Rupee rides out the storm
Mumbai: The rupee tumbled along with the Sensex to an intra-day, 8-month low of 46 but recovered and closed nine paise higher at 45.51/52, up from previous close of 45.60/63.
Forward Market: The six months forward closed at - 0.17 per cent ( - 1.25 per cent) and the one-year forward closed at - 0.05 per cent ( - 0.56 per cent).
G-Secs: Sucked into the maelstrom, Gsecs crashed by over 50 paise to Re 1 across maturities, on Monday. The 8.07 per cent 2017 went down by 80 paise to Rs 122.45. The 7.46 per cent 2017 paper closed at Rs 117.30/40. The 6.05 per cent 2019 paper went down to Rs 103.
Call Rates remained stable at 4.25 per cent.
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RBI acts on misuse of customer data by banks
Mumbai: The Reserve Bank of India (RBI) has directed banks not to share customer data with its affiliates and subsidiaries for cross-selling purposes. The RBI-constituted, Committee on Procedures and Performances Audit on Public Services has observed that the information collected from the customer is being used for cross-selling of services of various products by banks, their subsidiaries and affiliates, and at times, such information is also provided to other agencies.

"Banks, as they are aware, should know that the information provided by the customer for `Know Your Customer' (KYC) guidelines while opening an account is confidential and divulging any details thereof for cross-selling or any other purpose would be in breach of customer confidentiality obligations. Banks are, therefore, advised to instruct all the branches to strictly ensure compliance with their obligations to the customer in this regard,'' said the RBI notification. The bank has said that all information from the customer has to be collected separately, purely on a voluntary basis, after explaining the objectives to the customer and taking his express approval for the specific uses to which such information could be put.
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