Rupee crashes 90 paise; Sensex sinks 500 points

Agencies
September 3, 2019

Bengaluru, Sept 3: The slide of Indian rupee continued against the US dollar as it crashed below the 90-mark in trade Tuesday while markets turned red falling over 400 points. The domestic currency opened 55 paise lower in the Interbank Forex Markets at 71.95 against the greenback, as the outflow of foreign investors from Indian markets continued. The rupee continued to depreciate further and touched the mark of 72.30 against the dollar, down 90 paise.

Meanwhile, the 30-share index was trading 518.63 points, or 1.39 per cent, lower at 36814.16 at 1.28 PM, while the broader Nifty sank 148.65 points, or 1.35 per cent, to 10,874.60.

Traders suggest that it is the continued outflow by foreign investors. “The growth numbers were not supporting. And there was no major support from Asian markets as well. So FIIs continued selling,” traders said.

The rupee gained 38 paise to close at a two-week high of 71.50 against the US dollar on Friday on renewed hopes of US-China trade talks. The higher surcharge on the ‘super-rich’ in the budget and lack of fiscal stimulus had triggered the sell-off by FIIs in Indian markets. However, the move was rolled back two weeks back.

In the previous session on Friday, the BSE ended 263.86 points higher at 37,332.79, while the Nifty rose 74.95 points to close at 11,023.25. Financial markets remained closed on Monday on account of 'Ganesh Chaturthi'.

Top losers in the Sensex pack in early trade on Tuesday included Tata Motors, Tata Steel, ICICI Bank, ONGC, HDFC, M&M, NTPC, Vedanta, ITC and SBI, which fell up to 4 per cent.

On the other hand, IT stocks rallied as the rupee depreciated 65 paise against its previous close to trade at 72.07 in early session. TechM, HCL Tech, TCS and Infosys jumped up to 2 per cent.

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News Network
March 29,2020

New Delhi, Mar 29 : Notwithstanding the 21-day coronavirus lockdown, the Reserve Bank of India (RBI) has decided to go ahead with the merger plan of ten state-run banks into four larger bank from April 1. The apex bank has issued four separate releases announcing that the branches of merging banks will operate as of the banks in which these have been amalgamated from next month.

RBI's statement comes after Finance Minister Nirmala Sitharaman's clarification on Thursday that the mega bank consolidation plan was very much on track and would take effect from April 1.

The government on March 4 had notified the amalgamation schemes for 10 state owned banks into four as part of its consolidation plan to create bigger size stronger banks in the public sector.

Bank officers' unions, however, earlier this week wrote to the prime minister seeking to defer the merger schemes of lenders due to the lockdown triggered by coronavirus outbreak.

As per the scheme, Oriental Bank of Commerce and United Bank of India will be merged into Punjab National Bank; Syndicate Bank into Canara Bank; Allahabad Bank into Indian Bank; and Andhra and Corporation banks into Union Bank of India.

Under this, the branches of Oriental Bank of Commerce and United Bank of India will operate as branches of Punjab National Bank from April 1, 2020, and branches of Syndicate Bank as that of Canara Bank, the RBI said in a separate releases.

Allahabad Bank branches will operate as those of Indian Bank while the branches of Andhra Bank and Corporation Bank will function as the branches of Union Bank of India from the beginning of next fiscal year 2020-21, the RBI said.

"The Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank Scheme, 2020 dated March 4, 2020, issued by the Government of India... The scheme comes into force on the 1st day of April 2020," RBI said.

Customers, including depositors of merging banks will be treated as customers of the banks in which these banks have been merged with effect from April 1, 2020, the RBI noted.

Banking services across the country are impacted due to the effect of COVID-19 as a near shut down is being observed across the country.

In a letter written to the Prime Minister on March 25, the All India Bank Officers'' Confederation (AIBOC) said, "The finance minister yesterday announced a slew of measures in view of the deleterious effect of the contagion. We are also expecting an extension of closing related activities and the revision of the closing date itself from March 31 to June 30, which is the need of the hour."

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News Network
April 13,2020

Thiruvananthapuram, Apr 13: Three more people in Kerala tested positive for novel coronavirus disease on Monday, said Chief Minister Pinarayi Vijayan.

"With 3 new COVID-19 cases, the total number of cases in the state has reached 378," said Vijayan at a press conference.

Giving a break-up of the three confirmed COVID-19 cases, he said, "Of the 3 cases, 2 are from Kannur and 1 is from Palakkad."

He further said, "Till date, 15,683 samples tested, out of which 14,829 tested negative."

However, the total number of positive cases is decreasing, the Chief Minister added.

According to a recent update by the Ministery of Health and Family Welfare, the total number of cases in the country has reached 9352.

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Agencies
January 12,2020

Mumbai, Jan 12: Thousands of citizens on Sunday congregated in Mumbai's suburban Jogeshwari to oppose the new citizenship law, the proposed NRC and NPR.

They also condemned last Sunday's violence on the JNU campus in Delhi, where masked men ran riot and attacked students. Leftist organisations had claimed RSS-affiliated ABVP's role in the attack, a charge denied by the students' body.

Former Tata Institute of Social Science (TISS) general secretary Fahad Ahmed told PTI that they assembled under the aegis of 'Hum Bharat Ke Log' in Millat Nagar area.

"Prime minister Narendra Modi should call 56 students from across the country to debate on the CAA, NRC and NPR," Ahmed said in an apparent jibe at Modi's "56 inch chest" remark, which the latter had made ahead of the 2014 Lok Sabha polls.

"Why the PM is not talking to us? Why is he not communicating? Even the Britishers used to talk to Indians whom they ruled, but our PM is not talking to poor people," he alleged.

Bollywood actor Sushasht Singh also spoke on the occasion.

"We are people of this country and such acts (CAA) are tarnishing the image of our country," he said.

At the gathering, people waved banners with slogans like "I Am From Gujarat, My Documents Burned in 2002", "No CAA, Boycott NRC, Stop Dividing India, Don't Divide us", "Save Constitution", written on them.

A large number of police personnel were present at the venue.

The Citizenship Amendment Act (CAA), which was notified on January 10, grants Indian citizenship to non-Muslim minorities migrated to India from Afghanistan, Pakistan and Bangladesh till December 31, 2014, following persecution over their faith.

Massive protests were witnessed against the CAA, mainly by the student community, since its passage by Parliament in December last year.

Opposition parties have been dubbing the CAA an "anti-Muslim" legislation, a charge being debunked by the government.

The Congress and other parties like the TMC have also opposed the proposed National Register of Citizens (NRC) and the National Population Register (NPR).

Union home minister Amit Shah has said that the government won't rest until persecuted refugees are granted Indian citizenship.

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