RBI steps in as rupee hits record low

Currency weakens past 69 against the dollar for the first time prompting central bank intervention The rupee extended its losing streak for a fourth straight session, breaching the 69-a-dollar mark for the first time ever in early trade on Thursday before the central bank intervened by selling dollars through state-run banks, curbing volatility in the
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India’s weak banking system will strengthen over couple of years as stressed loans are cleared and capital base expanded by government’s fund infusion in state-owned lenders, S&P Global Ratings said today.  In its report titled ‘The Worst Is Almost Over For India’s Banks’, S&P said the ratings on the banks are “more likely to be
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The Reserve Bank of India has started a review of over 200 stressed assets of top business groups in the banking system to assess the provisioning level and classification of assets. The regulator has already sent letters to banks to gauge the level of action by lenders to clean up the banking system, said a
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NEW DELHI: As many as 21 public sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18, according to banking data.  India’s largest lender State Bank of India, which suffered a staggering net loss of Rs 6,547 crore during
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A task force of the Commerce Ministry has submitted its recommendations on a draft national e-commerce policy. The suggestions, if accepted by the government, could impact consumers’ online shopping experience in multiple ways, including how discounts are given, the availability of newer products, and the redressal of complaints. Why does India need an e-commerce policy
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To boost sales of domestically produced goods on e-commerce platforms, the Centre may consider easing foreign direct investment rules for the inventory-based e-commerce model for made in India products. A task-force, headed by Commerce Secretary Rita Teaotia, on creating a draft e-commerce policy has submitted its recommendations, in which it has suggested that a limited
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The Reserve Bank of India has started a review of over 200 stressed assets of top business groups in the banking system to assess the provisioning level and classification of assets. The regulator has already sent letters to banks to gauge the level of action by lenders to clean up the banking system, said a
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As the dollar puts emerging market currencies under strain, the RBI needs to have a plan The rupee’s troubles just do not seem to end. On Thursday, the currency weakened past 69 intraday against the U.S. dollar, an all-time low. The rupee, which has lost almost 8% in value since January 1, is the worst-performing
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Tribunal says duty-bound to bring ‘serious anomalies’ to SEBI’s notice, ensure such lapses don’t recur The Securities Appellate Tribunal (SAT) has refused to revoke its order in which it had sharply criticised the Securities and Exchange Board of India (SEBI) for letting off Tata Finance Ltd. (TFL) despite finding serious violations in a 2001 preference
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The third unit of the Kudankulam Nuclear Power Plant (KKNPP) is slated to get another batch of equipment as Rostov-based Atomenergomash, a machine-building division of Russia’s state-owned Rosatom State Atomic Energy Corporation, has shipped out moisture separator reheaters and high pressure heaters for the project in Tamil Nadu. In March 2018, the first batch of
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