In New York, the dollar edged down against the yen for the first time in three sessions as investors weighed economic data and remarks from outgoing Federal Reserve Chairman Ben Bernanke.
According to sources, Kingfisher Airlines allegedly diverted funds by opening a current account in HDFC Bank and had a balance of Rs 7.5 crore (Rs 75 million) as on date.
The consortium led by SBI has also initiated the process of recovery.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
The rupee had surged 37 paise to end at a nine-month high of 59.68 against the dollar on Tuesday. Forex market remained closed on Wednesday for 'Buddha Purnima'.
'Trump's sparring with China is good for business,' Raymond's CMD tells Pavan Lall.
The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
Total scam in collusion with middlemen is estimated at over Rs 700 crore. Probe is on in 10 more cases.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
The rupee had revisited the near 2-month low of 60.55 per dollar earlier in the session.
Mixed global cues and decline in crude oil prices further dent the sentiments.
Adopting a wait- and-watch approach ahead of US Fed meeting
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
Mergers to create at most six state banks
According to RBI sources, some banks had extended credit to existing borrowers to repay their debt, known as evergreening of loans in banking parlance.
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
Or Iran may face the risk of losing its biggest client
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
The Sindhis are a lesson in perseverance. Once uprooted, they've started all over, often reinventing themselves
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Senior company officials said the funds would be used to expand its financial services business in rural India where the group would be opening more branches.
India was ranked 70th of 77 countries in the Female Entrepreneurship Index 2015 released by London-based Global Entrepreneurship Institute
About 12 other lenders with combined exposure of Rs 1,200 crore likely to follow
As part of their deal Diageo agreed to pay Mallya, $75 million for stepping down as chairman of United Spirits and for entering into a non-compete pact
Banks are seeking an order that Mallya should appear in person before the court.
Reports from Ludhiana, Coimbatore, Moradabad, Tirupur, Indore, Surat, Delhi, Mumbai, Kolkata, Chennai and Hyderabad, suggest the impact of demonetisation is worsening.
Senior Aam Aadmi Party leader and Gurgaon candidate Yogendra Yadav on Thursday declared his assets to the tune of about Rs 3 crore, which includes farm land, commercial booth and sizable amount of bank deposits and Provident Funds.
Natco Pharma, Wockhardt and Marksans have rallied between 50 and 70 per cent in the year till date.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
To combat terror financing, India and the US committed to work together to check illicit money transfers.
SBI, PNB, Bank of Baroda, Canara Bank, Dena Bank, Central Bank of India ended down 3%-12% each.
At 12:25 PM, the barometer index, the S&P BSE Sensex was down 358 points or 1.3% at 26,368.
Apart from streamlining loan processing, most public sector banks charge lower interest rate, an aspect which seems to be game changer.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
Among the private banking majors ICICI Bank and HDFC Bank were down 0.2%-0.5% each.
The estimated cost breakdown is one of the most important forms in the construction loan package.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
S.Kumars chief Nitin Kasliwal is charged with non-performance by company shareholders in the recently help AGM of the company.
More than 10% (40 of 498 companies) have lost at least half their market value.
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