Indian-origin Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon said the city-state’s central bank has recorded its largest net loss of SGD 30.8 billion (USD 22.8 billion) in 2022-2023.

2,000-rupee notes being withdrawn by RBI; lifecycle ends on September 30

The 2,000-rupee banknotes are still legal tender, but all of them must be deposited in bank accounts by September 30, 2023, or they can be exchanged with banknotes of other denominations at any bank.

Billions of rupees owed to us frozen due to sanctions, says Russian FM Lavrov

Russian Foreign Minister Sergei Lavrov claimed that his nation has accumulated billions of rupees in Indian banks which it can’t use, due to a combination of a growing trade surplus and economic sanctions on Russian banks.

DBS Singapore told to set aside SGD1.6 billion by MAS after digital banking outage

DBS Singapore, one of the top banks in South Asia, has been ordered by the Monetary Authority of Singapore to make an additional provision to cover any losses following the latest outage in the bank’s digital services.

NRIs remit highest ever USD 107 billion in FY 2022-23: RBI Governor

The Governor of the Reserve Bank of India in a statement announced that inward gross remittances from the NRI for FY 2022–23 had reached a record high of USD 107.5 billion.

India-born Ajay Banga set to become World Bank chief unopposed

Ajay Banga, the US pick to head the World Bank, appears almost certain to become the anti-poverty lender’s next president after nominations closed yesterday with no country publicly proposing an alternative candidate.

Indian startups had USD 1 billion deposits in SVB: Rajeev Chandrashekhar

According to Deputy IT Minister Rajeev Chandrashekhar, Indian startups had deposits worth about USD 1 billion with embattled Silicon Valley Bank and he claimed he had suggested that local banks lend more to them going ahead.

Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC

After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors.

‘Silicon Valley Bank’s fall triggered crisis across tech firms’

Israeli PM Benjamin Netanyahu warned that the implosion of Silicon Valley Bank (SVB), the second-largest bank failure in US history, created a deep crisis in the technology industry.

India welcomes UK court’s ruling on Nirav Modi’s extradition

India welcomed the UK High Court’s decision which rejected fugitive diamantaire Nirav Modi’s appeal against his extradition to India in connection with a bank loan fraud case.

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