Business
India seen facing wider coal shortages, worsening power outage
India is expected to face a wider coal shortage during the quarter ending September over expectations of higher power demand, an internal power ministry presentation seen by Reuters showed, worsening risks of widespread power outages.
Forex reserves rise $4.23 billion to $597.51 billion: RBI
India's forex reserves increased by $4.23 billion to $597.509 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data. The country's foreign exchange reserves had declined by $2.676 billion to $593.279 billion in the previous reporting week ended May 13.
Rs 1,000 crore income of Indian oil cos stuck in Russia
Dividend income of about 8 billion roubles (about Rs 1,000 crore) from investments of over $5 billion made in two Russian oil fields by a consortium of Indian state-run oil companies remain stuck after Moscow restricted dollar repatriation due to excessive currency volatility following the conflict with Ukraine.
RBI pitches for structural reforms; flags inflationary pressure
Reserve Bank of India (RBI) on Friday pitched for structural reforms for sustained economic growth amid rising inflationary pressure, and asked banks to remain watchful of possible slippages in restructured loans. In its annual report, RBI also said the number of Rs 2,000 denomination notes fell to 1.6 per cent of the total currencies in circulation as on March 2022 from 2 per cent in the year-ago period.
