Not just pent up demand that is reviving economy: Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Friday said the economy reflating at a rate faster than previously expected is not just due to pent up demand but also because of additional demand coming in, and the recovery will sustain. Without delving into the budget she will present in two months, she said the government and the Reserve Bank are coordinating for a quicker economic recovery.
Investors binge on Burger King IPO, offer oversubscribed
Investors seem to have fully savoured the Burger King India IPO, with the share sale getting subscribed a massive 156.65 times on the last day of the offer. The portion meant for qualified institutional buyers (QIBs) was subscribed 86.64 times, non-institutional investors 354.11 times and retail individual investors (RIIs) 68.14 times.
ED seizes Vijay Mallya's assets worth €1.6m in France
The Enforcement Directorate (ED) on Friday seized fugitive businessman Vijay Mallya's assets worth €1.6 million (approximately Rs 14 crore) in France, under the anti-money laundering law. On request of ED, French authorities have seized Mallya's property located at 32 Avenue FOCH. Investigations being conducted under Prevention of Money Laundering Act (PMLA) have revealed that a large amount was remitted abroad from the bank account of M/s Kingfisher Airlines Ltd (KAL) for creation of the asset.
Forex reserves down $469 million to $574.82 billion
After touching a lifetime high in previous week, the country's foreign exchange reserves declined $469 million to $574.821 billion in the week ended November 27, RBI data showed. In the previous week ended November 20, the reserves had increased by $2.518 billion to touch a record high of $575.29 billion.
DBS Bank India gets Rs 2,500cr support for LVB merger
DBS Bank India Limited (DBIL) on Friday said it has received capital infusion of Rs 2,500 crore from DBS Bank Limited, Singapore to support its amalgamation with Lakshmi Vilas Bank (LVB). The scheme of amalgamation came into effect on November 27, 2020.
Allowing corps to start banks not RBI's view: Das
Allowing corporates to promote banks is not the RBI's view, and the central bank will take a decision on it and other suggestions made by an internal panel recently only after perusing public comments, governor Shaktikanta Das said on Friday.