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India in talks to create bigger banks, including via mergers, finance minister says

MUMBAI, Nov 6 (Reuters) – India needs more “big banks” and efforts are underway to achieve that goal, including the possibility of consolidating some state-run banks, the country’s finance minister said on Thursday. India has 12 state-owned banks, which together held assets totaling 171 trillion rupees ($1.95 trillion) as of March, representing 55% of the nation’s banking sector. The Indian government in 2020 consolidated 27 banks into 12 to form larger entities. It is also considering allowing higher foreign investment in state-owned lenders, Reuters reported last month. “India needs a lot of big, world class banks, and for that we

Gold rebounds Rs 600 to Rs 1,24,700/10g amid firm global cues

New Delhi, Nov 6 (PTI) Snapping the two-day losing streak, gold prices on Thursday rebounded by Rs 600 to Rs 1,24,700 per 10 grams in the national capital on a fresh wave of buying by traders and firm global cues. The precious metal of 99.5 per cent purity increased by Rs 600 to Rs 1,24,100 per 10 grams (inclusive of all taxes), according to All India Sarafa Association. The metal had closed at Rs 1,23,500 per 10 grams on Tuesday. In the local bullion market, gold of 99.9 per cent purity had ended at Rs 1,24,100 per 10 grams in

Rupee rises 10 paise to 88.60 against US dollar

Mumbai, Nov 6 (PTI) The rupee appreciated 10 paise to 88.60 against the US dollar (provisional) on Thursday, supported by a weak American currency against major rivals overseas. Subdued sentiment in domestic equity markets and continued outflow of foreign capital prevented a sharp gain in the Indian currency, forex traders said. At the interbank foreign exchange, the rupee opened at 88.51 and touched the intraday high of 88.49 against the greenback. The unit also hit the intra-day low of 88.66 before ending the session at 88.60 (provisional) against the dollar, up 10 paise from its previous closing level. The domestic

Stock markets fall for 2nd day in volatile trade on foreign fund outflows

Mumbai, Nov 6 (PTI) Benchmark indices Sensex and Nifty closed lower in a highly volatile trade on Thursday amid relentless foreign fund outflows and selling in blue-chip ICICI Bank. Falling for the second day in a row, the 30-share BSE Sensex declined 148.14 points or 0.18 per cent to settle at 83,311.01. During the day, it hit a high of 83,846.35 and a low of 83,237.65. The 50-share NSE Nifty dipped by 87.95 points or 0.34 per cent to 25,509.70. Among Sensex firms, Power Grid, Eternal, Bharat Electronics, Bajaj Finance, ICICI Bank and NTPC were the major laggards. However, Asian

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