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Rupee
dips marginally - securities recover
Mumbai: The rupee fell marginally on Tuesday, closing
the day at 43.52/53, down from Monday's close at 43.4950/50.
Forwards market: The 12-month contract closed at
1.31 per cent (1.34) and the six-month closed at 1.44
per cent (1.52).
G-Secs: Prices recovered after Monday's fall of
40-70 paise, with the 7.37 nine-year 2014 paper,
which is currently the most active paper, closing at Rs103.20
(6.88 per cent YTM). The 7.55 five-year 2010 paper
closed at Rs103.85 (6.61 per cent YTM). The 7.38 ten-year
2015 benchmark paper closed at Rs103.50 (6.89 per
cent YTM), up from Monday's close at Rs103 (6.96 per cent
YTM).
Call rates: The inter bank rates opened higher
at 6.00, but closed the day at 5.25-5.5 per cent.
CBLO market: 206 trades in the rate range of 4.05-6.00
per cent, aggregating to Rs6805.15 crore, were realized.
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RBI
issues tough guidelines for credit card issuers
Mumbai: Adopting a tough stance, the Reserve Bank
of India (RBI) on Tuesday released draft guidelines on
credit card operations, which recommends, among a slew
of other restrictions, that banks/non-banking finance
companies (NBFC)s and their agents should not resort to
intimidation or harassment of any kind against any person
in their debt collection efforts.
The central bank, in its extensive guidelines governing
various aspects of credit card use, has further proposed
that the disclosure of the credit card users' personal
information to direct sales agents/recovery agents should
also be limited to the extent that it will enable them
to discharge their duties.
Personal information provided by the card holder, but
not required for recovery purposes, should not be released
by the card issuing bank/NBFC.
The guidelines said, in the matter of recovery of dues,
banks/NBFCs may ensure that they, as also their agents,
adhere to the extant instructions on fair practice code
for lenders, as also their own code for collection of
dues or in the absence of such a code, at the minimum,
adopt the Indian Banks Association code for collection
of dues and repossession of security.
RBI has proposed a time limit of 60 days which may be
given to the customers for referring their complaints/grievances.
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SREI
Infrastructure net up 38 per cent
Kolkata: SREI Infrastructure Finance Ltd has recorded
a 38-per cent increase in profit after tax at Rs28.30
crore for the year ended March 2005, up from Rs20.44 crore
in the previous year.
According to officials the total assets under management
increased to Rs2,240 crore, with annual disbursements
at Rs1,600 crore, up from Rs1,100 crore in 2003-04, a
growth of 45 per cent. The company's net worth has also
increased from Rs154 crore to Rs172 crore.
The board has recommended a dividend of Rs1.50 per share
(15 per cent), the same as last fiscal, on expanded capital
following the recent GDR issue.
SREI raised Rs152 crore through the issue of 8.65 million
GDRs after listing on the London Stock Exchange.
Gross profit for the year under review rose to Rs40.98
crore (Rs29.82 crore), registering a growth of 37 per
cent. Total income was up at Rs129.93 crore (Rs115.70
crore).
Mr Kanoria said that the company expected to maintain
the disbursals growth (infrastructure financing) at 45
per cent in the current fiscal too, through project financing
in roads, power, and rural electrification (through solar
lighting panels).
SREI's EPS has climbed to Rs5.31 from the earlier Rs3.84.
According to officials, the GDRs have achieved 30 per
cent appreciation in value in just two months.
The company has been growing in size, scope, and quality
of its business, having moved seamlessly from equipment
leasing to project financing, the latter being the main
thrust of the company currently and in coming years, company
officials said.
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Oriental
Bank slashes home loan rates
Hyderabad: In a move, contrary to market sentiment,
the Oriental Bank of Commerce (OBC) has decided to reduce
housing finance rates effective July 1. The move was aimed
at making its housing loan schemes more attractive and
competitive, the bank said in a press release here on
Tuesday.
The bank has slashed interest rates on housing loans ranging
from 25 basis points to 75 basis points. The bank said
the revised rates were applicable to all the prospective
housing loan borrowers.
However, the existing housing loan borrowers may also
opt for the revised interest rate structure on paying
a fee of one per cent on the present outstanding loan
amount so as to avail the benefit of reduction of interest
rates, officials said.
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RBI
holiday on July 1
Thiruvananthapuram: All offices of the Reserve Bank
of India will remain closed on July 1 for public transactions,
an official spokesman said here.
This is because June 30 happens to be the last working
day of the accounting year 2004-05, he added.
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