The Telegraph
Since 1st March, 1999
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Business Briefs

Forex kitty at record level

Mumbai, Feb. 15: India’s foreign exchange reserves soared to a record level crossing the $ 74 billion mark on top of swelling foreign direct investments and export remittances. The foreign exchange reserves swelled by $ 1,084 million, the highest rise in the current fiscal, to touch $ 74,667 million for the week ended February 7, according to the Reserve Bank of India’s weekly statistical supplement released here today. This is the third time in the last seven weeks that the foreign exchange reserves have gone up by $ 1 billion. The foreign currency assets increased to $ 70,972 million, recording a jump of $ 1,084 million in the week period under review, the apex bank added. India's foreign exchanges rose by $ 1,053 million and $ 1,073 million during the week ended January 17 and December 28 respectively.

Bankers’ meet

Mumbai, Feb. 15: Reserve Bank of India deputy governors today met chief executives of various banks to assess the floating rate deposits and credit delivery scenario in the economy. The floating rate deposits have not picked up as banks have not been able to get a reliable benchmark apart from the lack of demand from customers for the same, banking sources said. Increasing number of assets in banks are linked with floating rates but the quantum was very less in case of deposits and hence banks were likely to meet with interest rate mismatches.

Parekh bail

Calcutta, Feb. 15: Mumbai stock broker Ketan Parekh, in custody for about four weeks now, is planning to move the Supreme Court next week for bail after his prayer was rejected by the Calcutta High Court. Parekh was remanded to judicial custody till February 28 on Saturday by the chief metropolitan magistrate of Calcutta.

IOC workers

Bokaro, Feb. 15: The Indian Oil Corporation (IOC) staff union has called a token strike in Bihar and Jharkhand on February 17 and has decided to stop supply of petrol, diesel and gas cylinders in Bokaro city from today to protest the roughing up of some IOC employees by unidentified persons on February 13.

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