A London High Court has ordered fugitive diamantaire Nirav Modi to pay Bank of India over $10.7 million (approx. Rs 100 crore). The judge found Modi liable under a personal guarantee for a loan to his company, rejecting his defenses. Modi is currently in UK custody for a separate fraud case.
A London high court judge ruled fugitive diamond businessman Nirav Modi owes Bank of India over $10.7 million. The court found Modi liable under a personal guarantee for a $4.1 million loan to his company, plus interest, rejecting his defense that the guarantee was unenforceable.
Motilal Oswal Wealth Management Research Desk recommends State Bank of India (SBI) and Bharat Electronics as top stocks to buy for the week of June 22, 2026. SBI is favored for its strong deposit and lending leadership, while BEL is highlighted for its dominant position in defense electronics.
State Bank of India Chairman Challa Sreenivasulu Setty stated the bank is undervalued, citing improvements in financial strength, customer base, and earnings. He highlighted the success of the Yono digital platform, a strengthened capital position, and growth from subsidiaries as key factors not fully reflected in its share price.
State Bank of India's central board approved raising up to Rs 60,000 crore this fiscal via rupee and dollar bonds to bolster capital and support business growth. Funds will be raised through various debt instruments from Indian and overseas investors.
The Indian rupee strengthened against the US dollar for the second consecutive session, driven by a significant drop in crude oil prices and supportive measures from the Reserve Bank of India. The currency closed at 94.71, reaching a five-week high.
India's Finance Minister Nirmala Sitharaman announced new measures to attract foreign capital, including expanded access to government securities and tax exemptions. These steps aim to bolster forex reserves and support the rupee amidst geopolitical crises and rising import costs for oil and fertilizers.
A consumer commission in Thrissur has held the Central Bank of India liable for losing an original land title document (Pattayam) deposited as security for a loan. The bank was ordered to pay Rs 2.5 lakh in compensation and Rs 10,000 for litigation costs.
The Reserve Bank of India (RBI) sold an estimated $2-5 billion on Thursday and continued dollar sales on Friday to defend the rupee against sustained pressure from elevated oil prices and FPI outflows. The intervention helped the rupee strengthen past the 96-per-dollar mark.
India's rupee has fallen nearly 6% against the US dollar since late February due to Middle East tensions. The Reserve Bank of India is considering measures like a potential interest rate hike, a foreign currency deposit scheme for NRIs, and a sovereign dollar bond to stabilize the currency and attract inflows.
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.
State Bank of India reported a 6% rise in Q4 FY26 net profit to Rs 19,684 crore, driven by improved asset quality and lower bad loans. Despite this, total income saw a slight decline, and net interest margins compressed, leading to a drop in operating profit and a subsequent fall in SBI's stock price.
The Appointments Committee of the Cabinet has approved RBI Executive Director Rohit Jain as the new Deputy Governor for a three-year term starting May 3, 2026. Jain, who has spent about 30 years at the central bank and was handling banking supervision as ED, will replace T Rabi Sankar whose tenure ended on Saturday. Jain becomes one of two deputy governors promoted from within the RBI, alongside SC Murmu elevated in October 2025.
The Indian government has appointed RBI executive director Rohit Jain as deputy governor for a three-year term beginning on or after May 3, 2026. Jain, a 30-year veteran of the central bank, succeeds T Rabi Sankar.
The Indian government has appointed Rohit Jain as a deputy governor of the Reserve Bank of India. Jain, currently an executive director at the central bank, will begin his three-year term on May 3, succeeding the retired T Rabi Sankar.
State Bank of India has promoted eight Chief General Managers to Deputy Managing Director positions in its annual cycle. The new DMDs are being assigned departments as existing officials retire, with some retirements scheduled from June through September. Currently there are 18 DMDs at India's largest bank. Debasish Mishra will take over from Nand Kishore at SBI Mutual Fund, while Dipak Kumar De will lead digital banking. The GM to CGM promotion process will be completed by mid-May.
The Reserve Bank of India has cancelled the banking licence of Paytm Payments Bank Limited, effective April 24. The central bank cited violations of the Banking Regulation Act, including mismanagement and failure to protect depositor interests. The RBI will initiate winding-up proceedings, assuring depositors of full repayment.
Mirae Asset ShareKhan's Somil Mehta recommends buying Grasim (Rs 2740-2760, SL Rs 2670, target Rs 2900), SBI (Rs 1100-1110, SL Rs 1040, target Rs 1230), and Navin Fluorine International (Rs 6440-6470, SL Rs 6200, target Rs 6900) as top stock picks for April 21, 2026.
