RBI governor appointed vice chairman on BIS Board
- Reserve Bank governor Raghuram Rajan has been appointed as vice chairman of the board of the Bank for International Settlements.
- Headquartered in Basel, Switzerland, BIS fosters international cooperation amongst central banks with a view to ensuring global monetary and financial stability. The BIS board meets at least six times a year.
- The BIS board includes US Federal Reserve Chair Janet Yellen, Bank of England Governor Mark Carney and Bank of Japan Governor Haruhiko Kuroda.
RBI sets rupee reference rate at 66.3495 against dollar
- The Reserve Bank of India today fixed the reference rate of the rupee at 66.3495 against the US dollar and 71.2992 for the euro.
- These rates were 66.3378 and 71.4458, respectively, yesterday.
- According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 100.2806 and 53.80 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.
- The SDR-rupee rate will be based on this rate, the statement added.
Make in India: After GE, Alstom bags FDI contract with Indian Railways in Bihar
- Indian Railways on Monday awarded contracts to global giants General Electric and Alstom for setting electric and diesel locomotive factories in Marhora and Madhepura in Bihar, marking the first major FDI in rail projects after the limit was raised by the government in select railways sectors.
- The plants will be set up with an investment of nearly Rs 40,000 crore.
- Dubbed as the first big ticket project under the ‘Make in India’ initiative in the public transporter, GE and Alstom were issued the letters of award for the high value contract acceptance letters, according to a senior Railway Ministry official.
- Corporation Bank on Monday said its profits for the quarter ending September, rose 17.5 per cent to Rs 188.6 crore due to higher business from ATM and card transactions and trading profit from treasury operations.
- The Mangaluru-headquartered bank had reported profit of Rs 160.51 crore in the July-September period last year. Net interest income grew 18.13 per cent to Rs 1,161.29 crore on lower cost of deposits.
- The bank’s gross non performing assets (NPAs) rose to 5.32 per cent and net NPAs were at 3.54 per cent for the second quarter ending September. Gross NPA was at 4.45 per cent and net NPA at 2.92 per cent during the same period last year, the bank said in a notification to the BSE.