Rupee slips further
Mumbai: The rupee slipped further against the US dollar. The dealer said the slowdown in FII inflows into equities also impacted the rupee apart from the nuclear test by N Korea which turned the dollar into a safe haven currency. The rupee opened at 45.76/78 and closed at 45.81, lower than Monday's close at 45.72/73. Dealers said the rupee is expected to trade between 45.80-45.90 during the week.

Forwards: In forwards, the six-month premium closed at 1.36 per cent (1.36 per cent) and the 12-month ended at 1.37 per cent (1.36 per cent).

Bonds: Bond prices moved up by around 25 paise following the announcement of the Rs9,000-crore auction scheduled for October 13.

G-secs: The 8.07-11 year-2017 paper opened at Rs102.70 (7.68 per cent YTM) and closed at Rs102.90 (7.65 per cent YTM), against Monday's Rs102.65 (7.69 per cent YTM). The 9.39 per cent-5 year-2011 opened at Rs107.55 (7.46 per cent YTM) and closed at Rs107.72 (7.42 per cent YTM).

Call rates: Call rates were unchanged at 6.35 per cent-6.4 per cent. In the first one-day reverse repo auction under LAF, the RBI received and accepted eight bids amounting to Rs 16,980 crore and in the second one-day reverse repo auction, nine bids for Rs5,900 crore.

CBLO: The CBLO saw 313 trades aggregating Rs17,988 crore in the 6.02-6.2 per cent range.
Back to News Review index page  

Doha Bank, SBI plan tie up for e-remittance
New Delhi: Doha Bank and State Bank of India (SBI) are tying up to offer seamless real time e-remittance services to customers, especially the Indian expatriates in Qatar. This tie-up would span SBI's entire network of about 9,000 branches.

Doha Bank's tie-up with SBI may in future also broaden to include to areas like project finance etc. It is also planning to enter into similar tie-ups with Bank of Baroda and IndusInd Bank for offering e-remittance services to its customers.
Back to News Review index page  

HDFC in tie up with Department of Posts
Bangalore: HDFC bank has tied up with Department of Posts (Karnataka Circle) to offer loans against postal securities, like National Savings certificate and Kisan Vikas Patra (KVP), in the state.

Under the pact, loans in the form of an overdraft facility would be offered in select post offices in Karnataka circle. Initially, loans would be offered in select post offices in Bangalore, Mangalore, Mysore, Belgaum, Udupi, Hubli and Dharwad and subsequently across Karnataka.

The tie-up would enable the bank to reach interiors of the state and address personal needs of customers in semi-urban and rural areas through post office network, in turn providing them with modern banking facilities.
Back to News Review index page  

PNB plans to tap HNIs, may offer portfolio services
New Delhi: Punjab National Bank is planning a foray into offering portfolio management services (PMS). It is currently waiting for regulatory approvals.

The RBI rules say a bank must firewall its PMS portfolio from its other business, to ensure that the bank's exposure in capital markets does not affect its balance sheet. Also banks have to obtain a dual licence from RBI and Sebi, before they can offer discretionary PMS — ie, manage the funds actively on behalf of their clients.

Presently public sector banks are losing out to foreign and private banks in offering such services. PNB has witnessed a near 30 per cent drop in its other income. The ratio of other income to total income is an indicator of the size of fee-based income.
Back to News Review index page  

Apollo Hospitals mulls tie-up with German health insurer
Chennai: Apollo Hospitals Enterprise may be contemplating an entry into health insurance. The company's board has authorised Apollo's chairman, Dr Pratap C Reddy, to sign a joint venture agreement with Deutsche Krankenversicherung AG, a leading health insurance company in Germany and a part of the Munich Re group.

The agreement is to be signed on Wednesday. None of the company officials were available for comment.
Back to News Review index page