Reuters India Business

India’s central bank rejects Annapurna Finance’s universal banking license application

6 Jun 2025

BENGALURU (Reuters) -The Reserve Bank of India said on Friday it has declined the application of Annapurna Finance for setting-up a universal bank. “The applicant was not found suitable for granting of in-principle approval to set up a universal bank,” the RBI said in a statement. (Reporting by Nishit Navin in Bengaluru; Editing by Shilpi …

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India’s GAIL sells LNG cargo as early monsoons cause weak power demand, say sources

6 Jun 2025

By Emily Chow SINGAPORE (Reuters) – GAIL (India) Ltd has re-sold one liquefied natural gas (LNG) cargo this week, said three market sources on Friday, as the state-run firm’s storage tanks for the fuel are full amid weak power demand in India. Fewer LNG imports by GAIL, the country’s largest gas distributor, could reduce India’s …

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India’s benchmark Nifty 50 logs best day in three weeks on RBI’s bumper policy support

6 Jun 2025

By Bharath Rajeswaran and Vivek Kumar M (Reuters) -India’s benchmark Nifty 50 logged its best day in three weeks as investors rallied behind the central bank’s bumper policy measures. The Reserve Bank of India (RBI) cut the key lending rate by 50 basis points, exceeding the widely expected 25 basis point reduction. It also unexpectedly …

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Russian Urals oil to India sells at narrowest discounts since 2022, traders say

6 Jun 2025

MOSCOW/NEW DELHI (Reuters) -Discounts for Russian flagship Urals crude oil for delivery to Indian ports in July hit their narrowest levels since 2022 as spot supplies have tightened, four traders involved in the market said on Friday. Narrowing discounts and tight spot supplies are nudging Indian refiners to scout for alternatives through buying tenders. Spot …

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Rupee ends higher as rate-cut boost for equities blunts dollar strength

6 Jun 2025

By Jaspreet Kalra MUMBAI (Reuters) – The Indian rupee strengthened modestly on Friday as the Reserve Bank of India’s steepest rate cut in five years boosted local equities, helping the South Asian currency eke out a gain even as the dollar firmed against major peers. The rupee closed at 85.6250 against the U.S. dollar, up …

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GAIL India’s Dabhol LNG terminal goes all-weather with first monsoon cargo

6 Jun 2025

(Reuters) -GAIL (India)’s Dabhol LNG Terminal in the western state of Maharashtra received its first liquefied natural gas (LNG) cargo during the traditionally disruptive monsoon rains on June 2, the gas transporter said on Friday. This marks the start of year-round operations at the terminal, the company said in a press release. The commissioning of …

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India cenbank slashes cash reserve ratio to 4-year low to boost lending

6 Jun 2025

By Siddhi Nayak and Dharamraj Dhutia MUMBAI (Reuters) -India’s central bank on Friday cut the cash reserve ratio (CRR) – funds that banks are required to hold – by 100 basis points to 3% in a surprise move aimed at boosting lending and speeding up monetary policy transmission. The cash reserve ratio was last at …

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India’s IndusInd Bank rises as RBI deputy says things ‘should settle down’ soon

6 Jun 2025

(Reuters) -Shares of India’s IndusInd Bank rose as much as 5.3% on Friday after a deputy governor at the country’s central bank said “things should settle down soon” at the lender, which has grappled with accounting lapses. IndusInd said in March that years of incorrect accounting of internal derivative trades led to a $230 million …

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