BUSINESS
Banks drag down Wall Street stocks
The Dow Jones has shed 254 points to 31,992, a 0.8 per cent drop while the S&P 500 is down nearly 20 points, or 0.5 per cent, at 3,942, and the Nasdaq is flat at 11,709, The Guardian reported. Among big US banks, Goldman Sachs is down 1.9 per cent, Citigroup has lost 2.4 per cent and Wells Fargo is 2.7 per cent lower as fears of a full-blown banking crisis intensified, after SVB's parent filed for bankruptcy, The Guardian reported.
India has well-regulated and well-supervised banking sector: RBI Governor
"What we have in India today is a well-regulated and well-supervised banking sector. The same would apply to the NBFCs sector and other financial entities under the RBI's domain," he said while delivering the K.P. Hormis Commemorative Lecture here. Hormis was the founder of the Kerala-headquartered Federal Bank.
Numerous possibilities to expand India-Japan cooperation: Diplomat
"We've had active discussions, where lots of issues were discussed and there were many good analyses, ideas, and suggestions. Also, we have difficulties and challenges as well. But I realized that there are many potentials and possibilities to expand our cooperation," he said while speaking at the Indo-Japan International Conference organised by the Centre for Public Policy Research here.
Air India offers voluntary retirement scheme to its staff again
The VRS offer will be available for permanent general cadre officers who have attained the age of 40 years or above and completed a minimum of five years of continuous service at the airline. Clerical and unskilled categories of employees who have completed a minimum of five years of continuous service at Air India will also be eligible to opt for VRS.
Federal Bank staffers protest against harassment by management
Launching the agitation, Maharashtra State Bank Employees Federation General Secretary Devidas Tuljapurkar warned that if the management failed to heed the staffers' demands, then the entire All India Bank Employees Association would enter the picture and intensify the struggle on a national scale.
Tata Consumer ends acquisition talks with Bisleri
Earlier, Tata Consumer had clarified that it evaluates various strategic opportunities for growth and expansion of its business, on an ongoing basis, and pursuant to this, the management of the company remained in discussions with various parties, including Bisleri International Pvt Ltd, India's largest packaged water company.
China makes surprise rate cut to boost liquidity in banking system
The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) for almost all banks by 0.25 percentage points, effective March 27, CNN reported. "(We must) make a good combination of macro policies, better serve the real economy, and maintain reasonable and sufficient liquidity in the banking system," the PBOC said in a statement.
Eyeing to develop as 'green state', Himachal budget focuses on rural economy, job creation
In the populist but deficit budget, Thakur, who holds the finance portfolio, announced no new taxes. "This is the first-of-its-kind state's 'green budget'. Steps would be taken to develop the state as 'Green Energy State' by March 2026," he said in his over two hours of speech in Hindi. Before laying the paperless Budget the Chief Minister reached.
US investors in Credit Suisse file legal action
The lender suffered a rapid sell-off with shares plunging as much as 30 per cent on Wednesday after comments from Credit Suisse's largest shareholder, Saudi National Bank (SNB), which said it was unable to pump in more cash because of regulatory restrictions limiting its holding to below 10 per cent.
Delhi HC seeks Centre, RBI & SEBI response on Subramanian Swamy's plea on Yes Bank
A division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad also asked Yes Bank and the asset reconstruction company to respond. However, no formal notice was issued in the matter. Filed as a PIL, Swamy has also sought direction from the Centre, RBI and SEBI to formulate proper and comprehensive guidelines in view of recommendations of the committee to check similar agreements or transactions in future.
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