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FINANCIAL NEWS IN A NUTSHELL

Yatheendradas C.k. at 10:20 PM - May 25, 2019 ( ) Views: 97

The RBI has decided to seek legal opinion
on the issue of promoter holding in Kotak
Mahindra Bank. The Bombay high court
had last month adjourned the hearing on
Kotak Bank’s writ petition on RBI’s norms
on promoters’ shareholding in private
banks till January 2020, citing paucity of
time. -Economic Times


After rising for the past few weeks, the
country's foreign exchange reserves
declined $2.057 billion to $417.998 billion
in the week to May 17 on account of a
fall in foreign currency assets, RBI data
showed May 24. In the previous week,
the reserves had risen by $1.368 billion to
reach $420.055 billion. -Moneycontrol.com


The US has added India to its monitoring
list for currency practices and
macroeconomic policies, alleging
undervaluation in its currency. Referring
to higher purchases of foreign exchange
by the RBI over the first 3 quarters of
2017, the US said: “Given that Indian
foreign exchange reserves are ample by
common metrics, and that India
maintains some controls on both
inbound and outbound flows of private
capital, further reserve accumulation
does not appear necessary”. -Economic Times


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