Wednesday as against Tuesday's close of Rs106.04 (6.57 per cent YTM).

Call rates: closed at 4.75 per cent (5 per cent).

CBLO market: 144 trades aggregating Rs4369.85 crore was put through in the rate range of 4.10 to 5 per cent.
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DICGC hikes deposit cover premium
Mumbai: The Deposit Insurance and Credit Guarantee Corporation (DICGC) has decided to raise the deposit insurance premium to 10 paise per Rs100 from 5 paise per Rs100 of assessable deposit per annum.

The premium will be raised in a phased manner over a period of two years. In the first phase, the premium rate would be increased to 8 paise from 5 paise per annum per Rs100 of assessable deposits for the financial year 2004-05, said a press release.

In the second phase the deposit insurance premium would be increased to 10 paise per annum per Rs100 of assessable deposits from 8 paise.

The second phase of increase in premium would be effective from the financial year 2005-06.
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ICICI Bank: Micro credit disbursements treble to Rs.702 crore
Chennai: ICICI Bank's micro-credit disbursements have nearly trebled to Rs702 crore so far this year. Last year, the bank had disbursed Rs245 crore.

Sanctions this year have amounted to Rs916.50 crore as compared with Rs260 crore last year. As on date, the bank's micro-credit book stands at Rs648 crore, compared with Rs185 crore at the end of 2003-04.

The bank has built partnerships with some 40 micro credit institutions and credit is delivered through them. Officials said that a million households had been provided credit by the bank through the partner organisations. Alongside, one lakh rural health policies had been sold as well, officials said.

The bank intends to get into tie-ups with some 200 micro credit institutions.
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UTI Bank GDR issue raises $239 mn
Mumbai: The UTI Bank has raised $239.30 million through the issue of 40.49 million Global Depository Receipts, by way of assuring the bank's growth in the next two to three years as well as augmenting its Capital Adequacy Ratio (CAR). With the issue of the GDRs, the bank's CAR, which had fallen to 9.5 per cent, will now stand at 13 per cent. The bank will take a decision on exercising the greenshoe option later.

The GDRs will be listed on the London Stock Exchange. The issue was priced at $5.91 per GDR, which was at parity to the last closing price of Rs256.65 per share on the NSE on Tuesday.

The GDRs were placed through a book-building exercise.
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SVC Bank launches real time money remittance system
Mumbai: The Shamrao Vithal Co-operative Bank Ltd (SVC Bank) has introduced 'straight through processing (STP)' technology at all its branches, enabling customers to remit money to anyone at any bank branch in the country.

The STP technology is a part of the real time gross settlement (RTGS) system hosted by the RBI to enable inter-bank fund transfers. These settlements are immediate, final and irrevocable.

Implementation of RTGS for bank customers requires seamless integration of the RTGS transactions with the retail banking system at the branches for proper accounting.

The Shamrao Vithal bank will charge Rs100 for transfer of funds up to Rs2 lakh. For amount above Rs2 lakh it will be Rs200.
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