Kotak Mahindra Bank, India’s fourth largest private sector lender, said it has received the approval from Reserve Bank of India (RBI) to set up its first international branch in Dubai, UAE.
The new unit will be set up at Dub
Though the Reserve Bank of India is expected to cut interest rates next week by a quarter percent to a four-year low, officials say concerns over prices make it likely to resist political pressure for significant easing in the coming months.
The Reserve Bank of India surprised markets with a 25 basis point cut in interest rates on Thursday and signalled it could do more, amid signs of slowing inflation and what it said was a government commitment to contain the fiscal deficit.
India's central bank governor Raghuram Rajan eased rules to spur bank lending and toned down his inflation rhetoric in moves set to be welcomed by a new pro-business government determined to revive economic growth.
India will withdraw all currency notes issued prior to 2005, including the Rs 500 and Rs 1,000 denomination bills, starting March 31.
The step announced by the Reserve Bank of India (RBI) is aimed at curbing black money and fake c
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
India's new central bank chief kicked-off his term with a bang, announcing a spate of measures to support the embattled rupee and unveiling a raft of steps to liberalise financial markets and the banking sector.
In an unexpect
The Indian rupee staged a sharp recovery on Wednesday after suspected heavy dollar selling by the central bank, preventing the battered currency from slipping to a record low on the same day that the authority ushers in a new governor.
The Indian rupee rebounded on Thursday from a record low after the central bank's move to provide dollars directly to oil companies provided relief to the currency, while a recovery in emerging market currencies also helped offer support.
The UAE Exchange has applied to the Reserve Bank of India for a banking licence.
The non-banking financial company has a network of 328 direct branches and 44,000 agent locations present in 20 states in India.