Rupee at new six-month low
Mumbai: The rupee on Tuesday touched a new low against the US dollar on the back of fresh selling by FIIs in equities and a fear of dollar shortage. The rupee ended trade at 46.28.

G-Secs: The 7.59 per cent 2016 10-year benchmark paper closed at Rs99.53 (7.66 per cent YTM) against the previous close of Rs99.59 (7.65 per cent). The 7.94 per cent 2021 15-year paper closed at Rs99.60 (7.99 per cent ) against the previous close of Rs99.65 (7.98 per cent ).

Call rates: Inter bank rates continued to hold steady at 5.5-5.6 per cent.

Reverse repo: In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 34 bids amounting to Rs37,345 crore and in the second auction, 37 bids for Rs28,750 crore. There were no repo bids.

CBLO: The CBLO market saw 326 trades, aggregating Rs18,227.35 crore in the 4.83 - 5.25 per cent range.
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Gold, silver move up
Mumbai: Precious metals moved up on the local bullion market on Tuesday. Standard gold prices were up Rs75 at Rs9,755 per 10 gm from the previous close of Rs9,680.

Pure gold (99.99 fineness) was up Rs70 to close at Rs9,805 per 10 gm from the previous close of Rs9,735.

Silver (.999 fineness) price was up Rs45 to close at Rs19,415 from the previous close of Rs19,370 a kg.

Chennai: Bar silver: Rs 20,080; retail silver (per gm): Rs 21.50; Standard gold: Rs 9,860; retail ornament gold (22 carat per gm): Rs 913.
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SBI set to buy two banks overseas
New Delhi: State Bank of India expects to complete the acquisition of Giro Commercial Bank of Kenya and PT Bank IndoMonex of Indonesia in the next two months.

"We will acquire these two banks in two months time," A.K. Purwar, chairman, SBI, told reporters on the sidelines of a function held for the release of commemorative coins as part of the bicentennial celebrations of the bank.
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SBI in strategic partnership with CARE India
New Delhi: The State Bank of India (SBI) and development agency, CARE India, have announced a strategic partnership aimed at scaling up CARE's efforts in micro-finance.

As part of SBI's priority sector lending, the partnership will further expand its micro-banking portfolio through fresh bulk loans to the self help group (SHG) federation promoted by CARE India's Credit and Savings for Household Enterprises (CASHE) Project, the release said. As part of the MoU, CARE India will sensitise the SBI branches on the modalities for lending to federations.
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RBI fines Bank of Baroda
Mumbai: The Reserve Bank of India on Tuesday imposed a fine of Rs5 lakh on Bank of Baroda for violation of SLR and CRR norms.

According to the RBI, the bank "had netted items representing internal and external liabilities in the inter-office (inter-branch) accounts, resulting in under-estimation of outside liabilities for the purpose of computation of Net Demand and Time Liabilities and maintenance of Cash Reserve Ratio and Statutory Liquidity Ratio."

This was for the accounting period between April 1999 and March 2002.
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Corporation Bank launches CorpBullet
Bangalore: The Corporation Bank is internationalising its inter-bank funds transfer arrangements.

Speaking to reporters at the launch of the bank's inter bank funds transfer product branded as "CorpBullet", bank officials said that the international launch of the product would be entirely on a C2C basis (customer to customer) basis.

With respect to the "CorpBullet," the bank will initially tap the customer base of its Collection and Payment Services branches and later on extend the service to other large corporate customers.

The product is expected to boost the bank's non-fund based income by at least 15 per cent.
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Bank of India announces audited FY 06 results
Bank of India has announced the following audited consolidated results for the year ended March 31, 2006:

The Bank has posted a net profit (after minority interest & share of earning in associates) of Rs7246.30 million for the year ended March 31, 2006 (FY 05-06) as compared to Rs3137.10 million for the year ended March 31, 2005 (FY 04-05).

Total income has increased from Rs71769.90 million in FY 04-05 to Rs82199.60 million for the year ended March 31, 2006 FY 05-06.
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