Says not in favour of devaluing exchange rates to boost economic growth, signalling India will not join other countries such as China or Japan in pushing down their currencies
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Hong Kong, where HSBC was founded about 150 years ago and where it employs more than 20,000, was considered the strongest candidate for a possible move as it accounts for 46 percent of HSBC's pre-tax profit
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Banks have been reporting massive setbacks due to a asset quality review undertaken by the Reserve Bank of India to clean up balance-sheets in a way that reflects the true picture
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Finance Minister Arun Jaitley says the Reserve Bank of India through various policies have empowered banks to recover NPAs
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The Reserve Bank of India said on Thursday it will actively inject additional cash into the banking system in March, when liquidity conditions tend to tighten because it marks the end of the fiscal year.
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India's banks are struggling under $100 billion of stressed loans, choking the financial system at a time when the economy needs fresh investment to galvanise growth
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The lender said net profit was Rs 1,115 crore for its fiscal third quarter ended December 31, compared with Rs 2,910 crore a year earlier
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The bank reported a 74 per cent drop in its quarterly net profit due to sharply higher bad loans and provisions as lenders comply with a regulatory order to treat some troubled loans as bad in a clean-up drive
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The cumulative net-profit of these banks in the last two years was around Rs 35,000 crore-37,000 crore; it gets sucked into reserves.
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Four state-run banks report a spike in bad loans and provisions for sour debt on Tuesday after a clean-up exercise ordered by RBI, sending three of them to net losses for the fiscal third quarter
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