indian overseas bank

Odisha government will recommend strict action against indian overseas bank-sponsored Odisha Grameen Bank officials following an inquiry into a tribal man carrying his sister's skeletal remains to a branch. Revenue Minister Suresh Pujari stated that bank staff have a responsibility to assist uneducated customers and that shirking this duty is not good governance.

PM Modi has called on citizens to adopt measures aimed at conserving foreign exchange, as the surge in oil prices triggered by the Iran conflict has intensified pressure on the rupee and strained India’s foreign exchange reserves.

Cabinet also clears Rs 29,540 cr for infra, health, schemes

Madhurawada To Get Drainage, 24x7 Water Supply Under UCF Scheme

The proposal was suggested by the Reserve Bank of India and is currently under active consideration by the Finance Ministry, sources said. Talks around reducing taxes for overseas investors have accelerated amid efforts to slow the rupee’s decline, they added.

The CBI, in coordination with MEA and MHA, has successfully extradited Kamlesh Parekh from the UAE to India. Parekh is accused of a large-scale banking fraud causing hundreds of crores in losses to a bank consortium led by SBI. He allegedly diverted funds through overseas entities using fraudulent practices.

Jewellery stocks saw a sharp decline on Monday. Prime Minister Narendra Modi appealed to citizens to reduce gold purchases. This call aims to preserve foreign exchange reserves. Major jewellery companies experienced significant drops in their share prices. Investors reacted quickly to the potential demand impact. Indian equities opened lower amid global concerns.

Gems & Jewellery Artisans, Traders, Small Retailers, Machinery Manufacturers Among Those Likely To Be Hit

The Indian rupee is facing significant pressure, weakening against the US dollar due to soaring crude oil prices driven by Middle East geopolitical tensions and persistent foreign fund outflows. Despite India's robust economic growth, the currency's slide continues as the Reserve Bank of India intervenes to curb volatility rather than target a specific exchange rate.

Foreign portfolio investors have withdrawn over Rs 2 lakh crore from Indian equities in 2026, with May seeing further outflows of Rs 14,231 crore. Persistent global macroeconomic uncertainties, including inflation and interest rate concerns, are driving this trend, making developed market debt more attractive. Despite overall selling, some selective interest remains in specific sectors and growth-oriented mid and small-cap stocks.

India successfully repatriated two fugitives, Kamlesh Parekh and Aalok Kumar, from the UAE. Parekh, involved in a Rs 2,672 crore banking fraud, was brought to Kolkata. Kumar, a key figure in a passport forgery racket, was handed over to Haryana police in Mumbai. Both were apprehended following Interpol Red Notices.

Uday Kotak, founder of Kotak Mahindra Bank, urged India to reduce its reliance on foreign capital and cultivate a robust domestic pool of long-term risk capital for true self-reliance. He emphasized that companies should prioritize building businesses with a three-to-five-year vision over short-term stock price fluctuations, advocating for stronger domestic private equity and venture capital ecosystems.

Odisha's Leader of Opposition Naveen Patnaik has written to the Union Finance Minister regarding a tribal man allegedly forced to bring his sister's skeletal remains to a bank to claim her deposits. The incident, which occurred at a rural bank branch, has sparked outrage and calls for accountability, with preliminary inquiries suggesting negligence by bank officials.

The move to up the gold import duty comes days after PM Narendra Modi appeals to citizens to avoid unnecessary gold purchases for a year. But is a hike in duties an effective way to curb consumption? We take a look: