Rupee
remains unchanged
The rupee remained almost unchanged against the dollar
on Friday as demand met the supply of dollars.
The
rupee opened at 44.94/96 and touched an intra-day low
of 45.07. It then moved up to close the day at 44.91,
against 44.92/93 on Thursday.
Forwards:
In the forward premia market, the six-month closed at
2.01 per cent (1.98 per cent) and the 12-month ended at
1.85 per cent (1.82 per cent).
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Banks
capital market exposure may rise
Mumbai: A
draft circular issued by the RBI recently said the aggregated
capital market exposure of banks can go up to 40 per cent
of their net worth on both solo and consolidated bases.
This is due to the modified Reserve Bank of India guidelines
coming into force from January 2007. The RBI had mentioned
this measure in the mid-term review of its annual policy
statement for 2005-2006.
However,
banks' direct capital market exposure will be limited
to 20 per cent of their individual net worth. At present,
banks' capital market exposure is restricted at 5 per
cent of their total outstanding advances.
Going
by the banks exposure to this sensitive area as on March
31, 2006, all banks have large additional legroom for
capital market exposure.
As
on March 31, PSU banks' exposure to capital markets amounted
to Rs13,274 crore. The modified guidelines will allow
them to go up to Rs46,006 crore.
Foreign
banks' exposure to the capital market is Rs2,243 core
against a potential Rs9,714 crore. For old private banks
it is Rs1,077 crore (Rs3,868 crore) and for new private
banks, Rs5,290 crore, as against their potential limit
of Rs13,656 crore.
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Forex
reserves rise to $170bn
Mumbai: Foreign exchange reserves rose by $1.168 billion
to $168.284 billion during the week ended November 10
as against $167.116 billion during the week ended November
3.
Foreign
currency assets increased by $1.172 billion to $161.563
billion, according to figures released by the Reserve
Bank of India. The reserve position in the IMF went up
by $2 million to $652 million.
While
gold reserves were steady at $6.068 billion, SDRs declined
$6 million to $1 million.
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ICICI
Pru registers 143 pc growth in H1
Mumbai: ICICI Prudential Life Insurance has clocked
a 143 per cent growth during the half year April-September
2006, earning new business weighted premium of Rs1,626
crore, as against Rs 668 crore during the corresponding
period of the previous year.
The company underwrote 658,437 policies during the period
and the sum assured stands at Rs64,113 crore.
ICICI
Prudential continues to be the leading private life insurer
with a retail market share of 9.2 per cent of the total
and 30 per cent of the private market. Assets held stand
at Rs11,423 crore as on September 30, 2006.
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Kotak
Life's new product
Mumbai: Kotak Mahindra Old Mutual Life Insurance has
launched Sukhi Jeevan, an insurance product aimed at semi-urban
and rural customers. This is a long-term savings and protection
life insurance plan offering regular bonuses. The policy
offers the option of saving small amounts regularly each
year and accumulating a lump sum.
This plan provides early surrender and paid-up options,
apart from death and maturity benefits. This policy can
be revived within two years from the date of first unpaid
premium.
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