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Rupee flat;bonds fall
Mumbai: The rupee remained in range against the dollar on Wednesday closing at 45.92, slightly lower than Tuesday's close of 45.89.

Forwards: The forward premia was up with the six-month premium closing at 0.79 per cent (0.7 per cent) and the one-year at 0.64 per cent (0.58 per cent).

G-Secs: The 7.49 per cent-12 year-2017 paper ended trade at Rs102.06 (7.22 per cent YTM), against Tuesday's close of Rs102.21 (7.20 per cent YTM). The 7.37 paper closed at Rs102.40 (6.98 per cent YTM).

Call rates: Call rates were between 5.35-5.40 per cent (5.25-5.3 per cent).

Reverse Repo: In the first one-day reverse repo auction, under the liquidity adjustment facility, the RBI received and accepted seven bids for Rs1,195 crore. The second auction saw eight trades amounting to Rs1,760 crore.

CBLO: There were 254 trades for Rs9,985 crore in the range of 5.24 - 5.4 per cent.
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SBI to lend Rs.550 crore to SMEs in AP
Visakhapatnam: The State Bank of India intends to lend Rs550-600 crore to the small and medium enterprises (SMEs) in Andhra Pradesh in the current financial year.

The bank disbursed Rs270 crore to the units during the first half of the year and is confident of achieving its target. The bank has devised a number of tailor-made products for traders, which would be modified suitably from time to time. Apart from financing conventional industries such as rice milling, SBI says it is willing to finance new units that have come up after the reforms.

The bank is also financing clusters of SSIs, such as the cashew processing units at Palasa, as the Government is encouraging that approach.
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Bajaj Allianz ties up with Syndicate Bank to promote rural insurance
Mumbai: Bajaj Allianz Life Insurance (BALI) is targeting increased premium income from the rural insurance segment and has signed MoUs with seven Syndicate Bank-sponsored regional rural banks, (RRBs) to distribute its life insurance products.

N Kantha Kumar, CMD, Syndicate Bank, told reporters that the partnership will bring in significant synergies and extend additional financial service to customers of RRBs.

He added it is a part of the bank's strategy to emerge as a one-stop financial shop for its customers by offering a range of risk and investment products on this occasion, marking the second anniversary of the bank's life insurance business, he said.

Syndicate Bank is eyeing an Rs2000 crore premium from the sale of its new policies for the current fiscal.
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Societe Generale to offer wealth management services
New Delhi: SG Private Banking (Asia-Pacific), a division of the French banking group, Societe Generale, launched its private banking facility in India on Wednesday. The company will operate out of New Delhi and Mumbai, though it plans to tap high net-worth individuals (HNI) from Chennai and Bangalore also.
Pierre Mathe, global head, SG Private Banking (SGPB), said that India was a promising market for those offering wealth management services.

According to the chief executive, SGPB, Asia-Pacific, Daniel Truchi, the HNI segment in India was set to grow, with the economy expected to grow 7-9 per cent.

Mathe said SG Private Banking would strive to be a key player in the Indian market and aims to outsmart the 20 per cent growth witnessed in wealth management segment in India.

SG Private Banking offers tailor-made solutions to manage real estate, taxation, investment in equity or debt, portfolio management and day-to-day banking to HNIs.

The total wealth of Indian origin is about US$560bn. Out of that onshore is US$260bn and offshore is US$300bn. This niche segment is growing by 20 per cent per annum.
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BoI ties up with ICICI Pru Life
Mumbai: Bank of India has entered into a tie-up with ICICI Prudential Life Insurance Company for Life Insurance cover to its Star Home Loan borrowers for loan protection.

This insurance product includes attractive features like low premium rates, loan available for insurance premium, simple and hassle free scheme, higher non-medical limit, premium at discounted rate for younger borrower in joint account, avoiding home the loan burden on the family, ease for settlement of claim, availability of tax exemption for premium and claim proceeds as per Income-tax rules etc.

Bank of India has a network of 2626 branches comprising 2603 branches in India and 23 foreign branches/offices. Bank has more than 23 million strong customer base.
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Ratnakar Bank to issue shares on rights basis
Mumbai: Ratnakar Bank is issuing equity shares on rights basis to the shareholders in 1:1 ratio.
The shareholders at the EGM, has approved the issue of equity shares of Rs100 each, on rights basis to the company shareholders in 1:1 ratio, the Bank informed the Bombay Stock Exchange.
The Bank will also increase its authorised share capital to Rs300 crore from Rs60 crore, it said.
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Avaya to concentrate on SMEs for growth
New Delhi: Communications solution provider Avaya GlobalConnect (AGCL) said it plans to concentrate on small and medium enterprises by continuously introducing developed products.

The company is aiming to grab a 30 per cent share of Rs800 crore IP PBX market by 2008.

Avaya's vice chairman and managing director, Niru Mehta, said the country's IP PBX market would grow from present Rs300 crore in 2005-2006 to around Rs800 crore by 2008 and AGCL would try to make most out of it.

Avaya IP Office is specifically designed for small and medium business at the right price point. The company has installed over 50,000 systems worldwide since 2002.
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