As a controversy arose over SBI reportedly writing off loans worth Rs 7,000 crore including that of Vijaya Mallya promoted Kingfisher Airlines, government and the bank today maintained that there was no loan waiver and the liability on the borrowers still remains.
Market benchmark Sensex ended a shade lower today after giving up early gains of about 317 points on widespread fag-end selling amid sustained capital outflows by foreign funds and a weak trend in European shares.
With about Rs 4 lakh crore coming into the banking system within a week after demonetisation, Moody's Investors Service on Wednesday cautioned that banks' deposit base will witness a "sharp decline" as and when the current restriction on cash withdrawals eases.
The Monetary Policy Committee headed by RBI Governor Urjit Patel last month cut benchmark interest rates by 0.25 percent to 6.25 percent.
The benchmark Sensex rebounded almost 317 points to 26,621.40 and the broader Nifty reclaimed the 8,200-mark in early trade today on account of positive macro-economic data.
Shares of Tata Motors Tuesday plummeted nearly 10 percent, eroding Rs 15,057.51 crore from its market valuation, after the company's standalone net loss widened to Rs 631 crore in the September quarter.
Markets took another blow on Tuesday as the Sensex plunged over 514 points to end at nearly 6-month low of 26,305 while the Nifty cracked below 8,200 mark on concerns about outflows amid surging US yields and the dollar gathering more steam.
Zee Media Bureau
Mumbai: Benchmark BSE Sensex fell low by over 510 points to end at 226,304.63, while NSE Nifty slides 2.26% lower to close at 8,108.45.
Reserve Bank deputy governor N S Vishwanathan today said the deadline for banks to clean up their balance sheet 'stands' at March 2017, even as its governor Urjit Patel hinting at pragmatic approach in dealing with NPAs.
The benchmark BSE Sensex crashed by over 344 points and the NSE Nifty dipped below 8,200-mark in early trade today as investors engaged in cutting down their bets amid rupee plunging by 42 paise.
Flamboyant former Reserve Bank Governor Raghuram Rajan too may have cut interest rates like his successor Urjit Patel did at his every first monetary policy review, said rating agency Fitch.
In the wake of the demonetisation of high denomination notes, Reserve Bank of India (RBI) on Sunday appealed to citizens not to hoard cash and avoid going to bank branches repeatedly.
Continuing their selling spree, foreign investors have pulled out close to Rs 3,200 crore from the Indian stock market this month so far on concerns that Donald Trump's impending reforms may spark outflows from emerging markets.
Concerned over circulation of fake currency in the country, Finance Ministry today asked the Reserve Bank to set up a special cell to monitor such notes.
Post offices across Maharashtra and Goa have collected as well as exchanged the demonetised currency notes worth around Rs 435 crore within two days, a senior official said on Saturday.
Union Finance Minister Arun Jaitley said around Rs 2 lakh crore has been deposited till 12.15 pm on Saturday in banks across the country, following the demonetisation of Rs 500 and Rs 1,000 notes.
The Indian stock market on Friday crashed with Sensex plunging 699 points, the most single-day fall in 9 months and the lowest closing in 4 months.
The rupee Friday breached the 67 mark to end at over three-month low level of 67.25 against the US currency on fears of capital outflows amid resurgent dollar overseas.
In a bid to fight against black money, fake currency, corruption and terror financing, Prime Minister Narendra Modi announced demonetisation of Rs 1,000 and Rs 500 notes on Tuesday night.
SBI Friday said it has received deposits worth Rs 53,000 crore after the government scrapped Rs 500/1,000 notes and has exchanged currency worth about Rs 1,500 crore so far.