An official said the SIT will examine if the money was used on any illegal activities, like terrorism or forcible religious conversion.
Towards the end of February, the Reserve Bank of India (RBI) restored the risk weighting on banks loans to non-banking financial companies (NBFCs; including to microfinance institutions, or MFIs) to 100 - back to its November 2023 position - from 125. It is only a partial relief though. "Higher risk weighting on unsecured lending continues to be in place while the same on bank funding to NBFCs has been done away with. "This is a positive step by RBI," says Rajiv Sabharwal, managing director (MD) and chief executive officer (CEO), Tata Capital.
Rupee depreciation, if it continues, will likely pull the markets down further. Since September 2024, the rupee has declined by 3.1 per cent, the Nifty has dropped by 8.5 per cent during the same period, and the Sensex has fallen by 7.3 per cent. If the decline continues, markets will need to brace for more pain as it could push foreign portfolio investors (FPIs) to exit their positions faster than anticipated.
India's forex reserves jumped $9.11 billion to $615.97 billion in the week ended December 15 and the quantum of increase is one of the highest for a week, according to RBI data. In the previous reporting week, the overall reserves had risen $2.82 billion to $606.86 billion. In October 2021, the country's forex kitty reached an all-time high of $645 billion.
The country's foreign exchange reserves fell $6.687 billion to $564.05 billion in the week ended August 19, according to the Reserve Bank of India (RBI) data. In the previous week ended August 12, the reserves declined $2.24 billion to $570.74 billion. The drop in the reserves during the week ended August 19 was due to a fall in the Foreign Currency Assets (FCA) and the gold reserves, as per the Weekly Statistical Supplement released by RBI on Friday.
India's forex reserves increased by $5.08 billion to $595.4 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined $462 million to $590.32 billion. For the week ended November 17, the foreign currency assets, a major component of the reserves, increased $4.39 billion to $526.39 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).
IndusInd Bank on Tuesday said global rating agency Moody's has placed the bank's baseline credit assessment (BCA) under review for a possible downgrade. The rating review comes days after IndusInd Bank disclosed a Rs 2,100 crore discrepancy in accounting with an estimated impact of 2.35 per cent of the bank's net worth.
India's forex kitty decreased by $462 million to $590.32 billion for the week ended November 10, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.67 billion to $590.78 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billio
Abuse of power, financial misconduct, and the never-ending turf wars are now coming to light as Boxing Federation of India's officials jostle to escape blame for the shocking turn of events.
A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
High frequency indicators, like vehicles sales, air traffic, steel consumption and GST E-way bills, point towards a sequential pickup in momentum of economic activity during the second half of the fiscal 2024-25 and sustain moving forward, RBI Bulletin said on Wednesday. However, a strong dollar, driven by US economic resilience and trade policy pivots, could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities, said an article on 'State of the Economy' published in RBI's February bulletin.
Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha that India's rising gold reserves, including those held by the Reserve Bank of India (RBI), is not intended to replace any international currency.
India's foreign exchange reserves declined $867 million to $593.04 billion in the week ended September 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves dropped $4.99 billion to $593.90 billion. In October 2021, the country's reserves had touched an all-time high of $645 billion.
'Entering India is exciting, but it's also challenging. You have to be prepared for long-term investment.'
India's forex reserves declined by $2.36 billion to $583.53 billion during the week ended October 20, according to the Reserve Bank of India data. In the previous reporting week, the overall reserves had increased by $1.15 billion to $585.89 billion. In October 2021, the country's forex kitty reached an all-time high of $645 billion.
From the Sensex pack, Bharti Airtel, Titan, Tata Consultancy Services, Hindustan Unilever, Infosys, Nestle, Reliance Industries, Mahindra & Mahindra, HDFC Bank and Tata Motors were the biggest gainers. However, IndusInd Bank, Bajaj Finance and UltraTech Cement were the laggards.
Prime Minister Narendra Modi is set to visit Sri Lanka, where he will hold talks with President Anura Kumara Dissanayake and strengthen ties through agreements on defence, energy security, and digitalisation. This visit aims to further bolster the already strong relationship between the two nations and is expected to include several outcomes, including a defence cooperation agreement, debt restructuring, and a currency swap. This visit comes at a time when Sri Lanka is recovering from an economic crisis, where India played a significant role in providing financial assistance.
The police on Saturday continued searches at the offices of a trust backed by 17th Karmapa Ugyen Trinley Dorje, who was questioned over the seizure of foreign currency valued at Rs 7 crore.
US President Donald Trump announced a 26 per cent "discounted reciprocal tariff" on India, half of the 52 per cent levies imposed by India on American goods, as he described India as "very, very tough."
The two sides are also likely to firm up a currency swap framework and seal several other agreements including one on debt restructuring following talks between Modi and Sri Lankan President Anura Kumara Disanayaka on April 5, people familiar with the matter said.
After multiple weeks of decline, India's forex reserves increased by $1.15 billion to $585.89 billion during the week ended October 13, according to the RBI data. In the previous reporting week, the overall reserves had dropped by $2.17 billion to $584.74 billion. In October 2021, the country's forex kitty reached an all-time high of $645 billion.
India's foreign exchange reserves declined in the week that ended on April 12, after having risen for the seventh straight week to hit an all-time high of $648.56 billion. As per the latest data released by the Reserve Bank of India (RBI), the country's foreign exchange kitty declined by $5.40 billion to $643.16 billion in the April 12 week. India's foreign currency assets (FCA), the biggest component of the forex reserves, declined by $6.51 billion to $564.65 billion, the central bank's weekly statistical data showed.
Stock markets are expected to be driven by global trends and FPI trading activity this week after the conclusion of the earnings season, analysts said. Unabated foreign fund outflows, lower-than-expected quarterly earnings and global trade war fears hit market sentiments last week, where the benchmark indices Sensex and Nifty extended their downward trend to the eighth day in a row on Friday.
Prime Minister Narendra Modi's visit to Sri Lanka is expected to yield at least 10 ambitious outcomes, including a defense cooperation agreement and frameworks for deeper engagement in the energy sector. The visit comes at a time when Sri Lanka is recovering from an economic crisis, with India providing significant financial assistance. Modi and Sri Lankan President Anura Kumara Dissanayake will also dedicate several projects built with India's assistance and virtually inaugurate the Sampur solar energy project.
The country's forex reserves dropped by a further $2.166 billion to $584.74 billion for the week ended October 6, the RBI said on Friday. India's forex kitty had gone down by $3.79 billion to $586.91 billion in the previous week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Many travellers are now opting for domestic destinations like Goa, Kerala, Rajasthan, Lakshadweep, Himachal Pradesh, and the North East.
Reserve Bank Governor Sanjay Malhotra on Friday said the exchange rate policy has remained consistent over the years and the central bank does not target any 'specific level or band' of the rupee, which slipped to an all-time low of 87.59 to a US dollar. On Thursday, the rupee plunged 16 paise to close at a record low of 87.59 against the American currency. "I would like to mention here that the Reserve Bank's exchange rate policy has remained consistent over the years.
India's forex reserves dropped by $4.992 billion to $593.904 billion for the week ended September 8, the Reserve Bank of India said on Friday. In the previous reporting week, the kitty had jumped $4.04 billion to $598.9 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
India's forex reserves dropped further by $3.79 billion to $586.91 billion for the week ended September 29, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had declined by $2.33 billion to $590.70 billion as of September 22. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
India's forex reserves jumped by $4.039 billion to $598.89 billion for the week ended September 1, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $30 million to $594.86 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Companies hit by the sudden appreciation of foreign currencies such as Swiss franc and yen are finding it difficult to restructure their currency options as banks have become cautious in extending fresh credit limits to them.
India's forex reserves dropped by $30 million to $594.858 billion for the week ended August 25, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by $7.27 billion to $594.89 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
On India, the chart showed that the country charged 52 per cent tariffs on the US "including currency manipulation and trade barriers," and America will now charge India "discounted reciprocal tariffs" of 26 per cent.
India's forex reserves dropped by $7.27 billion to $594.89 billion for the week ended August 18, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by $708 million to $602.16 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
Global trends, trading activity of foreign investors and news flow on tariffs are expected to influence movement in the equity market in a holiday-shortened week ahead, analysts said. Equity markets would remain closed on Wednesday for 'Mahashivratri'.
Domestic air passenger traffic grew 5.1 per cent year-on-year to an estimated 138.9 million in May and was significantly higher by around 14 per cent than pre-Covid levels, credit ratings agency Icra said on Thursday. Icra also said the outlook on the Indian aviation industry is stable amid the continued recovery in domestic and international air passenger traffic with a relatively stable cost environment and expectations of the trend continuing in FY2025.
At nearly 82 per cent of GDP, India's public debt is very high, but the country doesn't face debt sustainability issue on account of high growth rate and higher share of local currency debt, NCAER Director General Poonam Gupta has said. Participating in an event organised by NCAER, Gupta said India's high debt levels are sustainable for now because of higher real or nominal GDP and as most of the debt is held in rupee.
Equity benchmark indices are facing massive corrections, with the NSE Nifty declining over 14 per cent from its lifetime high hit in September last year due to several negative triggers like stretched valuations, foreign fund exodus, disappointing quarterly earnings and rising global trade tensions dragging markets lower. The BSE benchmark Sensex hit its record peak of 85,978.25 on September 27 last year, and the Nifty also reached a lifetime high of 26,277.35 on the same day.
India's foreign exchange reserves jumped $1.23 billion to $596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
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