The local unit, however, pared some losses and was quoted at 69.50 against the American currency at 0933 hrs.
Banks and companies will finally get some clarity over the stressed assets troubles, as the Reserve Bank of India (RBI) is set to discuss the contents of the revised circular this week with the finance ministry. RBI is also considering seeking permission from the election commission to issue it soon.
At this point, when the economy is struggling to grow at beyond 7%, and India’s high real rates of interest are a factor in keeping investment low, a 50 bps cut would have given corporate borrowers some relief; transmission, though, can take 4-6 quarters and yields have, in fact, risen after last week’s cut.
A section of women working in garment units in Madurai and nearby districts has come up with a charter of demands to all the political parties.
A group of international business associations representing garment, footwear and travel goods buyers have called on the government to improve labour and human rights conditions in the Kingdom in the face of possible preferential trade agreement changes by the United States and European Union.
As small finance banks (SFBs) venture beyond microfinance, a number of them are raising funds through equity investments. At present, for a majority of SFBs, more than 80 per cent of the portfolio is from microfinance.