The Reserve Bank of India (RBI) has given its approval to two Russian banks for opening special vostro account for rupee trade. Sberbank, JSC VTB - the largest and second largest bank of Russia - are the first foreign lenders to receive this approval after the central bank announced the norms on INR trade in July. Both lenders have branch presence in India. Earlier this month, state-run UCO Bank received the RBI's approval to open a special Vostro account with Gazprombank of Russia. While the Kolkata-based lender is in the process of opening the account, the bank has received requests from various foreign lenders for opening such an account.
'The biggest risk to the Indian markets from a 12-18-month view is that the current government does not get re-elected, or loses in a way that is not represented at all in the next central government.'
Manchester United kept up their impressive chase for a top-four spot with a comfortable 3-0 win at relegation-threatened Aston Villa in the English Premier League on Thursday. Relegation-threatened Bournemouth had a late goal disallowed by VAR as they had to settle for a 0-0 draw at home to Tottenham Hotspur.
Geithner and Bernanke held talks with India's major multinational corporations.
'As the Indian economy continues to expand over the next three years, mid- and small-caps should do well as they have higher exposure to the domestic economy than large-caps.'
Their implementation is expected to create investment owing to improving ease of doing business as well as initiating pro-worker measures.
Images from the Women's T20 World Cup Final between Australia and South Africa played in Cape Town on Sunday
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