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Rupee dips — G-secs weak
Mumbai: The rupee fell against the dollar, ending trade at 43.62/63, against the previous close of 43.5850/59.

Forwards market: The 12-month premia closed at 0.67 per cent (0.83 per cent) and the 6-month premia ending at 0.59 per cent (0.81 per cent).

G-Secs: In the bond market, the 7.37-9 year 2014 paper closed at Rs102.18 (7.03 per cent YTM), the same level as Friday's closing. The 10.25-16 year 2021 closed at Rs125.58 (7.46 per cent YTM), slightly lower than Friday's Rs125.61 (7.46 per cent YTM). The 7.38-10 year 2015 paper was dealt at Rs102.18 (7.07 per cent YTM), higher than Friday's Rs102.10 (7.08 per cent).

Call rates: Inter bank rates closed at 5 per cent.

Reverse repo: In the one-day auction, the RBI received and accepted 43 bids amounting to Rs25,935 crore.

CBLO market: 179 trades for Rs7,214.20 crore in the rate range of 4.74-4.85 per cent.
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Bank of Maharashtra, OBC and BOB team up for joint venture in Malaysia
New Delhi: The Oriental Bank of Commerce (OBC), the Bank of Baroda and the Bank of Maharashtra, have teamed up to form a joint venture in Malaysia. The proposal, however, is yet to receive the approval of the Reserve Bank of India (RBI).

OBC chairman and managing director KN Prithviraj, which had earlier acquired the beleaguered Global Trust Bank (GTB), said that the bank has filed 30 FIRs against the defaulters of the GTB in order to recover a sum of Rs1,300 crore of defaults. He said that the Central Bureau of Investigation (CBI) had registered 10 out of the 30 FIRs.

Prithviraj added that the bank has already recovered bad loans worth about Rs300 crore.

Meanwhile, as part of its exercise to expand business, the bank is planning to open 20 more branches in the country. Prithviraj said that the bank is also hoping to increase its business by 33 per cent to touch Rs1,00,000 crore by the end of the fiscal.
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Birla Sun Life launches single premium plan - Prime Life
Mumbai: Birla Sun Life Insurance has launched, "Prime Life", a single premium plan. The entry age for the plan is a minimum of 30 days and a maximum of 65 years.

While the minimum premium is Rs20,000, the face amount of the policy is 150 per cent of the single premium amount.

In a press release, Nani Javeri, CEO, said, "The life insurance industry must also cater to the varying financial needs of individuals at different stages of their life cycle.

"We have witnessed a growing preference from one segment in the market for single premium investment plans.

"Prime Life is targeted at customers in this market segment".
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South Indian Bank raises Rs.65 crore from Tier II bonds
Kochi: The Thrissur-based South Indian Bank has mopped up Rs65 crore by way of Tier II bonds. The funds will be utilised in augmenting the capital base of the bank, as well as facilitating business expansion.

The issue, which opened on August 22, got fully subscribed within half an hour, according to a release from the bank.

The bonds had got dual rating from Fitch India Pvt. Ltd and CARE ratings.

The bank is also considering various other options to further increase its capital base and is planning to move the necessary resolutions in the ensuing AGM to be held during the coming month, the release added.
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Indian Bank raises US$100mn through syndicated loan
Chennai: The Indian Bank has completed a US$100 million (about Rs435 crore) syndicated term loan facility through its Foreign Currency Banking Unit, Colombo.

The loan has been arranged at an interest spread of 22 basis points over Libor, according to a bank press release.

The release said that this transaction marked the return of Indian Bank to overseas markets for raising resources from global markets after more than 10 years.

Nine international banks from seven countries joined the transaction. Bank Muscat S.A.O.G.; DBS Bank; DZ Bank AG, Singapore branch; Natexis Banques Populaires, Singapore branch; Overseas-Chinese Banking Corporation Ltd; and Raiffeisen Zentralbank Oesterreich AG (RZB Austria), Singapore branch were the lead arrangers for the transaction.

United Overseas Bank, Wachovia Bank, National Association and The Export-Import Bank of the Republic of China participated in the facility, for which RZB-Austria was the facility agent, the release said.
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Corporation Bank to offer capital market services through IL&FS Investsmart
Mumbai: The Corporation Bank has entered into an agreement with IL&FS Investsmart, a financial services company, for offering capital market services to the bank's customers.

ILFS Investsmart will offer portfolio management services and broking services (both offline and online) to the bank's customers in the first phase and will add other products gradually. At a later stage, Corporation Bank will reach out to IL&FS Investsmart network to sell its retail products such as gold and commodities.
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