India liquidated its forex assets to stabilise the rupee which recently fell below the 76 level against the dollar. India’s foreign currency assets had declined by around $7.50 billion in two weeks to $ 439.66 billion as on March 27.
There are fears that widespread job losses and destruction of demand because of the lockdown and the pandemic’s effect on the economy, will set off unprecedented economic distress across all sectors and levels.
Foreign portfolio investors (FPIs) have pulled out close to Rs 1,00,000 crore (US $13 billion) from India in March, as the coronavirus pandemic and the carnage in the financial markets have forced FPIs to derisk from emerging market assets across the world. This is the largest monthly outflow in the history of the Indian markets, […]
Health insurance is one of the fastest growing segments of the industry. During FY 2017-18, insurance companies collected Rs 37,029 crore as health insurance premium registering a growth of 21.8 per cent over the previous year.
The bank last week said the perpetual subordinated Basel III compliant ATI bonds worth Rs 3,000 crore issued on December 23, 2016 and ATI bonds worth Rs 5,415 crore issued on October 18, 2017 “have been fully written down and stand extinguished with immediate effect”.
While the State Bank of India announced equity infusion of Rs 7,250 crore on March 12, ICICI Bank, Kotak Mahindra Bank, HDFC and Axis Bank on Friday said their boards have approved investments of Rs 1,000 crore, Rs 500 crore, Rs 1,000 crore and Rs 600 crore, respectively, in Yes Bank
Early Sunday, Yes Bank founder Rana Kapoor was arrested in Mumbai by the Enforcement Directorate (ED) on alleged money-laundering charges and remanded in the agency’s custody till March 11 by a local court.
In its reply to a query made by The Indian Express under the Right to Information Act, the RBI said as much as 18.03 per cent of the energy sector exposure as of September 2019 is still classified NPA, but it has fallen from 20.3 per cent in September 2018.
The scheme states that the investor bank should agree to invest in the equity of the reconstructed bank (Yes Bank) to the extent that post-infusion, it holds 49 per cent shareholding in the bank at a price not less than Rs 10 — face value of Rs 2 and a premium of Rs 8.
The RBI directed Yes Bank that it should not grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment or otherwise enter into any compromise or agreement and transfer or dispose of any of its properties or assets.
A senior official in the finance ministry said that the one-month moratorium will help work out a rescue plan, infuse adequate capital and avoid undue panic in the market. “It is a decisive step to protect all stakeholders, especially depositors,” he said.