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Rupee
gains marginally
Mumbai: The Indian rupee gained by three paise
on dollar selling by exporters and weakness of the dollar
overseas. The rupee opened at 44.11, moved in the range
of 44.13-17, and finally closed at 44.20, higher than
the close of 44.23 on Friday.
The
six-month forward-premia closed at 3.24 per cent (3.22
per cent) and the one-year at 3.01 per cent (3.02 per
cent).
Bonds:
Bond prices rose by around 25 paise reacting to the
RBI's decision on resuming interest payments on the Cash
Reserve Ratio maintained by banks. Total traded volumes
on the order-matching system were around Rs3,000 crore.
G-secs:
The 8.07-10 year-2017 benchmark paper opened at
Rs101.10 (7.90 per cent YTM) and closed at Rs101.22 (7.89
per cent YTM) against Friday's close at Rs100.94 (7.93
per cent YTM).
The
7.37 per cent - 7 year-2014 paper opened at Rs97
(7.92 per cent YTM) and closed at Rs97.11 (7.90 per cent
YTM), against the previous close at Rs96.89 (7.95 per
cent YTM).
Call
rates: Call rate closed at 6.15-6.25 per cent against
the previous close of 6.20-6.40 per cent on Friday.
In
the first one-day reverse repo auction, the RBI received
and accepted four bids for Rs545 crore. In the second
one-day reverse repo auction, the RBI received and accepted
twenty-five bids for Rs17,935 crore. There were no repo
bids.
CBLO:
The CBLO market saw 372 trades aggregating to Rs21,460.95
crore in the 5.50-6.15 per cent range.
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PNB
to soon finalise JV partner for credit card business
New Delhi: Punjab National Bank (PNB) will soon
finalise the joint venture partner for its proposed credit
card foray by end-March. The bank has received 11-12 proposals
in response to its expression of interest (EOI) to partner
its credit card venture.
The
entities that have shown interest include domestic as
well as foreign banks, NBFCs and technology companies.
In July last year, PNB had decided to set up a joint venture
company to deal with all aspects related to its credit
card business.
The
bank has roped in Ernst & Young as its consultant
for its foray into credit card business. Besides formulating
a business plan for PNB's credit card business, E&Y
would also help the bank in identifying a joint venture
partner for this business. PNB wants to be the primary
card issuer under the proposed joint venture.
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Syndicate
Bank increases rates on deposits
Bangalore: Syndicate Bank has raised
interest rates of retail deposits above nine per cent.
The bank had introduced two new deposit products called
Synd Plus and Synd 500 Plus. The deposit products are
for 400 days and 500 days respectively and offer rates
of nine per cent and 9.25 per cent for amounts under Rs15
lakh. For senior citizens, the bank was offering rates
of 10 per cent. The bank has kept the schemes open till
April-end. Loans would be allowed against the deposits.
Meanwhile, the bank has entered into an MoU with Crisil
for rating of SMEs, which is the focus area for the bank,
the release said.
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