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Category archives for: Business

RBI bars regulated entities from dealing in cryptocurrencies

Mumbai: In a bid to protect consumers and curb evils like money laundering, the RBI on Thursday barred all regulated entities, including banks, from dealing in virtual currencies like bitcoins, following its earlier multiple warnings on their risks. Regulated entities already providing services to any individual or business dealing in digital currencies have been given […]

PNB fraud: CBI questions four RBI officials

New Delhi: The CBI on Thursday questioned four Reserve Bank of India (RBI) officials in connection with Rs 13,500 crore Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi and his uncle Mehul Choksi, an official said. Those questioned includes three Chief General Managers and one General Manager of the central bank. Sources said the […]

India’s Forex reserves rise by $1.19 bn

Mumbai:¬†India’s foreign exchange (Forex) reserves increased by $1.19 billion as on March 23, official data showed on Friday. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves rose to $422.53 billion from $421.33 billion reported for the week ended March 16. India’s Forex reserves comprise of foreign currency assets […]

Equities close lower on global cues, selling pressure

Mumbai: Key Indian equity indices provisionally closed on a lower note on Thursday as negative European markets, along with selling pressure in banking, auto and capital goods stocks, suppressed investors’ sentiments. The key indices had opened on a higher note after the US Federal Reserve raised the benchmark interest rate by 25 basis points, signalling […]

Accenture, Grameen Foundation’s apps to boost women’s financial inclusion

  Accenture Labs in collaboration with the non-profit Grameen Foundation has developed two artificial intelligence (AI) and augmented reality (AR)-based applications that can boost rural women’s access to financial services. The apps — Emotional Analytics for Social Enterprises (EASE) and Grameen Guru — will be rolled out by Grameen Foundation India across 300 villages in […]

Sebi fines NDTV for disclosure lapses

New Delhi:¬†Securities market regulator Sebi has fined media organisation NDTV, and four individuals for lapses in mandatory disclosure. According to a Sebi order dated March 16, NDTV has been fined Rs 10 lakh. Besides the firm, the regulator has fined — Prannoy Roy, Radhika Roy, Vikramaditya Chandra and Anoop Singh Juneja — Rs 3 lakh […]

Oil prices climb as US equities rebound

Oil prices ended higher as US stocks market rebounded. The West Texas Intermediate for April delivery on Friday rose $1.15 to settle at $62.34 a barrel on the New York Mercantile Exchange, while Brent crude for May delivery added $1.09 to close at $66.12 a barrel on the London ICE Futures Exchange, Xinhua reported. US […]

Rs 9.1-cr Chandri Paper fraud reported to CBI on Feb 13: PNB

The Punjab National Bank (PNB) on Saturday clarified that Rs 9.10 crore fraud unearthed pertaining to Chandri Paper and Allied Products was not a new fraud. “It is not a new fraud. Fraud had already been declared in respect of fradulent and unauthorised issuance of two LoUs for Rs 9.10 crore on the account of […]

Credit cost to rise as LoUs issuance discontinued: SBI Ecowrap

New Delhi: The RBI’s decision to discontinue the Letters of Undertaking (LoUs) or Letters of Comfort (LoC) might increase the credit cost for imports as it will lead to a shift towards “other off-balance sheet” products, said a State Bank of India (SBI) report on Friday. According to SBI Ecowrap report, the shift to “other […]

Merger led to higher account closure this year: SBI

New Delhi: The country’s largest public sector bank State Bank of India (SBI) on Thursday clarified that the number of accounts closed in the bank is higher this year due to the merger and it has nothing to do with maintenance of minimum balance. “On account of the merger of SBI’s associate banks with SBI […]

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