Rupee
at a two month high against the dollar
Mumbai: The rupee gained against the greenback
for the third day in a row on good dollar inflows and
exporter selling touching a high of 46.10/11, before ending
trade at 46.16/17, at a two-month high. On Tuesday, the
rupee had closed at 46.28.
Forwards:
The six-month premium closed at 1.27 per cent (1.29 per
cent) and the one-year premium closed at 1.3 per cent
(1.33 per cent).
G-Secs:
The traded volume on the order matching system was
Rs2,990 crore (Rs5,695 crore). The 7.59 per cent-10
year-2016 paper closed at Rs98.72 (7.78 per cent YTM),
lower than Tuesday's close at Rs98.90 (7.75 per cent YTM).
The 8.07 per cent-11 year-2017 paper closed at
Rs101.72 (7.82 per cent YTM), against Tuesday's close
at Rs101.89 (7.7984 per cent YTM).
Call
rates: The inter bank call rate was unchanged at 6-6.1
per cent.
Reverse
repo: In the first one-day reverse repo auction under
LAF, the Reserve Bank of India received and accepted 20
bids amounting to Rs25,920 crore and in the second one-day
reverse repo auction, 27 bids for Rs16,165 crore. There
were no repo bids.
CBLO:
The market saw 280 trades aggregating Rs15,329.15
crore in the 5.89-6.20 per cent range.
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Sicom
steps in to bail out UWB
Mumbai: The State Industrial & Investment Corporation
of Maharashtra (Sicom), acting in conjunction with the
Maharashtra state government and a public sector financial
institution, has decided to bail out the troubled Satara-based
United Western Bank. A total of Rs350 crore would be pumped
into the bank as per its restructuring plan.
The
restructuring package has been cleared by the UWB board
and will now be forwarded to the RBI before the September
7 deadline set by it. Sicom holds a little over 9 per
cent in the troubled bank.
"We
have drafted a reconstruction scheme according to which
Maharashtra government, Sicom and a financial institution
are planning to pump Rs350 crore into the bank. This proposal
has now been placed before the bank board," said
R M Premkumar, chairman Sicom.
The
bank board meeting was also attended by a RBI representative.
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RBI
signs MoU with Rajasthan Govt
Mumbai: The Reserve Bank of India has signed a
memorandum of understanding with the Rajasthan Government
to strengthen the State's urban co-operative banks. A
State level task force on Urban Cooperative Banks has
been constituted for Rajasthan.
B.P.
Vijayendra, regional director of the Reserve Bank for
Rajasthan, has been appointed the chairman of the Task
Force, while Sudhanshu Pant, registrar of co-operative
societies, Madhya Pradesh is its co-chairman.
Similar
MoUs have been signed with the governments of Andhra Pradesh,
Gujarat, Karnataka and Madhya Pradesh.
According
to an RBI release, the objective of the exercise is to
identify potentially viable urban co-operative banks for
revival.
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