Lord Krishna merger

Kochi, Sept. 30 : The merger proposal of Kerala-based Lord Krishna Bank (LKB) with Centurion Bank of Punjab was approved at a crucial AGM of LKB held amid protests from employees and a section of shareholders. The resolution on the proposed merger was passed with “requisite majority” according to section 44A(1) of the Banking Regulation Act, 1949, a press release quoting R. C. Bhargava, who was appointed chairman of the AGM, said.

Forex kitty

Mumbai, Sept. 30 : India’s forex reserves increased by $940 million to $166.482 billion during the week ended September 22 from $165.542 billion during the week ended September 15.

The reserves had risen by $404 million during the preceding week. Foreign currency assets shot up by $936 million to $159.175 billion during the week ended September 22.

Gold sale

Stockholm, Sept. 30: Sweden’s central bank plans to sell 10 tonnes of gold in the next 12 months and reinvest the proceeds in foreign currencies as part of a plan to reduce the proportion of the metal in its reserves.