Reuters India Business

India unlikely to get U.S. exemption on steel, aluminium tariffs-sources

8 Jun 2023

By Neha Arora, Shivangi Acharya and David Lawder NEW DELHI/WASHINGTON (Reuters) -India has asked the United States for an exemption from U.S. steel and aluminium tariffs, in exchange for removing some tariffs on U.S. agricultural goods but Washington is not seriously considering the offer, sources familiar with the discussions said. Negotiators in New Delhi and …

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India cenbank issues guidelines for loan write-offs, default loss guarantee

8 Jun 2023

BENGALURU (Reuters) – India’s cenbank on Thursday released frameworks governing technical write-offs and compromise settlements for lenders as well as default loss guarantee in digital lending. Banks and non-banking financial companies are required to take a cooling off period from borrowers subject to compromise settlements, the RBI said, before they can lend them further. The …

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India monsoon reaches Kerala after longest delay in four years

8 Jun 2023

By Rajendra Jadhav and Mayank Bhardwaj MUMBAI (Reuters) -Monsoon rain reached the coast of India’s southernmost Kerala state on Thursday, offering relief to farmers after a delay of more than a week, marking its latest arrival in four years. The monsoon, the lifeblood of India’s $3 trillion economy, delivers nearly 70% of the rain needed …

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India central bank holds rates as expected, signals tight policy ahead

8 Jun 2023

By Swati Bhat and Sudipto Ganguly MUMBAI (Reuters) -India’s central bank kept its key lending rate steady for a second straight policy meeting on Thursday, as widely expected, but signalled that monetary conditions will remain tight for some time as it looks to further curb inflationary pressures. Despite hitting an 18-month low of 4.70% in …

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India’s RBI relaxing borrowing limit in interbank call market no ‘game changer’ – traders

8 Jun 2023

MUMBAI (Reuters) – The Reserve Bank of India on Thursday allowed banks to set their own limits to borrow from the interbank call money market in a bid to better manage liquidity, though at least four traders said it would not move the needle much as lenders might not be willing, or able to participate. …

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India cbank chief says 1.8 trillion rupees of 2000-rupee notes deposited, exchanged

8 Jun 2023

MUMBAI (Reuters) – India’s central bank has seen nearly 1.8 trillion rupees ($21.80 billion) of 2000-rupee notes coming back to the system after a decision to withdraw them from circulation. About 85% of these notes have come back as deposits into bank accounts while the rest have been exchanged, Reserve Bank of India Governor Shaktikanta …

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After Sequoia split, India’s Peak XV says confident of investor backing

7 Jun 2023

By M. Sriram MUMBAI (Reuters) – A new Indian venture capital firm Peak XV, created after Sequoia Capital retreated from the market, does not expect its existing investors to back out, and will assure startup founders structural changes won’t affect them, its top executive said. Sequoia Capital on Wednesday said it is splitting its businesses …

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