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Rupee
firmes up
Mumbai: The rupee was stable due to the weakening
of the US dollar against other major currencies and some
dollar demand from importers.
The
rupee opened at 44.20/22 and touched an intra-day low
of 44.30. It closed at 44.2750/2850, slightly lower than
Wednesday's 44.27/28.
Forwards:
In the forward market, the 6-month premium closed at 0.82
per cent (0.77 per cent) and the 12-month premium closed
at 0.72 per cent (0.7 per cent).
Bonds:
Bond prices initially fell by 15-20 paise ahead of the
auction. However, they recovered by almost 75 paise as
RBI in a landmark decision rejected all the bids for the
Rs 6,000 crore auction of the 11.83 per cent -9 year-2014
paper as the dealers asked for very high yields on the
paper.
G-Secs:
The 10.25-16 year-2021 paper opened at Rs125.08
(7.50 per cent YTM), dipped to Rs124.75 but closed at
Rs125.43 (7.46 per cent YTM).
The
7.37 - 9 year-2014 paper opened at Rs 102 (7.05
per cent YTM) fell to Rs 101.70 and closed at Rs102.26
(7.01 per cent YTM). The 7.38-10 year-2015 paper
was dealt at 7.11 per cent YTM.
Call
rates: The call rates remained firm at 5.05-5.10 per
cent. In the one-day reverse repo auction, the RBI received
and accepted 37 bids amounting to Rs27,675 crore. In the
CBLO market, there were 221 trades for Rs13,463.55 crore
in the rate range of 4.85-5.17 per cent.
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US
wants insurance FDI cap raised to over 50%, tariff curbs
removed
New Delhi: The US government has asked the
Indian government to further liberalise the Indian insurance
sector by hiking the foreign direct investment cap to
over 50 per cent and removing all tariff controls.
The
US Ambassador to India, David C Mulford, addressing a
conference on insurance said that delay in raising the
cap from 26 per cent was being viewed by investors as
a "breach of faith" and was hurting India's
credibility among foreign investors.
Mulford
was speaking at the conference on `Building a vibrant
Insurance market in India' organised by the US Agency
for International Development and the Insurance Regulatory
and Development Authority (IRDA).
He
said, "We have seen what happens in India when a
market is truly opened up. We saw it in the IT sector,
we saw in the telecom sector and we are seeing it in the
aviation sector. Why can't insurance be next?" Mulford
queried.
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ICICI
Bank to double private banking business
New
Delhi: ICICI Bank is planning to increase the assets
under management in the specialised private banking service
to
Rs50,000 crore in the next six months. Right now the bank
has about Rs25,000 crore of assets under management.
ICICI
Bank will expand its services to 500 branches in 250 cities
from the present 400 branches in 200 cities.
The
growth will come from potential customers who were not
tapped so far and existing customers who are offered only
one or two products.
Private
banking products are offered to select category of people
by providing differentiated services such as knowledge
pool for guiding their investment plans into equity, debt,
small savings instruments, real estate and gold.
The
bank has 500 trained relationship managers, who provide
services to 1-lakh families so far.
The
clientele of ICICI Bank's private banking services include
promoters of companies and high-end retail customers.
The bank has three level of cut-off for relationship size:
Rs5 lakh, Rs25 lakh and Rs50 lakh.
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