Forex reserves drop

Mumbai, Aug. 7: For the second week in a row, India's foreign exchange reserves fell by a whopping $1.25 billion to $118.31 billion for the week ended July 30. The sale of dollar by the central bank to check slide in the value of the rupee, demand for the greenback to make import payments and its revaluation against other international currencies led to the sharp drop in reserves, analysts said. Last week, the foreign exchange reserves had declined by $1.53 billion. The foreign exchange reserves as on July 30 stood at $1,18,319 million.

GTB merger

Mumbai, Aug. 7: The Reserve Bank has received “several comments” from the public on the proposed scheme of amalgamation of Global Trust Bank with Oriental Bank of Commerce. “Today was the last day for submitting comments and the RBI will now go through them,” RBI sources said here today.

Study loans

New Delhi, Aug. 7: The finance ministry today formally launched the scheme of 'loans for education' as announced in the budget this year. According to the new scheme, no tangible collateral security would be required by banks for loans up to Rs 7.5 lakh and ‘satisfactory guarantees’ provided by the students would suffice.

Gilt auction

Mumbai, Aug. 7: The Reserve Bank will conduct an auction of 91-day treasury bills (T-bills) for a notified amount of Rs 2,000 crore, including Rs 1,500 crore under the market stabilisation scheme, on August 11. The auction would be conducted using “multiple price auction” method, the RBI said here today.

Coates India

Calcutta, Aug. 7: Coates India Ltd, a subsidiary of DIC Asia Pacinic Pte Ltd, has been renamed DIC India Ltd.