Rupee up - securities lose shine
Mumbai: The rupee was up against the dollar on Monday on the back of foreign institutional investor (FII) inflows, closing at 45.0450/05, up from Friday's level of 45.1550.

Forwards: In the forward market, the 12-month closed at 1.20 per cent (0.90 per cent) and the 6-month ended at 1.66 per cent (1.14 per cent).

G-Secs: The 8.07 12-year 2017 paper ended at Rs106.40 (7.21 per cent YTM), slightly lower than Friday's close of Rs106.435 (7.21 per cent YTM). The 10.25 16-year 2021 paper closed at Rs126.21 (7.38 per cent YTM), almost unchanged from Friday's level of Rs126.19 (7.38 per cent YTM).

Call rates: Call rates touched 7 per cent in the day's trade, closing at 6.50-6.75 per cent (5.30-5.40).

Reverse Repo: In the one-day reverse repo auction, RBI received and accepted one bid amounting to Rs125 crore, and in the repo auction it accepted 22 bids for Rs10,925 crore. In the second auction, RBI received one bid for Rs10 crore, and 19 bids for Rs6,755 crore in the repo auction.

CBLO: In the CBLO market, there were 320 trades for Rs10,695.10 crore in the range of 6.25-6.50 per cent.
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RBI revises Ombudsman's scope
Mumbai: The Reserve Bank of India has announced a revised banking ombudsman scheme, which will include customer complaints on new areas, like credit card complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non-adherence to the fair practices code as adopted by individual banks.

This comes after RBI's dissatisfaction on the working of the current banking ombudsman scheme. The new scheme, applicable to all commercial banks, regional rural banks and scheduled primary co-operative banks, will come into effect from January 1, 2006.

To make the scheme more effective, the RBI has decided to take the onus of recruitment and funding of the scheme and may also appoint one or more of its officers belonging to the rank of chief general manager or general manager to be known as banking ombudsman to carry out the functions entrusted to them under the scheme. It has also decided to depute an equal number of officers to the office of the banking ombudsman as is considered necessary to function as the secretariat of the Banking Ombudsman.

Under the revised banking ombudsman scheme, the RBI has given complainants the facility to file their complaints even in an online format. Customers would also be able to appeal to the central bank against the judgements given by the banking ombudsman.

The customer could lodge his complaint to the banking ombudsman within whose jurisdiction the branch or office of the concerned bank is located.

However, in case of credit card related grievances, the complaint needs to be filed before the banking ombudsman within whose territorial jurisdiction the billing address of the card holder is located and not the place where the bank concerned or the credit card processing unit is located.
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BoR raises Rs.70 crore through tier-II bonds
New Delhi: The Bank of Rajasthan has raised Rs70 crore through unsecured subordinated bonds to shore up its capital adequacy ratio (CAR) and meet long-term fund requirements.

The bonds issue of Rs70 crore, which are like promissory notes, were placed privately with the investors and include a greenshoe option for Rs20 crore, the private sector bank said in a statement today.

Bonds have varying tenures of 88 months and 112 months and carry interest rate of 8.20 per cent and 8.70 per cent respectively. The issue was oversubscribed.

The bonds are proposed to be listed in the Wholesale Debt Segment of the Bombay Stock Exchange.
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