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Interbank call rates were trading higher at 7.80/7.85% against Monday’s close of 7.00/7.05%, but lower than repo level of 8%, in anticipation that central bank though leave key interest rates unchanged, but would introduce some liquidity measures, to keep the overnight rates around repo level. This could be brought about by decreasing the minimum daily cash reserve ratio (CRR) requirement to 90% from 95%, increasing the eligible overnight repo amount from 0.25% to 0.50% of total deposits, and introducing daily 14-day repo/ reverse repos.
The central bank, so far, has been conducting 14-day term repos - through which banks borrow money for two weeks - only once or twice a month, which prompts banks to borrow aggressively and then end up with surplus funds later on in the cycle, leading them to start lending at lower rates, fuelling volatility in overnight rates.
The banks via Liquidity Adjustment Facility (LAF) borrowed Rs 10005 crore through repo auction and parked Rs 23526 crore via reverse repo window on August 4, 2014.
The overnight borrowing rates touched a high and low of 8.25% and 7.70% respectively.
According to the Clearing Corporation of India (CCIL), the weighted average rate (WAR) in the call money market was at 7.74% on Tuesday and total volume stood at Rs 22226.26 crore, so far.
As per CCIL data, WAR in the CBLO (Collateralized Borrowing and Lending Obligation) market was at 7.61% on Tuesday and total volume stood at Rs 37145.70 crore, so far.
The indicative call rates which closed 7.00/7.05% on Monday were contributions made from Andhra Bank, AXIS Bank, Bank of America, Bank of Baroda, Bank of India, Canara Bank, J P Morgan Chase, Citibank N.A., Corporation Bank, Credit Agricole Bank, Indusind Bank, ICICI Bank, ICICI Securities, IDBI Bank, Jammu and Kashmir Bank, Punjab National Bank, RBS, Societe Generale, Standard Chartered, so far.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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