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Rupee
declines
Mumbai: The rupee declined against the dollar due
to demand for the greenback by importers. The rupee opened
at 46.04/06 but some sharp dollar buying towards closing
caused it to drop to 46.09/10. On Tuesday, the rupee had
closed at 46.00. Dealers said the price of global crude
hovering between $73-74 is a concern.
Forwards:
In the forward premia market, the 6 month closed at
1.14 per cent (1.13) and the12 month ended at one per
cent (1).
Bonds:
Prices moved up slightly in the bond market on Wednesday,
but traded volumes continued to be low at Rs230 crore
on the order-matching system. The 10-year yields have
hardened to 8.14 per cent and although this is an attractive
level for long-term institutional players, there is little
trading interest, said a dealer.
G-secs:
The 7.37 per cent 8-year 2014 paper opened at Rs96.11
(8.05 per cent YTM) and closed at Rs96.15 (8.04 per cent
YTM).The 7.94 per cent 15-year 2021 paper opened
at Rs95.25 (8.51 per cent YTM) and ended at Rs95.30 (8.50
per cent YTM).
Call
rates: The call rate was unchanged at 5.75-5.85 per
cent.
Reverse
repo: In the first one-day reverse repo auction under
LAF, the Reserve Bank of India received and accepted 35
bids amounting to Rs41,765 crore and in the second one-day
reverse repo auction, 40 bids for Rs22,945 crore. There
were no repo bids.
CBLO:
The CBLO market saw 324 trades aggregating to Rs19,532.8
crore in the 5-5.75 per cent range.
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Bank
of India signs pact with SBI
Mumbai: The Bank of India (BOI) has entered into
a bilateral agreement with State Bank of India for both
the banks to share each other's network of ATMs. The new
arrangement will add another 5,500 ATMs of the SBI network
for BOI clients, said a press release. BOI is also part
of the `Cash Tree' and ` Bancs' network which together
account for access to 7,000 ATMs. With this tie-up, BOI
clients will have access to a total of 12,500 ATMs. The
charges offered by the various networks range from Rs10-Rs22,
said the release.
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Foreign
banks can open 100 branches
New Delhi: The commerce ministry proposes to permit
wholly owned subsidiaries of foreign banks to increase
the number of their branches in India to 100, from the
present 20.
In
May last year, the government had offered to increase
the number to 20.
The
proposal is a part of the ministry's draft cabinet note
on improved revised offers for the services sector to
be made at the WTO.
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Andhra
Bank signs MoU with IIIT
Hyderabad: Andhra Bank has entered into a memorandum
of understanding with the International Institute of Information
Technology (IIIT) for financing of educational loans to
the latter's students.
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LIC
launches Market Plus
New Delhi: Life Insurance Corporation of India
(LIC) has launched its unit linked pension plan - Market
Plus. The new product combines investment and pension
benefit with option of insurance cover during the term
of the policy.
The
plan is available to individuals between the age group
of 18 and 70 years. The minimum premium is Rs5,000 per
annum under regular modes and Rs10,000 under single premium.
There is no upper limit as maximum is dependent upon the
financial standing of the proposer. The minimum period
after which the pension starts is five years from the
date of commencement of the policy or 40 years of age
of proposer whichever is later. The premium paid by the
policyholder after deduction of administrative charges,
fund management charges, risk premium and premium for
accident benefit, if opted for, will be invested in the
fund type chosen by the policy holder.
In
Market Plus, an individual will be allowed to exit or
surrender the pension policy before the completion of
three years, with an opportunity to choose the date of
doing so. However, the money will be payable only after
three years. The policyholder would have four options
to chose from - bond fund, secured fund, balance fund
and growth fund.
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