Forex kitty shrinks

Mumbai, Sept. 17: India?s foreign exchange (forex) reserves fell by $278 million during the week ended September 9 and stood at $145.277 billion, according to the Reserve Bank of India. Foreign currency assets also decreased by $269 million to $139.290 billion, the RBI said. The fall in inflows is primarily due to revaluation of non-us foreign currencies such as euro, sterling and yen, analysts said.

Surat bank

Mumbai, Sept. 17: The Reserve Bank of India has cancelled the licence of the Surat-based Metro Co-operative Bank Ltd as it had become insolvent. The RBI has asked the Registrar of Co-operative Societies, Gujarat, to wind up the bank and appoint a liquidator. Every depositor is entitled to repayment of his deposits up to a monetary ceiling of Rs 1 lakh.

Pantaloon

Mumbai, Sept. 17: Pantaloon Retail (India) Ltd today said it would consider payment of dividend to shareholders on September 24 when the board of directors of the company would meet to consider the financial results of the company.