New Delhi: ONGC Videsh’s $350 million dividend from Vankor field remains stuck in Russia due to banking curbs as a result of Western sanctions on Moscow, even as ONGC chairman Arun Kumar Singh said the group’s refineries will continue to buy Russian oil. OVL MD Rajarshi Gupta expected a resolution of the ‘blockage’, which has…
New Delhi: In a surprise move, Urjit Patel, who had resigned as Reserve Bank of India (RBI) governor following differences with govt, has now been appointed as executive director at the International Monetary Fund (IMF) for a period of three years. The Appointments Committee of the Cabinet approved the appointment of Patel, who served as…
Bank holidays in India can be cause of confusion, especially when it comes to Saturday operations. According to the Reserve Bank of India (RBI) guidelines, banks operate on first, third and fifth Saturdays, while remaining closed on second and fourth Saturdays each month.Besides Saturday closures, banks observe national and regional holidays. It’s worth noting that…
Mumbai: The rupee on Friday breached the 88-mark for the first time, hitting a record intra-day low of 88.31 against the dollar before recovering slightly to close at 88.20. The currency ended 57 paise weaker than its previous close of 87.63 – its sharpest one-day fall in three months. Dealers said the losses would have…
US President Donald Trump (Pic credit: AP) US President Donald Trump on Friday said that he would “fight back” after a US federal court in a significant ruling found his global tariffs “illegal.” The US court of appeals for the federal circuit in Washington ruled that many of Trump’s tariffs were illegal; however, it allowed…
Spirit Airlines to file for bankruptcy (Representative image) US Budget airline Spirit Airlines announced on Friday that has filed file for bankruptcy again within a year, but will maintain normal operations, ticket sales and flights.Following its initial bankruptcy filing in November, Spirit had completed a debt restructuring agreement with creditors in March, reducing its liabilities…
Mumbai: The share of mutual funds in the household sector’s gross financial savings increased from 0.9% in 2011-12 to 6% in 2022-23. Assets under management have grown at a compounded annual growth rate (CAGR) of 17.1%. This has made mutual funds a stabilising force in equities and helped cushion the equity market against volatility triggered…
Mumbai: Remittance by Indians for studies abroad dipped to a 5-year low of $138.8 million in June 2025 as countries tightened restrictions on taking in Indian students.The remittances for study are less than half of the $314 million average during the last five years and a far cry from the $718 million in Sept 2021….
Mumbai: India’s private investment cycle is showing divergent trends, RBI said in its August bulletin. The total cost of projects sanctioned by banks and financial institutions fell to Rs 3.7 lakh crore in 2024-25 from Rs 3.9 lakh crore a year earlier, reflecting “tepid investment optimism.“In contrast, envisaged capex from pipeline projects across funding channels…
Mumbai: IndusInd Bank shareholders on Thursday voted down a proposal that would have allowed the promoters to appoint up to two directors on the lender’s board. At the AGM, 54% of those who voted opposed an amendment to the bank’s articles of association that sought to define “promoters” in line with RBI rules and insert…
