Rupee recovers - G-Secs rise
Mumbai: The rupee recovered from an intra-day low of 43.70 to the dollar, its lowest level in two weeks, before closing stronger at 43.65/66 on Friday. The domestic currency had closed at 43.6550/66 on Thursday.

Forwards market: The 6-month premium closed at 1.56 per cent (1.47 per cent) and the 12-month at 1.37 per cent (1.30 per cent).

G-Secs: Bonds gained by around 30 paise despite concerns on crude oil price fluctuations and higher inflation data. The 7.38 per cent, 10-year benchmark closed at Rs105.43 (6.65 YTM) against Thursday's close of Rs105.10 (6.69 YTM). It had opened at Rs105.15 (6.69 YTM).

Call rates: Rose to a high of 6 per cent amid a slight tightening in the liquidity.

CBLO market: 162 trades, aggregating Rs4,467.45 in the rate range of were put through in the rate range of 2 to 6.30 per cent.
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Dhanalakshmi Bank ties up with IDRBT for ATM network
Kochi: Dhanalakshmi Bank is now part of the national network of ATMs operated by the Institute for Development and Research in Banking Technology (IDRBT).

The facility, going live on Friday, will enable the customers of Dhanalakshmi Bank to access ATMs operated by ICICI Bank, Bank of Baroda, Andhra Bank, Punjab National Bank and United Western Bank Ltd across the country.

According to the bank, the tie-up with IDRBT and Cashnet will throw up a network of more than 14,000 ATMs to its customers.

The bank had earlier tied up with Cashnet Network operated by Euronet, which enabled its customers to access ATMs operated by seven other banks: Citibank, UTI Bank, IDBI Bank, Corporation Bank, Centurion Bank, Bank of Punjab and Development Credit Bank.
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Dhanalakshmi Bank launches NRI boutiques
Thiruvananthapuram: The Thrissur-based Dhanalakshmi Bank has announced the establishment of 'NRI boutiques' or relationship centres at eight locations in Kerala. The bank has also created a separate NRI division at its corporate office in Thrissur, says a press release issued by the bank.

The bank has recently unveiled two products designed specially for NRIs, says the press release. One is Dhanam Perennial Payment Plan, a value-added deposit product that ensures regular monthly payments. The other is the Dhanaraksha, a personal insurance product that offers accident insurance cover for NRIs and also takes care of hospitalisation expenses for NRIs and their dependent family members in India, the release adds.

Other new initiatives at the bank include the launch of an international debit card and a co-branded credit card, says the release. The bank is also in the process of networking its 174 branches, and is also setting up a network of 100 automated teller machines (ATMs) across the country.
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AM Best reaffirms GIC's rating
Mumbai: The International insurance rating agency AM Best has reaffirmed the `A' (Excellent) financial strength rating given to the General Insurance Corporation.

AM Best's ratings are recognised worldwide as the benchmark for assessing an insurer's financial strength.

According to GIC officials the ratings builds on their credibility. Since September 2001, GIC has been the national reinsurer.

AM Best anticipates that GIC will most likely retain its leading position within the domestic market despite a likely decline in its reliance on the compulsory cessions from which it benefits as India's national reinsurer.

Currently, IRDA regulates 20 per cent cession from domestic insurers to GIC.
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