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India’s Forex reserves down by $211 mn

Mumbai, Aug 25 (IANS) India’s foreign exchange (Forex) reserves kitty depleted by $211 million as on August 18, 2017, official data showed on Friday. The Reserve Bank of India’s (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves declined to $393.40 billion from $393.61 billion reported for the week ended August […]

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RBI to introduce Rs 200 notes

August 23, 2017 The Reserve Bank of India will soon issue 200-rupee notes, which it hopes will fill the still vast demand for cash after demonetisation wiped out over 85 per cent of the cash in circulation. The Reserve Bank of India proposal to bring in the 200-rupee notes for the first time in history […]

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Sensex falls; Infosys weighs

21 August 2017 REUTERS – Indian shares ended lower on Monday, with market heavyweight Infosys Ltd extending losses for a second session following Vishal Sikka’s resignation as the chief executive officer and managing director of the company on Friday. The benchmark BSE Sensex closed down 0.84 percent at 31,258.85, its lowest in five sessions while […]

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Banking operations to hit on Aug 22 due to nationwide strike

Chennai, Aug 21 (IANS) Banking operations across the country will be affected on Tuesday with around 10 lakh bankers going on strike pressing various demands. “All India State Bank Officers’ Federation and All India State Bank of India Staff Federation, being part of UFBU (United Forum of Bank Unions), will also participate in the strike. […]

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RBI chief Urjit Patel says state banks need more capital

19 August 2017  By Suvashree Choudhury MUMBAI (Reuters) – State-run banks will need more capital to resolve bad loan problems weighing on their balance sheets, Reserve Bank of India Governor Urjit Patel said on Saturday, adding his voice to calls for increased capital injections into lenders. More than $150 billion of bad debt is crimping […]

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Why rising rupee is a big headache for India’s garments industry

August 17, 2017(Agencies) For the first time in the history of India’s garment exports to the US, the country has clocked top position in market share in the category ‘men/boys knitwear shirts cotton’ (a variety of knitwear) for the first six months of 2017. This was attributed to the slowdown in China. Exporters, however, said […]

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HDFC Bank cuts savings rate to 3.5% for deposits less than Rs 50 lakh

August 17, 2017 Private sector lender HDFC Bank has reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent on deposits up to Rs 50 lakh. However, the bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh. “Post revision, customers maintaining savings bank […]

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India bans exports of gold products above 22 carats

(Reuters) – India has banned the export of gold products with a purity above 22 carats in a move a trade group said was a bid to curb a practice known as “round tripping”. The Directorate General of Foreign Trade issued a notification dated Aug. 14 that stated exports of jewellery or medallions, containing gold […]

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Sensex ends at 1-month low, hit by losses for 4th day

August 10, 2017 The benchmark Sensex plummeted 267 points to hit a one-month low of 31,531 and the Nifty crashed below 9,900 on Thursday as investors exited, unnerved by sliding global shares due to stand-off between the US and North Korea. Both fell for the fourth straight day. North Korea upped the ante, defying the […]

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Ministries want cut in bio-diesel GST, new bio-fuels policy

New Delhi, Aug 10 (IANS) The Union Petroleum and Road Transport Ministries will ask for a reduction in GST on bio-diesel from the current 18 per cent to 5 per cent while a note on a new policy on bio-fuels is to be placed for cabinet approval soon, it was announced on Thursday. “Along with […]

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