Rupee marginally down
Mumbai: The rupee was marginally weak against the US dollar as banks bought dollars on Monday. The rupee opened at 44.74 and touched a low of 44.79 before closing at 44.7350/7450 against Friday's close of 44.70.

Forwards: In forwards, the six-month closed at 2.96 per cent (2.94 per cent) and the 12-month ended at 2.56 per cent (2.52 per cent).

Bond prices: Bond prices moved up by around 25 paise on lower inflationary expectations. Total traded volumes on the order matching system were at Rs3,220 crore (Rs3,080 crore).

G-secs: The 7.59 per cent - 10 year-2016 paper opened at Rs99.74 (7.63 per cent YTM) and closed at Rs99.92 (7.60 per cent YTM), up from Friday's Rs99.67 (7.64 per cent YTM).

The 8.07-11 year-2017 paper opened at Rs102.95 (7.64 per cent YTM) and ended at Rs103.23 (7.60 per cent YTM), against Friday's Rs102.89 (7.69 per cent YTM).

Call rates: Call rates moved up to 8.15-8.25 per cent against 8-8.1 per cent on Friday on tight liquidity. Banks were seen borrowing Rs7,805 crore under repo auctions from the central bank.

Reverse repo: In the first one-day reverse-repo auction under LAF, the RBI received and accepted one bid for Rs10 crore and in the first one-day repo auction, the RBI received and accepted 11 bids for Rs3,870 crore.

In the second one-day reverse-repo auction, the RBI accepted and received five bids for Rs195 crore and in the second one-day repo auction, the RBI received and accepted 12 bids for Rs3,935 crore.

CBLO: The CBLO market saw 362 trades aggregating to Rs.21,187.95 crore in the 7.15 per cent-7.5 per cent range.
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Allahabad Bank launches reverse mortgage product
Chennai: Allahabad Bank's board of directors have approved a `reverse mortgage' product. Reverse mortgage is a scheme meant for elderly people, where the lender would pay a monthly sum to the borrower against the security of a house.

The property would be sold off by the lender and the loan repaid out of the proceeds after the borrower dies.

Extremely popular in the US, this concept is now coming to India.

While there are some reverse mortgage products in the market, Allahabad Bank's could well be the first from a public sector bank.
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Customers can now tender cheques at counters
Mumbai: Customers have the option of tendering cheques at bank counters and obtain acknowledgement.

The Reserve Bank of India has advised banks to display on the cheque drop box itself that customers can also tender the cheques at the counter and obtain acknowledgements on the pay-in slips.

Despite its earlier circular of April 10, 2004, that both the drop box facility and tendering of cheques at counters should be made available, RBI and the banking ombudsman have been receiving complaints that many bank branches are not accepting cheques at their counters.
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Shinsei Bank forms AMC
Mumbai: Tokyo-based Shinsei Bank is planning to form a joint venture asset management company (AMC) with Andhra Bank.

If the deal goes through, Shinsei would become the second Japanese financial services company to enter into the AMC business in India after Nikko Asset Management Company tied up with Ambit RSM for the AMC business.

Shinsei is likely to pick up a majority stake in the proposed AMC. According to sources, the tie-up with Andhra Bank will help the Japanese major to tap the distribution network of the South-based nationalised bank.
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