IMF approves financial assistance for SL

Posted on   2:26 pm

The International Monetary Fund on Monday approved USD 3 billion in financial assistance to debt-ridden Sri Lanka to help it immediately overcome its economic crisis. IMF’s Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 per cent of quota or about USD 3 billion), according to a statement.

Parliament paralysed over JPC, Rahul issues

Posted on   2:24 pm

The Parliament has been dysfunctional since the commencement of the second part of the budget session with the opposition pressing for a Joint Parliamentary Probe (JPC) into the Adani issue and the treasury benches demanding an apology from Congress leader Rahul Gandhi over his statement in London.

World markets set for relief after Credit Suisse buyout

Posted on   12:10 pm

Financial markets were poised for relief on Monday after UBS Group AG agreed to buy Credit Suisse Group AG in a rescue orchestrated by the state, while major central banks announced a co-ordinated move to shore up liquidity in the financial system. In an early sign that risk appetite was set for a bounce, the euro, sterling and the Australian dollar

RBI imposes Rs 2.27 cr penalty on RBL Bank

Posted on   12:09 pm

The Reserve Bank of India on Monday said it has imposed a penalty of Rs 2.27 crore on RBL Bank Ltd for non-compliance with norms related to recovery agents. In a statement, the Reserve Bank of India (RBI) said the penalty has been imposed for non-compliance with certain provisions of the directions issued by it on ‘Internal Ombudsman Scheme, 2018’,