RBI has told at least two state-owned banks to penalize corporate clients for breaching foreign exchange laws by obtaining guarantees from overseas banks. While such guarantees are barred under FEMA, RBI’s 2019 master direction allows them. The discrepancies between these regulations have led to confusion and potential legal conflicts, prompting RBI to demand regularization.
Justice Department drops criminal probe of Fed chair Powell, likely clearing way for Warsh
The Justice Department has concluded its investigation into Federal Reserve chair Jerome Powell. This decision removes a significant obstacle to the confirmation of Kevin Warsh,
April 24, 2026