Rupee firmer - bond prices fall
Mumbai: The rupee firmed up to close at 43.7050 against the greenback on Monday. It had closed at 43.75/7525 on Thursday.

Forwards market: The 12-month premium closed at 1.47 per cent while the 6-month premium closed at 1.65 per cent.

G-Secs: Bond prices fell ahead of the news about the possible hike in domestic fuel prices. The 8.07 per cent, 12 year-2017 paper, which is currently the most actively traded paper closed lower at Rs104.65/70 (7.47 per cent YTM). It had ended at Rs105.10(7.40 per cent YTM) on Thursday. The 7.38-10 year-2015 benchmark paper closed lower at Rs101.86 (7.12 per cent YTM).

Call rates: The inter bank rates remained unchanged at 43.75/80.

CBLO market: 158 trades aggregating Rs5,610.95 crore in the rate range of 4.60 per cent to 4.95 per cent were realised.
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NGOs may raise ECBs up to $5 mn for micro finance activities
Mumbai: The Reserve Bank of India (RBI) has allowed non-government organisations (NGOs) involved in micro-finance activities, to go in for external commercial borrowings up to $5 million under the automatic route.

In order to be eligible for ECB, the NGO should have a satisfactory borrowing relationship for three years with a bank. RBI has mandated that the board or managing committee of the NGO should be certified as `fit and proper.'

In its directive, the RBI has also said that designated authorised dealers must ensure that the ECB proceeds are used for lending to self-help groups or for bona fide micro-finance activity.

The apex bank has asked NGOs to avail themselves of ECB funds from internationally recognised sources such as international banks, multilateral financial institutions and export credit agencies. Other sources that NGOs can tap for raising money include overseas organisations and individuals complying with Know Your Customer (KYC) guidelines and Anti-Money Laundering (AML) safeguards.
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i-flex tool for BMO Group
Bangalore: i-flex Solutions has said that the BMO Financial Group, operating in the North American region, has selected its Reveleus Basel II Solution.

According to a company press release, the solution will provide BMO with a complete set of rules, computation engines, business definitions and underlying data structures which will help the bank accelerate compliance with the risk management requirements of the Basel II Accord.

BMO is also planning an accelerated implementation of the i-flex's Reveleus Basel II Solution at its Canadian offices, which will commence in the second quarter of 2005. BMO will implement Reveleus to satisfy its multi-jurisdictional Basel requirements in Canada, as well as internationally, the release said.
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Exim Bank loan disbursement up 64 per cent in 2004-05
Mumbai: Loan disbursements by the Export Import Bank of India have risen by 64 per cent to Rs11,435 crore in 2004-05 as compared with Rs6,957 crore in the previous year. Sanctions have increased by 71 per cent to Rs15,853 crore (Rs9,266 crore).

Foreign currency loan disbursements accounted for 56 per cent of the total during this period.

The bank has also extended loans worth Rs32 crore for seven films, six in Hindi and one in Tamil. The bank has also set up a Small and Medium Enterprises Group to handle proposals from companies with an annual turnover of up to Rs75 crore.

During the year, it sanctioned credit facilities amounting to Rs133.50 crore to export oriented SMEs. Officials said that seventy per cent of the gross income came from operations while thirty per cent accrued from treasury gains.
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