Forex reserves rise
Mumbai, Aug. 14: After witnessing a downward trend for the past two weeks, India's foreign exchange reserves rose by $1.01 billion to cross the $119-billion-mark during the week ended August 6. Forex reserves had witnessed an outflow of about $2.75 billion during the previous two weeks. During the period under review, forex reserves rose from $1,18,319 million to $1,19,336 million. Foreign currency assets also registered a rise of $951 million at $1,13,918 million.
New Delhi, Aug. 14: Global Trust Bank is back in business with the lifting of the moratorium and the government approving its merger with Oriental Bank of Commerce. “We have received the notification approving the merger of GTB with OBC. All branches and ATMs of Global Trust have started functioning as OBC branches and ATMs from today,” OBC general manager R. Madhok said here today.
Mumbai, Aug. 14: The Reserve Bank of India will conduct an auction of two treasury bills aggregating Rs 4,000 crore, including Rs 2,500 crore under the market stabilisation scheme, on August 18.