While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
Say their aggregate borrowings were "well within the norms"
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
The rupee weakened to 62.58 against the US dollar in the early trade on Thursday.
According to the research arm of the country's largest lender State Bank of India, with stability in the currency, the RBI Governor is likely to lower the marginal standing facility rate, at which the RBI lends to the banks, once the lenders exhaust their overnight repo borrowing limits.
'The UPA was the gang that couldn't shoot straight. The NDA is the gang that can't stop shooting. They (the Modi government) are shooting at anybody, everybody, all directions, shooting themselves in the foot.'
Moody's said the negative outlook reflected uncertainty over the refinancing of Macrotech's (formerly Lodha Developers) upcoming debt maturities.
'There has been far too much overconfidence about the size and composition of the Indian consumer economy,' notes Mihir S Sharma.
In the run-up to the slack season Credit Policy, bond dealers have asked the Reserve Bank of India to permit them to raise funds through external commercial borrowings and enable them to trade in international securities.
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 NCLAT's order is offensive because it goes against every tenet of bankruptcy reorganisation. If Justice Sudhansu Mukhopadhyay's tenets are accepted by the Supreme Court, we will not only regress in modern bankruptcy reorganisation but also slide back in the Doing Business rankings, says Omkar Goswami.
The government's total debt increased by 2.6 per cent to over Rs 46 lakh crore in the third quarter ended December, compared to the previous three months of the current financial year.
The move to ban Rs 500 and 1000 notes may not curb the root cause of black money.
For several years the Chinese authorities have been taking steps to internationalise the use of the yuan.
Fresh buying by domestic institutional investors and better-than-expected June quarter results from some blue-chip companies boosted investor sentiment
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Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
Business leaders, among others, ask govt to let go of fiscal target, seek stimulus, and direct cash transfer.
India's balance of payments in negative territory.
India's external debt rose by almost 13 per cent to $390 billion in 2012-13, mainly due to an increase in short-term trade credit and external commercial borrowings amid a high current account deficit.
The Fed has prepared the world very well for a rate hike. In fact the market may have priced in a 25 basis points increase. So if the increase is 50 basis points, the reaction could be stunning, but a 25 basis points rise is not likely to have any great impact, says P V Subramanyam.
The common denominator: They were predominantly Gujarati, mostly male, and either related by blood or very well-known to Nirav.
India's rank in the World Bank's ease of doing business index cannot get better unless more attention is paid to bringing about procedural reforms in the way states run their governments and provide various approvals for trade and industry, says A K Bhattacharya.
The depreciation in the yuan has led to a decline in all emerging market currencies
While the FPI limit on most bond issues would not be raised above 6 per cent, there would be some in which there would be no limits, reports Arup Roychoudhury.
The economy keeps chugging along on the back of massive international borrowing, on a scale that is generally recognised as unsustainable. As a consequence, it has an abysmal savings-GDP ratio.
Some of the sops being offered to rope in new clients and retain the existing ones are cashbacks, reduced fee, and customised consultancy for clients.
For the first time in our economic history a government has thought about more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies, observes IIM-B professor R Vaidyanathan.
The current account deficit widened to $10.1 billion or 2.1 per cent of GDP for the September quarter as against 1.2 per cent in the year-ago period.
Higher rural incomes, pay commission benefits, and lower interest rates are key positives: Analysts
Investors will maintain a cautious stance.
Modi, after delivering his sixth straight address to the nation on Independence Day from the ramparts of the Red Fort in New Delhi, went into a brainstorming session with Sitharaman and all top officials in her ministry, sources privy to the development said. T
The 41- year old is currently the head of macro trading in Goldman's Securities Division.
The Monopolies and Restrictive Trade Practices Commission (MRTPC) had sent a letter to about half a dozen banks last month, seeking details on how they had determined the interest rate increases on their housing loans.
The rubber and tourism industries in the state, to which the bank has exposure, have been hit.
The move, amid a rise in slippages from restructured assets, is aimed at resolving stress in the banking system.
The central bank measures though are also taking a toll on the banking sector, which is heavily reliant on short-term money markets for capital.
The Reserve Bank of India hiked key interest rates by 0.25 per cent each in the last two reviews to tame inflation.
The total debt of the government increased by 6.7 per cent in the second quarter ended September 2013.
Domestic shares and other global markets rose on upbeat trade data from China earlier in the day and after a US House deal extending the federal borrowing authority.
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