Rupee recovers - bond prices up
Mumbai: The rupee recovered on Wednesday to close at 43.79/80 as against Tuesday's close at 43.81/82.

Forwards market: The six-month premium closed at 1.60 per cent (1.66), while the 12-month premium closed at 1.35 per cent (1.44).

G-Secs: Bond prices rose by around 30 paise on account of banks buying securities before the end of the fiscal year. The 7.38-per cent 10-year benchmark paper closed at Rs105.20/30 (6.67 per cent YTM) against Tuesday's close of Rs105.00 (6.66 per cent YTM).

CBLO market: There was an all-time high of 122 trades in the market, aggregating Rs7,615 crore. This was put through in the rate range of 1 to 4.95 per cent.

Call rates: The inter bank rates closed at 4.50/75.
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RBI: WMA of states hiked by 9.77 percent
Mumbai: The Reserve Bank of India has revised the aggregate normal Ways and Means Advances of State Governments upwards by 9.77 per cent, effective April 1. The WMA of the state governments will accordingly increase by Rs795 crore to Rs8,935 core, against the present limit of Rs8,140 crore, said an RBI press release.

The minimum normal WMA limit is Rs50 crore for any State. These revised limits have been computed by taking into account the average of revenue receipts for the fiscal years 2001-2002, 2002-2003 and 2003-2004 and then applying to this average, a multiplication factor of 3.19 per cent for the non-special category States and 3.84 per cent for the special category States, respectively as recommended by the Advisory Committee on Ways and Means Advances to State Governments (Ramchandran Committee), the release said.

The other features of the WMA and Overdraft Scheme 2003 will remain unchanged.
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IDBI Homefinance revises interest rates
Mumbai: IDBI Homefinance Ltd, a wholly owned subsidiary of IDBI Ltd, has increased its PLR by 25 basis point, with effect from March 31 for pricing of its variable interest rate loans.

According to a release, the revised variable interest rates would be 7.5 per cent for loans up to five years, 8.25 per cent for loans above five years and up to 15 years, and 8.5 per cent for loans above 15 years and up to 20 years.

The revised interest rates will be applicable to all existing borrowers who have availed themselves of variable interest rate loans, the release has said. It further said that the increase in interest rate was minimal and would not impact the lenders in any significant way.
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HDFC Bank and Visa tie up for money transfer service
Mumbai: HDFC Bank and Visa International have launched a domestic money transfer service that will enable HDFC Bank account holders to transfer money from their accounts to a Visa debit or credit card, issued by any bank.

According to the bank, this was a cheaper, faster and safer mode of transfer of money compared to others like telegraphic transfers, demand drafts, cheques and electronic funds transfer.

This service is particularly useful for person-to-person transfer, commercial payments, subscription payments and income tax refund, said Mr Santanu Mukherjee, Country manager, South Asia, Visa International. It is possible to transfer money to 150 locations and to around 30 million Visa cardholders in India, he added.

This service is available only through Internet, to begin with and customers will have to sign up with the HDFC Bank's Web site, said Mr Amresh Acharya, Vice-President and Head-Liabilities Product Management. Laterthis facility will also be available through ATM, bank branches and point-of sales later on, he added.
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