Forex reserves rise to $129.38 billion
Mumbai: India's foreign exchange reserves rose to $129.38 billion on January 14 from $129.11 billion a week earlier, the Reserve Bank of India said in its weekly statistical supplement on Saturday.

The central bank said foreign currency assets expressed in US dollar terms included the effect of appreciation or depreciation of other currencies held in its reserves such as the euro, pound sterling and yen.

The foreign exchange reserves include India's Reserve Tranche Position (RTP) in the International Monetary Fund, the central bank said.

Foreign currency assets rose a tad to $123,374 million in the week under review as against $123,122 million in the previous week, said RBI.
Back to News Review index page  

Asset Reconstruction Company takes possession of sponge iron unit
Hyderabad: Asset Reconstruction Company India Ltd (ARCIL) has taken possession of the sponge iron plant of Kumar Metallurgical Corporation Ltd (KMCL), a city-based ailing enterprise that has defaulted in payment of interest and principal installments of loans to banks and financial institutions.

The plant has a capacity of 60,000 tonnes per annum situated at Chityal in Nalgonda district here, was initially taken possession of by the District Magistrate on Saturday and was handed over to the authorised officer of ARCIL.

The Andhra Pradesh Industrial and Technical Consultancy Organisation (Apitco), the regional partner of ARCIL, in a statement issued here on Sunday, said KMCL, promoted by Satish Kumar Agarwal and Anil Agarwal, was classified a wilful defaulter by various lenders.

"They have been defaulting and owe around Rs250 crore to various lenders like ARCIL, IDBI, IFCI and others. Earlier, KMCL also defaulted on the orders of the Debt Recovery Tribunal (DRT), Hyderabad, and the Debt Recovery Appellate Tribunal (DRAT) directing it to deposit monthly payments to lenders," Apitco said.
Back to News Review index page  
TMB ties up with HDFC Bank
Madurai: The Tamilnad Mercantile Bank (TMB) has entered into a tie-up with HDFC Bank to offer TMB-h-DD and TMB-h-Collection facilities, in all HDFC Bank locations.

According to the TMB, the initiative will enable the bank to issue at par cheques on HDFC locations and at par collection of all outstation cheques drawn on any bank, at all HDFC bank locations. The collection facility will enable the bank to give quick credits to the customers who give cheques for collection, within a week from date of submission on 84 additional locations.

Where TMB has no branch to facilitate the customers' remittances, drawing arrangement has been made for issue of at par cheques on 84 HDFC locations. This will enable the bank's customers to demand draft immediately on HDFC locations.
Back to News Review index page