A Complete Banking Guide... Bank of Baroda, Allahabad Bank, Andhra Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Dena Bank, ICICI Bank, IDBI Bank Limited, Indian Bank, Indian Overseas Bank,, Oriental Bank of Commerce, Punjab & Sind Bank, Punjab National Bank, State Bank of India, UCO Bank, UTI Bank Ltd., Union Bank of India, United Bank Of India, Vijaya Bank, Yes Bank, Mutual Funds, Income Tax
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UCO Bank has withdrawn a circular which instructed branch heads to meet with top defaulters and distribute Diwali sweets to them. The circular had sparked significant attention due to its unconventional approach. UCO Bank's MD and CEO, Ashwani Kumar, addressed the matter during a press conference where the bank's quarterly results were announced. "The intention was to break the ice and meet and greet those whose accounts had turned into non-performing assets, but somehow it got captured as distribution of sweets," he said.
11:10 AM
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The Chinese yuan remained stable in onshore trade, while its offshore counterpart strengthened against a weakening dollar as investors reacted positively to a pause in US interest rate hikes. The People's Bank of China set the midpoint rate at 7.1796 per US dollar. The market awaits US jobs data later in the day for further policy direction. The China Center for Economic Research predicts the onshore yuan will trade between 7.28 and 7.33 in November, supported by economic recovery and efforts to stabilize the exchange rate.
10:11 AM
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Adani Green Energy is in talks with foreign lenders to borrow up to $1.8 billion to fund new solar and wind projects. The banks involved in the discussions include Barclays, BNP Paribas, Deutsche Bank, First Abu Dhabi Bank, Rabobank, and Standard Chartered. If the deal is finalized by the end of December, it would be one of the largest currency loans in Asia this year. This indicates a recovery in investor confidence for Adani Group, following allegations of malpractice earlier this year. Adani has denied these accusations and recently completed a $3.5 billion funding package.
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