Rupee falls
Mumbai: The rupee fell against the dollar on Wednesday closing at 44.21, down from 44.12 on Tuesday.

Forwards: There was a slight fall in the forward premia market, as the 6-month ended at 2.37 per cent (2.45) and the 12-month closed at 1.80 per cent (1.90).

G-secs: The 8.07 per cent-11 year-2017 paper closed at Rs 105.24 (7.36 per cent YTM), up from Tuesday's Rs105.19 (7.37 per cent YTM). The 10.25 per cent-15 year-2021 paper closed at Rs125.30 (7.45 per cent).

Call rate: The call rate closed at 6.75-6.90 per cent (7 per cent).

Repo auction: In the first one-day reverse repo auction, the RBI received one bid for Rs25 crore but there were 29 bids for Rs9,200 crore in the repo auction. In the second one-day reverse-repo auction, the RBI received three bids for Rs2,115 crore and 12 bids for Rs4,500 crore in the repo auction.

CBLO: In the CBLO market, there were 344 trades for Rs20,160.60 crore in the 6.35-6.58 per cent.
Back to News Review index page  

ICICI Bank changes NRE, FCNR deposit rates
Mumbai: ICICI Bank has revised interest rates on non-resident external (NRE) fixed deposits and foreign currency non-resident (FCNR) deposits for various maturities.

The interest rates on NRE fixed deposits have been increased by up to 8 basis points. Interest rates on one year FCNR deposits denominated in US dollars have been increased to 4.70 per cent per annum while deposits denominated in Great Britain Pound and Euro have been increased by 15 and 16 basis points respectively for various maturities, a release here stated.

The revision came into February 1, 2006. The interest rate for NRE fixed deposits have been uniformly hiked to 5.70 per cent of all maturities from their respective old rates.
Back to News Review index page  

DCB to float IPO - offers ''Free Style Savings Account''
Hyderabad: Development Credit Bank is planning to tap the capital market with a private placement and an initial public offer (IPO) for raising funds to the tune of Rs350 crore. This equity issue is aimed at strengthening the bank's capital adequacy ratio (CAR) as well as to meet the growing business needs, its managing director and chief executive officer, Gautam Vir, said.

With a paid-up equity of Rs170 crore and a CAR of below 10 per cent, the bank proposes to go in for private placement of equity in February for raising funds of up to Rs90 crore.

After the private placement and IPO, the equity holding of the bank's largest shareholder - The Aga Khan Fund for Economic Development - will come down to around 32 per cent on the expanded equity from 69 per cent.

The bank has also launched a `Free Style Savings Account' with a free 90-day trial offer, in Hyderabad. The bank claims it as the first of its kind in the country and will introduce the product in other cities shortly.

Under this scheme, by paying an annual fee of Rs555, the customer can have access to a host of free services and facilities of a savings account without the hassle of maintaining the average quarterly balance, he said.

The savings account comes with a host of benefits and free facilities such as an international debit card, personal accident death insurance and any-branch banking facility.
Back to News Review index page  

Bank of Maharashtra signs pact with Western Union Money Transfer
Mumbai: Bank of Maharashtra is launching a scheme of money transfer service for non-resident Indians and other foreign account customers that is provided by Western Union Financial Services Inc.

The scheme would provide customers with cheap and swift remittance of funds from abroad by using the Western Union Money Transfer Services, the bank informed the Bombay Stock Exchange.
Back to News Review index page  

IDBI hikes retail-lending rates by 25 bps
Mumbai: IDBI has hiked retail-lending rates by 25 basis points. IDBI chairman, V P Shetty said the bank hiked rates following the increase in deposit rates and to reduce the gap in yield and cost.

The bank admitted to the realignment due to the rising cost of deposits.
Back to News Review index page  

SBI undecided on hiking home loan rates
Mumbai: The State Bank of India has not yet taken any decision on hiking home loan rates. The bank's managing director, T S Bhattacharya, said that the bank would hold a meeting on February 4, before taking any decision on revising home loan rates.

State Bank of India chairman, A K Purwar, had earlier hinted at a hike in retail lending rates in view of the tight liquidity in the market.

HDFC has hiked home loan rates by 0.5 per cent across the board with effect from today. ICICI bank said it is watching the impact on cost of funds and will decide later whether or not to increase housing loan rates.
Back to News Review index page