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Briefly Business: Indias forex reserves dip by $4.67 billion

December, 26th 2011
A dip in Indias foreign currency assets resulted in a $4.67 billion decline in the countrys forex reserves to $302.1 billion for the week ended December 16. Foreign currency assets fell by $4.668 billion to $266.968 billion for the week, the RBI said. ICAI proposes branch-level audit for pvt banks New Delhi: Private sector banks will have to get their branch accounts audited by an RBI-approved panel along the lines of PSU lenders if a proposal of accounting regulator ICAI goes through. More banks hike NRE deposit rates Mumbai: Three more banks have hiked their non-resident external (NRE) deposit offerings. YES Bank and Dena Bank have hiked their offering to 9.6 per cent, while IndusInd Bank upped its NRE deposits to offer a 9.25 per cent rate of return. New Delhi: Reflecting economic slowdown in major economies, foreign direct investment dipped by over 50 per cent to $1.16 billion in October for the second month in a row. Special group to deal with impact of global crisis New Delhi: The government is contemplating setting up a Crisis Management Group headed by RBI Deputy Governor to deal with the impact of global financial turmoil. The issue is likely to be discussed at a meeting with the Finance Ministry on Monday. Lupin to replicate Japan model for expansion New Delhi: Drug maker Lupin looks to replicate its Japanese business model of expansion through acquisitions in markets like Latin America, Europe and Canada as it looks to strengthen overseas business by FY13.