Business

The newly-constituted board, headed by veteran banker and MD & CEO of Kotak Mahindra Bank, Uday Kotak, met for the second time on Friday to decide on the further course of action for the cash-crunched company.

The return to paper-based processes should not be an option as that will reverse the steps taken by the industry towards a digital India and would result in wastage of existing investments and infrastructure, the letter dated October 5 said.

Indian rupee has broken the previous record low of 74.23 level intra day on October 5.

Air India group, which comprises Air India, Air India Express and Alliance Air, operates 475 flights per day to 78 domestic and 44 international destinations.

On Friday, the rupee had lost 18 paise to end at record low of 73.76 after collapsing to a life-time low of 74.23 (intra-day) after the RBI unexpectedly kept the policy rate unchanged.

Some analysts believe that the IPO market for the second half of the ongoing financial year will be poor as the secondary market would continue to be choppy on account of high crude price, depreciating rupee and tariff war between US and China.

Before taking a call, the RBI ponders upon key factors such as, current trends on inflation, fiscal projections and fiscal deficit.

After its maiden meeting, chairman of the new board Uday Kotak told reporters that the board will meet the shareholders including state-run LIC which has 25.34 per cent stake, Orix Corporation of Japan with over 23.7 stake, HFC, SBI and Central Bank, at a...

The Centre on Monday replaced the board of IL&FS, a major infrastructure financing and construction firm, after its failure to honour debt obligations sent shockwaves through financial markets.

In recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback. The central bank has been taking various measures to shore up the rupee.

"Investors are yet to gain confidence to start bottom fishing due to lack of liquidity, margin funding and short selling in the market. Weak sentiment is likely to extend till the financial market stabilises and confidence reverts with accommodative valua...

This statement from Yes Bank CEO and MD Rana Kapoor comes after the RBI asked him to quit the post by January next year.

The company, a manufacturer of equipment for telecom and power sector, had availed working capital credit facilities on August 12, 2009 to the tune of Rs 1,010.50 crore, the bank said.

RBI in a statement said banks could 'carve out' up to 15 per cent of holdings under the statutory liquidity reserves to meet their liquidity coverage ratio (LCR) requirements as compared to 13 per cent now.

Slightly over half the respondents said RBI Governor Urjit Patel and the Monetary Policy Committee would deliver a 25 basis point rise to 6.75 percent at the Oct. 5 policy meeting, with one economist calling for a 50 basis point rise.

Banks must strive to be seen always as institutions of clean and prudent lending, he said.