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The rupee slumped to a record low of 65.56 on Thursday and is headed for a sixth straight session of decline.
Neo banks, along with mid-sized banks, are establishing global capability centres (GCCs) in India, mirroring the expansion strategies of larger global counterparts. This trend is being seen as the next major wave in the country's banking, financial services, and insurance (BFSI) sector.
ICICI Bank, the country's largest private sector lender, and the Anil Ambani Group are looking at CLSA and Cheuvreux, the broking franchises of French financial conglomerate Credit Agricole, according to international media reports. Both franchises put together may be valued at $3.5 billion.
Credit Agricol (CA), the second-largest French bank, is all set to enter the Indian insurance and asset management business.US-based middle market focused investment bank Jefferies Group, which opened its representative office in New Delhi last month, plans to enter the institutional brokerage and asset management business in India.
The loan is funded by a consortium of banks led by Australian and New Zealand Banking Group Ltd, BNP Paribas, Credit Agricole Corporate and Investment Bank, DBS Bank Ltd and Intesa Sanpaolo Spa, RCom said in a filing to the Bombay Stock Exchange.
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
Reliance Industries Ltd, the nation's most valuable company, on Thursday said it has raised $4 billion (around Rs 30,000 crore) in debt through the largest ever foreign currency bond issuance by an Indian entity. The oil-to-telecom conglomerate plans to use the proceeds of the three tranche issues to retire existing borrowings. The issue was "nearly 3 times oversubscribed with a peak order book aggregating around $11.5 billion," the company said in a statement. This is the largest ever foreign currency bond transaction in India, eclipsing ONGC Videsh Ltd's $2.2 billion US dollar bonds issue of 2014.
The move will help BNP Paribas expand its operations in India.
Reason for rejection hasn't been stated; deal among seven rejected transactions.
The country's merchandise deficit narrowed to $9.2 billion in November, but exports growth eased to 5.9 percent from 13.5 percent in October, government data showed.
RIL said it has priced its 144A/Reg S bonds to yield 240 basis points over US Treasuries Note at a 4.125 per cent coupon.
The challenge was launched by Mackay Conservation Group in January.
Chinese stock markets have slumped 30 per cent since mid-June.
A total of 11 international banks have publicly distanced themselves from the project.
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RBI chief Raghuram Rajan said on Thursday he was 'very uncomfortable' with the inflation reading, a comment that probably seals the case for him to deliver his third rate increase next Wednesday, despite a weak economy.
IMF chief Christine Lagarde has been put under formal investigation by French magistrates for alleged negligence in a political fraud affair dating from 2008 when she was finance minister.
The Reserve Bank of India unexpectedly raised its policy interest rate on Tuesday by 25 basis points (bps) but said that if consumer price inflation eases as projected, it does not foresee further near-term tightening.
Policymakers have been grappling with high prices for food staples such as onions and potatoes even after the central bank raised interest rates by a quarter percentage point in each of its previous two reviews.
A series of modest support measures from the government over the year helped stave off worries of a more dramatic slowdown
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
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