Fears that FIIs would curtail their investments in emerging markets following the Fed's tapering plan hurt sentiment.
The 30-share Sensex ended down 151 points at 20,709 and the 50-share Nifty ended down 51 points at 6,167.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
The comment was in response to a June 19 Reuters story citing sources with knowledge of the matter as saying that India planned to clear some oil payments to Iran through the United Arab Emirates central bank.
The 30-share Sensex ended up 248 points at a record closing high of 27,346.
Privatisation or consolidation into half a dozen large banks might not rescue public sector banks from the crisis they find themselves in.
'I can confidently say there will be another financial crisis soon enough, and probably more than one global crisis within the next century, given the increasingly integrated nature of the global economy.'
Reliance chairman Mukesh Ambani has moved 2 ranks ahead this year on the most powerful list.
The announcement of the formation of the BRICS bank will have as much an impact about how the non-G7 countries manage their economies and their foreign reserves, as it does on the intellectual discourse. The development priorities and agenda which was hitherto set by western experts responding mostly to western priorities and notions will now have to compete with an intellectual tradition that is and can be very different, says Mohan Guruswamy.
The most immediate cause of worry is the recent volatility in foreign exchange markets, Prime Minister Manmohan Singh tells the Assocham annual general meeting.
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