ALLAHABAD BANK WEIGHS RAISING FRESH CAPITAL NEXT FISCAL

KOLKATA: Allahabad Bank, which came out from the prompt and corrective action (PCA) framework after the Reserve Bank of India removed it from the weak bank watch list in February, is looking at ways to raise capital in the next fiscal, an official said. The bank would be weighing the options of dilution of stake in the general insurance joint venture Universal Sompo and sell off non-core assets like properties in places like Mumbai, MD and CEO of Allahabad Bank SS Mallikarjuna Rao told reporters on Friday. “Allahabad Bank has come out of the PCA. It is only the starting point”, Rao said, adding this had happened due to infusion of capital by the government as some conditions relating to net NPA and CRAR were breached.

India agrees to lift ban on ₹200-500 notes in Nepal

KATHMANDU: The Reserve Bank of India has “agreed” to allow travellers to carry ₹200 and ₹500 currency notes in Nepal but, restricted them from taking the notes to India. Bhisma Raj Dhungana, executive director of the Foreign Currency Exchange Department of Nepal Rastra Bank, confirmed the development. He said the condition for one-way transaction could create problems when exchanging currencies, and informed that they were in talks with RBI to simplify the process. Dhungana said they also asked RBI to allow the use of ₹2000 note in Nepal, but the central bank refused.

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