Tag «RBI»

RBI cancels the licence of West Bengal’s United Co-operative Bank

RBI cancels the licence of West Bengal's United Co-operative Bank

By Administrator_India Capital Sands The Reserve Bank of India (RBI) on Thursday said it has cancelled the licence of United Co-operative Bank Ltd, Bagnan in West Bengal due to poor financial condition. However, all the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said. “Consequently, …

Rupee falls sharply to the dollar as pandemic resurgence grips Europe

Rupee falls sharply to the dollar as pandemic resurgence grips Europe

By Administrator_India Capital Sands The Indian rupee depreciated sharply on Monday as Europe got under a renewed grip of the coronavirus pandemic and risk aversion pushed the dollar index higher. TheĀ rupeeĀ fell about 24 paise on Monday to close at 73.85 a dollar as the dollar appreciated against major currencies, and nationalised banks bought dollars from …

India’s cenbank surprises with reverse repo rate cut in bid to spur bank lending

India's cenbank surprises with reverse repo rate cut in bid to spur bank lending

By Administrator_India Capital Sands The Reserve Bank of India unexpectedly cut its key deposit rate on Friday, for the second time in three weeks, to discourage banks from parking idle funds with it and spur lending instead, to revive a flagging economy amid the coronavirus lockdown. This week, Prime Minister Narendra Modi extended until May …