The finance minister has emphasised on the quick disbursal of additional loans to MSMEs, to simplify process, formats and documentation.
Rush to offload bad loans indicates a revival in asset-sale market
Increased selling of the dollar by banks and exporters amid sustained foreign capital inflows supported the rupee.
Both Purvi Deepak Modi and Neeshal Modi are accused in the $2-billion scam allegedly orchestrated by their elder brother Nirav Modi and uncle Mehul Choksi in Punjab National Bank, they said.
The governance reforms, as an official put it, would bring in measures to track the performance of the executive-rank employees of the banks, intensively.
Bankers have been criticised for not passing the benefits of rate cuts
Soon after unveiling of the Reserve Bank's mid-quarter policy review, country's largest lender State Bank of India on Friday said lending and deposit rates will go up in view of the festive season demand.
A higher opening in the domestic equity market also supported the rupee but dollar's gain against other currencies overseas limited the rise of domestic unit, forex dealers said.
His brother Nishal, a Belgian citizen, also left the country on January 1, while wife Ami, a US citizen, and business partner Mehul Choksi, the Indian promoter of Gitanjali jewellery chain, departed on January 6, the officials said.
The RBI, which has been keeping rates at an elevated level citing the high inflation, wants to bring it down to 6 per cent by January 2016.
Progress on the steps taken by Governor Shaktikanta Das' predecessor Urjit Patel to restore financial system integrity will be a key thing to assess any damage to the institution, Subramanian said.
Finance Minister Nirmala Sitharaman on Thursday said that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are "coming back" to India" to face the law.
Force India finished sixth in 2014 but spent much of last season calling for cost cuts.
The country's top private sector lender, ICICI Bank, made its entry into the list of the top 10 most valuable companies by market capitalisation this week, helped by a sharp rise in banking stocks.
Traders expect the rupee to remain wedged between the 59.60 and 60.50 levels in the absence of any key triggers in the near-term.
The rupee on Thursday surged by 22 paise to close at a fresh three-week high of 61.75 against the US currency.
The domestic currency had lost 49 paise to close at a three-month low of 60.55 on Thursday on capital outflows after the US Fed trimmed its monthly bond buying programme by another $10 billion.
'Wang Yi said the border issue is important and we should stay committed to peacefully addressing it through consultation and coordination.'
Forex dealers said besides increased dollar selling by exporters, strength in other currencies against the American currency overseas also supported the rupee but a lower opening of the domestic equity market capped the gains.
In New York market, the dollar fell further against the euro yesterday after minutes from the Federal Reserve's March meeting detailed risks that could keep interest rates depressed even after the first rate hike.
Investors are sceptical that the economy could have picked up so much steam.
Police in Dominica captured Choksi on Tuesday night (local time) after an Interpol Yellow Notice was issued by Antigua and Barbuda.
The cost of holding one-year forward dollars rose to 482.75 basis points from 472.75 bps on Tuesday.
The rupee had gained five paise to close at 63.25 against the dollar in on Monday's trade on fresh selling of the US currency by exporters amid bullish stocks.
RBI's foreign exchange reserves fell $237.5 million.
Governor Rajan can be more unambiguously pro-growth.
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The rupee has avoided the heavy losses suffered by some emerging Asian currencies such as the Philippine peso this year because of its efforts to narrow the current account deficit, and strong foreign investor inflows.
Sebi has barred fugitive businessman Mehul Choksi and one Rakesh Girdharlal Gajera from the capital markets for one year and levied a fine totalling Rs 2.5 crore on them for violating insider trading rules in the matter of Gitanjali Gems. In addition, they have been restrained from buying, selling or otherwise dealing in securities of Gitanjali Gems Ltd (GGL) for a period of two years. Also, the Securities and Exchange Board of India (Sebi) has directed Gajera to disgorge a sum of Rs 15.82 crore.
The domestic currency spurted by 425 paise or 6.28 per cent in last five straight sessions.
Women employees of SBI can now take two-year sabbatical leave from work for purposes like children's education.
The dollar's weakness against other currencies overseas and a higher opening in the domestic equity market supported the rupee, forex dealers said.
"As regards reports about a bridge being made by the Chinese side on Pangong Lake, the government has been monitoring this activity closely," External Affairs Ministry Spokesperson Arindam Bagchi said.
With funds more readily available, Fitch expects a portion of stalled housing projects to resume construction, and this will feed into its forecasts for India's buildings sector growth in the short term.
Union Bank of India, United Bank of India reduced base rates.
The RBI stipulated on Thursday that foreign institutional investors would require a mandate from participatory note holders to hedge on their behalf.
In New York market, the dollar fell against the Japanese yen yesterday, taking cues from declines in US stocks.
The rupee had revisited the near 2-month low of 60.55 per dollar earlier in the session.
In New York, the dollar fell against the British pound on Wednesday after the Bank of England raised its projections for UK growth in 2014. However, analysts warned that gains against the dollar could be limited.
The rising COVID-19 infections across the country are a matter of concern, but it may not impact the ongoing economic revival as one does not foresee lockdowns, Reserve Bank Governor Shaktikanta Das said on Thursday. The economic revival will continue "unabated", Das said, asserting that there is no need for a downward revision of RBI's 10.5 per cent GDP growth forecast for FY22. Speaking at Times Network's India Economic Conclave, Das said, "We have 'insurance' to protect economic revival like a fast-paced vaccination drive, greater ability among people to follow COVID protocols", and one does not see lockdowns as well.
The move could aggravate shortages in the physical market as authorities seize gold without a valid provenance.
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