Rupee trades lower - G-Secs lacklustre
Mumbai: The rupee traded a shade lower against the dollar on Monday ending at 43.78/79 on Friday.

Forwards market: The 12-month premium closed at 1.39 per cent (1.33 per cent) and the 6-month premium at 1.68 per cent (1.52 per cent).

G-Secs: The 10-year-7.38-per-cent benchmark paper closed at Rs104.63 (6.75 per cent YTM) against Friday's close of Rs105.19/20 (6.67 per cent YTM).

Call rates: The inter-bank call rate was 4.7-4.8 per cent (4.60-4.65 per cent). CBLO market: 193 trades aggregating Rs5682.90 crore were put through in the rate range of 4.12 to 5.5 per cent.
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Banking services defined as public utility for another six months
New Delhi: The services in the banking industry have been declared as a public utility under the Industrial Disputes Act, 1947, for another six months with effect from March 30, 2005 in the larger public interest, according to an official release.

The Ministry of Labour, in a notification issued here, said the services in this industry were earlier declared public utility for six months from March 30, 2004 and subsequently extended for another six months. Consequently, all bank employees would be required to give a six-weeks' advance notice of a strike so that conciliatory proceedings can be started.

During the conciliatory proceedings and seven days after their completion, the employees cannot go on strike, the release said.
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Shriram Group to foray into life insurance
Mangalore: The Chennai-based Shriram Group has applied for a licence for its foray into life insurance business and expects the company to begin operations by the end of July or first week of August.

Although the group is in talks with two or three foreign companies on forming a joint venture, officials said that they had the capacity to start the business on their own, if nothing materialised.The group companies have more than 15 lakh customers.
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TMB scheme to provide overdraft facility for pensioners
Madurai: The Tamilnad Mercantile Bank (TMB) has introduced a new scheme called the 'TMB-Pensioner'. Under this scheme, overdraft facility would be granted to persons who have retired from Central Government organisations, PSUs, and banks, and who receive their pension through TMB.

The loan may be used to meet their medical expenses, payment of phone charges, educational expenses, water charges, family expenses, etc.

The pensioners may get overdraft up to 95 per cent of their one-month pension amount after deducting other payment obligations, if any. The facility would come at an interest rate of 10 per cent a year and no security need be provided.

TMB will not collect any processing charges for this scheme, a release said.
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Corporation Bank business up 24 per cent
Mangalore: Corporation Bank has said that its total business stood at Rs45,808 crore as of March 31, which marks a growth of 23.50 per cent over the previous year-end level.

A bank release said here that the total business grew by Rs8,697 crore during the year.

As on March 31, total deposits stood at Rs27,281 crore, registering a growth of 17.5 per cent. Advances were at Rs18,527 crore, an annual growth of over 33 per cent, the release added.
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