Rupee continues its surge
Mumbai: A weak dollar overseas and steady dollar inflows into the domestic markets aided the rupee to close 18 paise stronger on Wednesday at 44.45/46 against the greenback, as against its previous close at 44.63/64.

In the bond market, securities staged a smart recovery of nearly Rs 2 across some maturities.

Forwards Market: The annualised premia on the six-month forward closed at 1 per cent (0.93 per cent) while the 12-month forward ended at 0.81 per cent (0.77 per cent).
Back to News Review index page  

GE to retail home loans
New Delhi: GE Consumer Finance has announced its foray into the home loan and personal loan segment of the retail market. GE's personal loan foray would be under the brand GE Money Personal Loan.

The foray into the housing finance segment would be through a new company - GE Money Housing Finance Company. The new company has already been registered with the National Housing Bank (NHB).

Loans are to be disbursed at a floating rate of 7.5-8.5 per cent.
Back to News Review index page  

SIDBI to get $120 million from World Bank
Mumbai: To strengthen the country's small and medium enterprises (SMEs) sector, the World Bank has approved a $120-million (around Rs540 crore) loan to Small Industries Development Bank of India.

The loan, guaranteed by the Government of India, is aimed at improving SME access to finance and business development services thereby fostering growth, competitiveness and employment creation, the Bank has said in a release.

Although the potential of SMEs in India to drive growth and create jobs is well known, they have failed to be the engines of growth because of problems in accessing adequate and timely finance and business development services.

Banks are not too keen to lend to SMEs because of high transaction costs and perceived risks of SME lending in the face of insufficient credit information, inadequate credit appraisal and risk management skills, poor repayment records and low market credibility of SMEs, the Bank remarked.
Back to News Review index page  

GOI cancels sale of Rs.8,000 crore dated papers
Mumbai: The Government of India cancelled the Rs8,000 crore auction of dated securities to be held during December 1-8. The securities scheduled for auction were 10-14 year security for Rs6,000 crore and 20-years and above security for Rs2,000 crore, during the period December 1-8, as per the auction calendar.
Back to News Review index page  

SBT hikes NRE deposit, FCNR rates
Thiruvananthapuram: The State Bank of Travancore (SBT) has raised the interest rates for NRE term deposits as also FCNR deposits in dollars, pound sterling and euro for various periods with effect from December 1.

The revised rate for NRE deposits of one year to less than two years is 3.50 per cent, for two years to less than three years 3.90 per cent and for three years and above up to five years is 4.20 per cent, according to a statement from the bank.

The revised rate for US dollar FCNR deposits of one year to less than two years is 2.73 per cent, for two years to less than three years 3.12 per cent and for three years is 3.41 per cent.

The rates for pound sterling deposits for similar periods are 4.65 per cent, 4.58 per cent and 4.60 per cent, respectively. The corresponding rates for deposits in euro are 2.05 per cent, 2.28 per cent and 2.52 per cent, respectively.
Back to News Review index page