“The so-called bad bank is not really a bad bank but a new ARC to take over stressed assets from these banks and resolve them. It is targeting a specific set of bad assets held by public sector lenders. It will in no way jeopardise the activities of existing ARCs,” Das said while addressing members of the Bombay Chamber of Commerce and Industry at its 185th foundation day. he proposed national ARC will look to buy assets with outstanding dues worth Rs 500 crore and above from public sector banks
A high of about Rs 56,000 per 10 gram seen in August 2020, the price of the yellow metal is currently hovering around Rs 46,000/ 10 gram. Since January, the gold price has dropped by almost Rs 4,000. “Gold prices have slipped below the crucial Rs 46,000 per10 gm level, to hit an 8-month low. The rise in the US Treasury yield and stronger dollar, optimism of a larger economic stimulus package, and the vaccination drive have led to downside pressure on gold prices.”
Dollar/rupee extend gains due to LEF(Large Exposures Frame work) exposures and importers are buying amid fears RBI may support at Rs 72.30/$1. RBI on Monday with a view to reduce concentration on risk and align them with the global norms has modified the guidelines on large exposure for banks.dollar/rupee traded at Rs 72.46/$1 compared with Rs 72.31/$1 at open Thursday versus Rs 72.32/$1 at close on Monday.
Tracking the surge in crude oil prices and uptick in US treasury yields amid caution ahead of special OMO, dealers said."Higher oil prices and US yields may continue to weigh on bonds," said a dealer with public bank.the 10-year benchmark 5.85%-2030 gilt traded at Rs 97.80 or 6.1515% yield compared with Rs 97.75 or 6.1585% yield at open Thursday and Rs 97.83 or 6.1473% yield at close on Wednesday.