Global credit rating agency Moody's Investors Service on Friday said the merger idea mooted by State Bank of India (SBI) of six banks with itself would cost around Rs 16.6 billion ($250 million) and will have limited impact on its credit metrics.
Extending losses for the sixth straight session, the rupee Thursday plummeted by 39 paise to hit an over 2-month low of 67.36 per dollar on persistent demand for the American currency from banks and importers amid higher greenback overseas, coupled with sharp fall in equities.
Tightening its norms to check any misuse of controversy-ridden PNotes, regulator SEBI Thursday made it mandatory all end-users of these overseas instruments to follow anti-money laundering law in India and asked their issuers to report any suspected breach immediately.
Mumbai: Looking to prevent money laundering, SEBI Chairman U K Sinha on Thursday said the regulator is in discussions with the industry on tightening Know Your Client (KYC) mechanism for participatory notes (P-Notes) and will take a final decision on it soon.
The rupee continued its free fall against the US dollar for the fifth straight session Wednesday and touched the 67-level after a gap of two months, but closed 10 paise lower at 66.97 on sustained demand for the greenback from banks and importers amid fall in domestic equities.
The proposal of SBI to merge its five associate banks with itself and acquire Bharatiya Mahila Bank is in line with the government's policy of consolidation as the country needs global-sized institutions, Finance Minister Arun Jaitley on Wednesday said.
Shares of Maruti Suzuki and Mahindra & Mahindra fell by as much as 4 percent today after their popular passenger vehicle models in India -- Celerio, Eeco and Scorpio -- failed crash test by vehicle safety group Global NCAP with 'zero star' ratings.
In a fresh salvo at RBI Governor Raghuram Rajan, BJP MP Subramanian Swamy has written to Prime Minister Narendra Modi seeking immediate sacking of the former IMF Chief Economist while alleging he was "mentally not fully Indian" and has "wilfully" wrecked the economy.
Finance Minister Arun Jaitley Tuesday parried a question on BJP MP Subramanian Swamy's demand for immediate sacking of RBI Governor Raghuram Rajan saying the Government and RBI are responsible institutions and decisions will be taken without being influenced by "any other factor."