The RBI governor said that the central bank’s liabilities will not be extinguished by just pulling notes out of circulation.
The Indian currency was trading at 67.84 per dollar up from Tuesday's close of 67.90, though lower than its intra-day high of 67.7750 earlier on Monday.
Watsa agreeing to buy 51% in the cash-starved Kerala-based lender for only 15% voting rights opens up a host of opportunities for other institutional investors in the banking space.
ICICI Bank is the leader in the consortium of five Indian lenders, which together gave $530 million to ESML in December 2010, according to court documents.
What’s bad news for the economy is good news for the bond market, which has recovered most of the losses from the shock of last Saturday’s CRR hike.
As banks ran out of notes, people waited at ATMs but struck out there too as supplies to cash dispensers were down to a fifth of required levels.
Demonetisation move has curbed cash in the circulation, a move that is seen bearing fruits over long run in terms of throttling unaccounted money in the system.
Cos have an issue with cash flows because of a build-up in non-productive assets during the past five years, credit rating agency Ind-Ra said.
Malaysian sovereign wealth arm has bought 8.97% stake in IDFC in March 2007 through a similar block deal incidentally also brokered by UBS on behalf of Swiss Finance Corporation.
Prime Minster Narendra Modi's decision to scrap high value notes of Rs 500 and Rs 1,000 has created a shortage of cash in the system, leading to a lot of discomfort for the general public and businesses.
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