Rupee firms up
Mumbai: The rupee moved up by almost nine paise on good dollar supplies in the market.
The rupee opened at 44.57, touched an intra-day high of 44.59, to finally close at 44.53, against the previous close of 44.62 on Monday. The rupee also tracked a stronger yen against the dollar, said the dealer.

In forwards, the six-month closed at 2.18 per cent (2.26) and the 12-month ended at 2.06 (2.1 per cent).

Bonds: Bonds were range-bound and total traded volumes on the order matching system were Rs 5,390 crore (Rs 8465 crore). Dealers said profit-booking following Monday's rally caused prices to fall.

G-secs: The 7.59 per cent-10 year-2016 paper opened at Rs 101.34 (7.39 per cent YTM) and closed at Rs 101.38 (7.38 per cent YTM), against Monday's Rs 101.35 (7.39 per cent YTM). The 8.07-11 year-2017 paper opened at Rs 104.82 (7.38 per cent YTM) and closed at Rs 104.77 (7.39 per cent YTM), compared to Monday's Rs 104.75 (7.40 per cent YTM).

Call rates: Call rates ruled unchanged between 6.1 per cent and 6.2 per cent.

Reverse repo: In the first one-day reverse-repo auction under LAF, the RBI received and accepted eight bids for Rs 3,595 crore. There were no repo bids. In the second one-day reverse-repo auction, the RBI accepted and received 28 bids for Rs 28,685 crore.

CBLO: The CBLO market saw 330 trades aggregating to Rs 19,894.15 crore in the 5.7-6.02 per cent range.
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Lakshmi Vilas ties up with Western Union
Mumbai: Lakshmi Vilas Bank has tied up with Western Union Financial Services for offering global money transfer facility to its customers. The services would initially be extended to 150 branches located in the rural and semi-urban areas. The bank has also rolled out Core Banking System, with which it will deliver online money transfer services soon.

With the money transfer agreement with Western Union, the bank hopes to reach a large number of non-resident Indians who regularly remit money to India. The bank is also offering its customers products like bankassurance, mutual funds and credit cards.
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YES Bank partners with UNEP-FI
Mumbai: YES Bank has partnered with United Nations Environment Programme-Finance Initiative (UNEP-FI) to promote linkages between environment, sustainability and financial performance and is the first Indian bank, which has become a signatory to UNEP-FI, which forges global partnerships between itself and private financial sector.
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Canara Bank gets approval to set up new branches
Mumbai: Public sector bank Canara Bank has received regulatory approvals to open 106 new branches and 683 off-site ATMs. The bank would open branches in India mostly in Delhi, Gujarat and Mumbai to add to its existing number of 2,547 branches.

In line with latest trends, the new branches would be launched on core banking platform. The bank is now waiting for regulatory approval to launch its online trading platform for shares in capital markets.
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Canbank Mutual to launch 5-yr close-ended equity fund
Mumbai: Canbank Investment Management Services will launch a five-year close-end equity fund on December 6. CanMulticap fund would have the freedom to invest in companies across the entire market capitalisation spectrum. The fund would invest at least 75 per cent of its assets in equities and up to 25 per cent in debt and money market instruments, the fund house said.

Within equities, 60-90 per cent of the portfolio would be allocated to large-cap stocks, 15-40 per cent to mid-cap stocks and the rest would be invested in small-cap stocks. The new offer would close on January 4, 2007.
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PNB offers Internet-based remittance service
New Delhi: Punjab National Bank is offering a new Internet-based remittance service in cooperation with US-based Buyindiaonline.com Inc. As per this service, remittances of NRIs would be credited to beneficiaries, who are PNB account holders, through a Web site www.xoom.com, the bank said in a release.

Xoom.com offers fast, easy and secure money transfers throughout India, the bank said. This money transfer facility is available through over 2,000 Core Banking Solution (CBS) branches of PNB.
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SBI plans $300 mn FRN
Hong Kong: State Bank of India is planning to sell a $300 million, five-year floating rate note this week at a spread of 50 to 55 basis points over three-month LIBOR, market. Barclays Capital, Citigroup and Deutsche Bank are handling the proposed transaction.
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