The founder of India’s Yes Bank was arrested on allegations of money laundering Sunday, amid efforts to formulate a rescue plan for the country’s fourth-largest private lender. In a late-night move Friday, the Central Bank seized control and imposed withdrawal limits on Yes Bank, which has been struggling […]
MUMBAI – State Bank of India said it will need to invest 24.5 billion rupees ($331 million) if it were to buy a 49% stake in Yes Bank as part of a rescue deal of the troubled lender. SBI Chairman Rajnish Kumar told reporters on Saturday the bank’s […]
NEW DELHI/MUMBAI – India laid out a rescue plan for Yes Bank (YESB.NS) on Friday under which the State Bank of India (SBI) (SBI.NS) will take a 49% stake in the troubled lender, which is struggling with bad loans. Indian Finance Minister Nirmala Sitharaman said the restructuring plan […]
BENGALURU/MUMBAI/NEW DELHI – Shares in India’s Yes Bank (YESB.NS) plunged on Friday as panicky depositors rushed to withdraw funds and payment partners faced outages after the banking regulator took control of the lender in a late-night move and limited withdrawals. The shock move by the Reserve Bank of […]
BENGALURU/NEW DELHI – India, the world’s main supplier of generic drugs, has restricted the export of 26 pharmaceutical ingredients and the medicines made from them, including Paracetamol, a common pain reliever also sold as acetaminophen, as the coronavirus outbreak plays havoc with supply chains. The Indian government urged […]
NEW DELHI – Sixteen Italians in India have tested positive for coronavirus, India’s health minister said on Wednesday, as the total number of cases in the country rose sharply to 28. RELATED COVERAGE Europe ‘panicking’ over India’s pharmaceutical export curbs – industry group On Monday, the world’s second-most […]
NEW DELHI — Reporting in India has never been without its risks, but journalists say attacks on the media during last week’s deadly communal riots between Hindus and Muslims in New Delhi show the situation is deteriorating. One reporter was shot and survived, another had his teeth knocked […]
NEW DELHI – India’s electricity supply rose 7.1% during February, provisional government data showed, marking the second straight month of growth after five straight months of decline. Power supply rose to an average of 3.62 billion units per day in February, up from 3.38 billion units last year, […]
MUMBAI – India’s rice exports fell 12% in January from a year earlier due to weak demand for non-basmati rice from African and Asian countries, government data showed on Tuesday. India is the world’s biggest exporter of rice. Rice exports totalled 908,492 tonnes in January, down from 1.03 […]
BENGALURU – India’s housing market is likely to struggle throughout 2020 as sluggish demand and a weak economic outlook overpower recent government measures efforts to boost activity, a Reuters poll of market experts found. House prices rose 5.7% on average in 2018, the weakest since comparable records began […]
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