Wall Street buoyed by strong economic data, possible US-China trade talks
The U.S. economy added 177,000 jobs in April, exceeding expectations, while the unemployment rate held steady at 4.2%. The data helped to assuage concerns of a economic slowdown following a Commerce Department report, showing a contraction in U.S. gross domestic product for the first time in three years, weighed down by a tariff-induced flood of […]
RBI imposes penalties on five major banks for compliance failures
ICICI Bank was fined for non compliance on cyber security framework in banks, know your customer (KYC) regulations, and credit card and debit card – issuance and conduct.
In absence of legal certainty, foreign investors may shun stressed assets
The judgment has raised concerns over the sanctity and finality of the Insolvency and Bankruptcy Code (IBC), and that global financial investors may stay out of the distressed asset market due to the lack of legal certainty.
Rupee hits a 6-month high at 83.78/$, erases 2025 losses
The rupee strengthened Friday to a peak of 83.78 per dollar, before closing weaker at 84.58, likely due to dollar purchases by the Reserve Bank of India (RBI). The rupee had closed at 84.48/$1on the previous day.
IndusInd Bank brings Cyril Mangaldas for legal heft
This team would review and scrutinise external communications, including notices and reports from regulators, stock exchanges, and other stakeholders. It is also advising the bank on potential legal implications stemming from the audit reports submitted, sources said.
Poonam Gupta takes charge as RBI deputy governor, to be part of MPC
Poonam Gupta has assumed her role as the new deputy governor at the Reserve Bank of India, joining the Monetary Policy Committee. With extensive experience at the World Bank and IMF, she will oversee key departments and contribute to monetary policy decisions. Gupta’s expertise is crucial amidst global economic challenges and fluctuating inflation rates.
SC scraps JSW Steel’s ‘illegal’ Bhushan Power and Steel deal, orders liquidation
The Supreme Court has nullified JSW Steel’s resolution plan for Bhushan Power and Steel Ltd, deeming it illegal and ordering liquidation. JSW’s plan involved a significant haircut for lenders, offering Rs 19,350 crore to financial creditors and Rs 350 crore to operational creditors.