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Fairfax would buy 60.72% of IDBI Bank for Rs 52,878 crore in cash (Rs 81 a share) from the government and LIC. Prem Watsa has said IDBI's own excess capital could pay for Fairfax's other businesses, which analysts question. RBI and SEBI clearances and an open offer are still needed.
Reyaansh Agarawal5 min
The IMF wants India to let the rupee adjust freely to energy-price shocks, saying flexibility is preferable to heavy intervention. It would consider tighter policy if sharp depreciation lifts inflation. Its 7% growth projection faces a downside risk from a possible super El Niño.
Amita Sahani4 min
Tata Capital's chief executive Rajiv Sabharwal said the RBI's draft ban on revolving credit by non-bank lenders would affect only 3 to 4 per cent of the company's assets under management. The company's second-quarter profit rose 51% to Rs 1,660 crore and its loan book crossed Rs 3 lakh crore.
Subhash Gupta4 min
The rupee fell 5 paise to 94.98 against the dollar in early trade on Monday, after closing at 94.93 on Friday. It is the third straight day of losses. High crude, West Asia tension and foreign selling are cited; reserves are reported to have fallen to $721.016 billion.
Reyaansh Agarawal4 min
Prime Minister Narendra Modi inaugurated the Reserve Bank of India's Rs 169 crore data centre and Cybersecurity Training Institute in Bhubaneswar. He said modern wars also target economies and that the banking system must be protected from cyber terrorists.
Subhash Gupta4 min
