Rupee up
Mumbai: The rupee rose against the dollar on Friday due to dollar inflows, closing at 45.04/05, up from Thursday's level of 45.16/17.

Forwards: In the forward premia market, the 12-month premium and the 6-month premium were unchanged at 1 per cent and 1.35 per cent, respectively.

G-secs: The 8.07-12-year 2017 paper ended at Rs106.58 (7.19 per cent YTM), slightly higher than Thursday's close at Rs106.56 (7.20 per cent YTM). The 10.25-16-year 2021 paper closed at Rs126.39 (7.36 per cent YTM), almost unchanged from the earlier level of Rs126.38 (7.36 per cent YTM)

Call rates: The call rate closed at 7 per cent, but touched an intra-day high of 7.25-7.30 per cent.

Reverse Repo: In the first three-day reverse-repo auction, the RBI did not receive any bids. It, however accepted 38 bids for Rs23,085 crore in the three-day repo auction. In the second three-day reverse-repo auction, RBI received three bids for Rs2,040 crore and 11 bids for Rs6,710 crore in the repo auction.

CBLO: There were 293 trades for Rs11,072.50 crore in the range of 5.50-6.60 per cent.
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IOB plans to sell gold coins
Chennai: Indian Overseas Bank is planning to sell gold coins, with an eye on commission income that the bank has estimated at Rs10 crore in the first full year of the plan's implementation.

The bank has found gold to be a good investment opportunity and says many would be willing to buy it as the purity is assured by the bank.

The bank has also formed a scheme - Euro, which stands for `each (of) us recovers one' account meant to goad employees to go after defaulters. The scheme comes with incentives for performers.
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ECGC to cover marine exports
Ahmedabad: Export Credit Guarantee Corporation of India (ECGC) is planning a special insurance policy for seafood exporters that would cover the risk of rejection of consignments by western countries.

The company says often consignments are rejected despite the necessary certification on antibiotic count in the seafood and has offered to cover the expenses of getting such consignments back to the country.

Before sending out the consignment, the exporter has to get a certification that the antibiotic levels are under the limit.
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Allahabad Bank signs MoU with tractor makers
Kolkata: The Allahabad Bank has signed two separate memorandum of understanding (MoUs) with two tractor manufacturers; Sane Deutz-Fahr India and Standard Combines for financing their respective brands of tractors under a special tractor finance scheme, according to a press release issued by the bank.

Buyers need to have a minimum of three acres of land under the scheme to get a loan for a 35 hp tractor from the bank and four acres of land for tractors above that capacity. The margin requirement has been fixed at 5 per cent and 10 per cent respectively.

The loan up to Rs2 lakh will attract a rate of interest of nine per cent and between Rs 2lakh and 5lakh at 10 per cent per annum. The repayment period will be nine years and a farmer will be offered a cash discount ranging from Rs3,000 to Rs7,000 depending on the type of tractor he chooses to buy.
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SBI in ATM sharing pact with IndusInd Bank
New Delhi: SBI and IndusInd Bank have signed an ATM access agreement, which is aimed at offering customers of the two banks use of the combined network, a company release has said.

IndusInd Bank customers now use the vast 5,538 ATM network of State Bank of India spread over 1,891 centres across the country.

IndusInd Bank has 212 ATMs apart from sharing the 2,500 ATMS of Corporation Bank and UTI Bank.

Apart from having 5,538 ATMs of its own, SBI shares about 4,704 ATMS with HDFC Bank, Punjab National Bank, UTI Bank, Corporation Bank, Andhra Bank and Indian Bank.
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