Rupee at 2-month high
Mumbai: The rupee gained with the US currency weakening globally, and after touching a high of Rs46.2750/28 it closed at Rs46.34/35, about 20 paise up from Friday' close of Rs46.52/53. The level was last seen in July.

Forwards: The six-month premium closed at 1.37 per cent (1.4 per cent) and the one-year closed at 1.39 (1.41 per cent).

G-Secs: The 7.59 per cent-10 year-2016 paper ended at Rs99.14 (7.71 per cent YTM), up from Friday's close of Rs98.09 (7.88 per cent YTM). The 8.07 per cent-11 year-2017 paper closed at Rs102.14 (7.76 per cent YTM), up by Rs2 over Friday's Rs100 (7.92 per cent YTM).

Call rates: The inter bank rates remained unchanged between 6 and 6.1 per cent.

Reverse repo: In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 17 bids amounting to Rs21,475 crore and in the second one-day reverse repo auction, 29 bids for Rs19,200 crore. There were no repo bids.

CBLO: The CBLO market saw 300 trades aggregating Rs15,869.80 crore in the 5-5.95 per cent range.
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LIC launches `New Bima Gold'
Mumbai: The Life Insurance Corporation of India has launched `New Bima Gold,' a money back plan for 12, 16 and 20 years fixed duration. According to the company's press release, the offer comes on the back of a growing demand for Bima Gold.

The Corporation has already sold over one crore policies under the close ended scheme in a seven-month period.

Under the new scheme the survival benefits are payable at the end of every four years while the policy is in force. On maturity, total premiums paid, plus loyalty addition less survival benefits and premiums of extras and riders, are payable to the policyholders.

The risk cover is equal to 50 per cent of the basic sum assured continues during the extended period, which is half of the original term chosen under the plan.

The plan can be had for a minimum sum assured of Rs50,000 while there is no ceiling on the maximum sum assured.
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New legislation on actuaries
New Delhi: A new legislation on actuaries has come into force, with the President, A.P.J. Abdul Kalam giving his assent to the Actuaries Bill 2006 passed by Parliament.

Under the Act, the Institute of Actuaries of India would be set up to regulate the profession of actuaries and also conduct examinations for the profession. The Actuarial Society of India would be dissolved and its assets and liabilities transferred to the proposed Institute of Actuaries of India.
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Maharashtra Govt. joins fray for United Western Bank
Mumbai: With the leading private sector bank ICICI Bank already expressing its interest in taking over the troubled United Western Bank, the Maharashtra government has now stepped in with a proposal to fund the restructuring of the regional bank thanks to its subscriber base in the politically influential sugar belt of Satara.

Other suitors lining up as potential bidders include the Canara Bank, the Federal Bank, Andhra Bank, StanChart and the NBFC Balaji Group. The Reserve Bank has put a moratorium on the bank's operations till December 1 after it posted losses.

Meanwhile the UWB's board of directors met on Monday and resolved to prepare a reconstruction proposal to maintain the independent identity of the bank.

The Maharashtra government has asked the State Industrial Investment Corporation of Maharashtra to fund the revamp plan. Inefficient management led to the erosion of net worth of UWB and it was placed under moratorium till December 1 or an earlier date as the management did not come up with any plan to infuse fresh capital.

RBI is looking for merger of the bank with another bank, which has better synergy.

As UWB has 230 branches, 12 extension counters and 75 ATMs, many banks have queued up to acquire the bank as it will give them a huge presence in Western India and a ready-made infrastructure.
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CBP to raise funds through preferential allotment
New Delhi: The Centurion Bank of Punjab, which merged with Lord Krishna Bank on Monday, has been given the go ahead to raise up to Rs400 crore through preferential allotment of shares to meet the capital needs of the merged entity.

The bank's board has approved the proposal to issue 7.5 crore shares to ICICI Ventures and 9.5 crore shares to Bank of Muscat, according to the bank's chairman Rana Talwar told reporters after the board approved the proposal. The funds are being raised to shore up the capital base of the merged entity and for business growth.

The preferential shares would be issued at a price of Rs24.54 per share.
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