Rupee firm; gilts weak
Mumbai: The rupee closed at 43.56 against the dollar on Monday, almost unchanged from its previous closing levels, in a lacklustre forex market.

Forwards market: The six-month premium closed at 1.47 per cent (1.51 per cent) while the one-year premium closed unchanged from Friday's levels at 1.30 per cent.

G-Secs: Bond prices fell by around 20 paise amid thin volumes in a dull government securities market. The benchmark 10-year paper, the 7.38 per cent 2015, closed at Rs106 (6.57 per cent YTM), as against its previous levels at Rs106.19 (6.55 per cent YTM).

Call rates: The call rates in the inter bank market fell to as low as two per cent before closing at 4.80 per cent.
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RBI: On-tap sale of State loans closed
Mumbai: The Reserve Bank of India has said that the 'on-tap' sale of 7.20 per cent State development loan, 2017, in respect of both the States, viz., Maharashtra and Mizoram closed on Monday.

The sale opened on Monday on behalf of these two States for an aggregate amount of around Rs400 crore. Against this, applications for an aggregate amount of Rs433 crore were received and the full amount was being retained, said a release.
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Corporation Bank launches remittance schemes for NRIs
Kochi: The Corporation Bank has launched three online remittance products, Corp X'press money, Corp Quick Remit and Remittance Through Exchange Houses as part of its centenary celebrations. With these products, NRIs from the Gulf countries, the US and Canada can now send money here through the Corporation Bank online.

Corp X'press Money is meant for the NRIs in the Gulf countries and is partnered by the UAE Exchange Company. Amounts of Rs50,000 or less can be remitted by a customer in the Gulf and can be accessed by the beneficiary in India through 100 branches of the bank. Corp Quick Remit is targeted at the NRIs in the US and Canada. The facility is partnered with the Bank of New York and the online service provider is Pay Quick.

Remittance through exchange houses is a product under which NRIs can make payment to exchange houses giving beneficiary details and the beneficiary account will be credited by the third day of remittance. While the average cost of a demand draft for similar amounts used to range in between $24 and $40, the cost of the online remittance would be $10 to $12.

The bank will shortly be launching a new remittance product for the NRIs of Europe and Britain that would enable them to remit money in the Euro. The RBI has given approval to the scheme and the bank is in the process of tying up the project.
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BoB declares eighteen percent interim dividend
Mumbai: The Bank of Baroda has declared an interim dividend of 18 per cent on its paid-up capital for 2004-05.

As the Centre holds 66.83 per cent stake in the bank, the bank presented a cheque of Rs35.28 crore by way of interim dividend to the Finance Minister, P. Chidambaram, the bank has said in a press release.
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IOB credit offtake crosses Rs.4,300-crore mark
Chennai: The Indian Overseas Bank's advances this year have crossed the Rs4,300-crore mark, surpassing the bank's initial projection of Rs3,000 crore for the year. In 2003-04, IOB's credit offtake was Rs2,990 crore.

However, as far as deposits are concerned the IOB fell short of targets, with incremental deposits amounting to Rs1,000 crore, as against its estimate of Rs3,500 crore. The bank, accordingly, expects to end the year with an incremental credit-deposit ratio of 450 per cent, officials said. While the credit off take was funded by proceeds coming out of selling government securities, officials said that for advances growth next year, the bank would need to raise deposits, and has accordingly hiked deposit rates across various tenors.
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SBI launches Social Card
Mumbai: SBI Card has launched the SBI Social Card, in partnership with four organisations devoted to social causes. According to the bank this is the first affinity card in the country to feature four NGOs.

The non-governmental organisations that have tied up with SBI Card are Cancer Patients Aid Association, National Association for the Blind, SOS Children's Villages of India and World Wildlife Fund, India. The social card allows the cardholder to donate to the NGOs every time they use it. The card is free for the first year, after which the annual fee is Rs750. SBI Card will donate twenty per cent of the annual fees or renewal fees to the NGOs.

Moreover, customers also have the option to issue standing instructions for a fixed amount to be donated to any of the NGOs, officials said.

SBI Card, a joint venture between State Bank of India and GE Money, has a customer base of 1.6 million.
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