Bonds
crash
Mumbai: Bond prices crashed by around one rupee
across maturities on Thursday due to aggressive sell-offs.
The domestic currency ended at Rs.46.33/3350 marginally
stronger as compared to Wednesday's closing at Rs.46.35/37.
Forwards Markets: The six month premium ended at
2.49 per cent (2.55 per cent) and the one year at 2.16
per cent (2.22 per cent).
G-Secs: The 10 year bench-mark yield on the 7.37
per cent 2014 paper hardened to 6.27 per cent at Rs.107.90.
Call Rates: In the range of 4.25 and 4.50 per cent.
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Market
stabilisation scheme ceiling raised to Rs.80,000 crore
Mumbai: The Government has raised the ceiling of
the Market Stabilisation Scheme (MSS) to Rs.80,000 crore
from the existing level of Rs.60,000 crore. The revision
was made by the Government as per the request of the Reserve
Bank of India.
The threshold limit of amount outstanding under the MSS
has crossed the Rs.50,000 crore mark and the RBI had accordingly
informed the government, said an RBI press release.
The threshold level at which the ceiling will be reviewed
in the future, has also been revised upward to Rs.70,000
crore from Rs.50,000 crore previously.
The
indicative schedule of issuance of securities under MSS
for the quarter July-September 2004 has remained unchanged.
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HDFC
Bank opens 24-hour branch
Mumbai: HDFC Bank has opened its first 24-hour
branch at the International Air Cargo Complex in Mumbai.
The customers will be now offered various current account
facilities at the Airport Authority of India (AAI) branch
including 24-hour payment facility, funds transfer, forex
services, inward or outward remittances and trade finance
services, said a press release.
The
collections of and payments of the funds across India
can be arranged through the bank's on-line real time banking
with its entire branch network.
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RBI
allows withdrawals on Prudential Cooperative
Hyderabad: The Reserve Bank of India on Thursday
allowed the financially struggling, Prudential Co-operative
Bank Ltd to permit withdrawal of a sum not exceeding Rs.20,000
in any deposit account by a depositor.
The
disbursement programme would be put in place by the co-operative
bank and announced shortly, the Managing Director said
in a press release.
The
RBI directive said that the mentioned sum in any deposit
account, by whatever name called could be withdrawn by
a depositor provided that the depositor is having liability
to the bank - either as a borrower or surety, and the
amount may be adjusted first to the relevant borrowal
accounts.
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