The Telegraph
Since 1st March, 1999
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Business Briefs

Forex reserves decline

Mumbai, March 8: India’s foreign exchange reserves decreased by $ 2,477 million at $ 72,877 million in the week ended February 28 due to purchases of $ 3,035 million by the government from the RBI for prepayment of foreign currency loans taken from the Asian Development Bank and World Bank. The foreign currency assets of the country fell by $ 2,514 million at $ 69,148 million during the period under review, according to the RBI’s weekly statistical supplement released here today. Gold reserves, however, increased by $ 37 million to $ 3,725 million.

Pendse remand

New Delhi, March 8: Former managing director of Tata Finance (TFL) D. S. Pendse, arrested in connection with his alleged involvement in misappropriation of around Rs 2 crore in group company, was today remanded to 10 days judicial custody by a Delhi court.

BoB bonds

Mumbai, March 8: Bank of Baroda (BoB) has received permission from the Centre to raise Rs 600 crore as Tier-II capital. The amount would be raised through fresh issue of unsecured bonds as subordinated term debt, BoB informed the BSE today.

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