Rupee is likely to strengthen towards 53 per dollar by end-March and gain further towards 50 by end-December, HSBC says in a report. However, the bank says the backdrop for the rupee will remain challenging due to the twin deficits and the governments difficulty in tackling them ahead of the state elections scheduled for this year. The bank calls recent steps taken by the government positive and constructive in addressing these deficits.
IOB, Deutsche Bank come together
Indian Overseas Bank (IOB) has signed a memorandum of understanding (MoU) with Deutsche Bank for a closer relationship in cash management services. Under the terms of MoU, IOB will use Deutsche Banks global cross-currency payments solution, FX4Cash.
NSpot, Central Bank tie up for rural loans
NCDEX Spot Exchange (NSPOT), the leading e-spot exchange, said on Wednesday it has tied up with the Central Bank of India (CBI) to provide credit to farmers, processors and market participants. With this, depositors of NSPOT accredited warehouses would be able to avail loans against their produce from Central Bank of India, an exchange statement said here.
Markit to raise staff strength by year end
Global financial information services company Markit on Monday said it will boost its workforce in India to 600 by the end of 2013 under a new regional head, Sid Banerjee. New employees will be engaged across Markits business, including development, testing, analytics and data mining.