Barclays had been found guilty of submitting false information that had the effect of manipulating the calculation of the London interbank offered rate, or Libor, which is the interest rate at which banks are ready to lend to other banks.
The government has slapped a $2.81 billion (about Rs 24,500 crore) demand notice on Reliance Industries and its partners, including BP Plc for gains made from producing and selling natural gas that may have migrated from neighbouring block of state-owned ONGC. This follows the Delhi high court's decision on February 14, overturning an international arbitration tribunal ruling that held the duo not responsible for paying any compensation for the gas they produced and sold which had allegedly migrated from adjoining fields.
When traders got caught fiddling Libor, their employers blamed a few bad apples.
Sahoo panel suggests India must ease global borrwoging norms for corporate houses.
But other allegations against Jain, Deutsche Bank still being evaluated by the regulator
The $5.7 billion total includes $1.6 billion in fines separately imposed by the US Federal Reserve on the five banks.
Volkswagen may also have to compensate customers for misleading them about a car's performance.
In one of the largest deals by an Indian telecom company, Reliance Infocomm has raised $300 million from overseas markets through syndicated loans to part-finance its $5.5 billion telecom project.
To attract more dollar inflows, the Reserve Bank extended the deregulated interest rate scheme for NRE deposits till January 31 next year from the earlier November 30.
The government on Wednesday tightened external commercial borrowing norms in the wake of softer interest regime and burgeoning foreign exchange reserves, now at over $92 billion.
The RBI has decided that interest rates on fresh repatriable NRE rupee deposits for one to three years shall not exceed 2.5% above LIBOR for US dollar of corresponding maturity.
Previous peak in 2010 crossed in first five-and-a-half months this year.
ECB cuts rates to negative, Libor down to its lowest in 30 years
Though Bajwa met Saudi Arabia's Deputy Defence Minister Prince Khalid bin Salman and Saudi Arabia's military chief of staff General Fayyad bin Hamid Al-Ruwaili, he failed to meet the crown prince.
None of the four benchmarks suggested by the RBI is ideal as banks in India create loan assets from their deposits and not borrowing from the regulator or market, says Tamal Bandyopadhyay.
However, a recent rebound in banking shares -- which has pushed the Thomson Reuters Global Banks index up five percent this year -- possibly hides a crisis still threatening the existence of many in the sector as its leaders meet in Davos.
The British banking major would pay penalties of 290 million pounds as part of settlement agreement with the UK's Financial Services Authority and the US Department of Justice.
British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand.
The debate comes in the wake of Barclays chief executive Bob Diamond's resignation after the bank was fined 290 million pounds last week after some of its derivatives traders were found to have attempted to rig Libor -- the London inter-bank lending rate.
Barclays chairman Marcus Agius and chief executive Bob Diamond have resigned after regulators in the UK and US slapped a 290 million pound penalty on the bank.
Commerce and Industry Minister Anand Sharma today assured exporters of government mediation to ensure that they get foreign currency loans at the new lower rate set by the RBI amid complaints against banks levying additional charges.
The Federal Reserve chairman highlighted the recent recovery in consumer spending and said there were "signs of bottoming" in the housing market.
The government's showcase Indian Infrastructure Finance Company Ltd has run into trouble with two leading global banks - Standard Chartered Bank and Calyon Credit Agricole - suggesting that they may not fulfil collective contractual funding commitments of $250 million
With improvement in the global credit markets and narrowing of spreads, the Reserve Bank of India decided today to reintroduce the ceiling on interest rates that Indian companies pay for external commercial borrowing.
According to the RBI proposal, companies can now take the ECB route for raising 10-year funds which is capped at five years now.
The government has no plans to change the overseas borrowing norms for firms at present, but may consider the demand of the industry to revise rules for interest spread for such borrowings, a senior finance ministry official said on Monday.
Reliance Communications has received a $750 million (Rs 3,000 crore) loan from China Development Bank that would be invested in building a nationwide GSM footprint for the telephony major. The Anil Ambani group company has received the loan for a ten-year period and at a rate of Libor (London Inter-Bank Offered Rate) plus 80 basis points. RCom had received the Reserve Bank of India (RBI) approvals for the loan, sources close to the development said.
Mumbai-based Firstsource Solutions, a pure-play business process outsourcing provider, has acquired US-based MedAssist Holding for $330 million (Rs 1,353 crore).
While the Fed and the ECB slash and raise rates when needed, the RBI seems to move in just one direction.
The crisis in confidence in the banking sector is easing. Banks in Europe and America have taken substantial losses both in their proprietary trading departments and in their loan portfolios.
RBI should monitor export credit offtake and how well banks implement its instruction.
In Moscow, Russia rallied to beat England 2-1 and keep their hopes alive for a berth in the finals.
Reliance Industries Limited, the country's largest private sector company, is raising $2 billion through a 10-year overseas syndicated loan for funding its oil and gas exploration in the D6 block of the Krishna-Godawari basin.
If the view is that rupee will depreciate, hedge your exposure by using forward cover
With hike in deposit rate for expatriates, RBI has reversed the trend of fall in NRI deposits and ensured that banks have additional funds to lend to needy sector of the economy.
The Asian Development Bank has approved a $400 million loan to build roads in Madhya Pradesh and Chhattisgarh, the bank said in a statement in Manila on Monday.
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