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The Enforcement Directorate is investigating 32 bank fraud cases with 54 absconding accused. Proceedings under the Fugitive Economic Offenders Act have been launched against 27 individuals. Assets worth over Rs 840 crore have been confiscated after nine were declared offenders. Unclaimed bank deposits transferred to the RBI fund total Rs 62,683.19 crore. India's foreign exchange reserves remain comfortable, covering 10.3 months of goods imports.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/0IXuT3c
Merchant Discount Rate (MDR) is the fee merchants pay to banks and payment service providers for processing digital transactions. In India, credit card payments generally attract an MDR of around 1.5%.
Nifty also saw a significant rise in the last twenty minutes of trading. The Indian rupee remained nearly unchanged against the US dollar. Dollar demand from importers and state-run banks increased during the session.
August brings numerous bank holidays across India, affecting branch operations. Banks will close on specific dates due to regional festivals and national observances. Customers should verify local branch availability before planning visits. Digital banking services will remain accessible throughout these holiday periods. Plan branch-specific transactions in advance to avoid any inconvenience.
The Indian rupee strengthened against the US dollar on Monday morning. Falling global crude oil prices and a weaker US dollar supported the rupee's rise. Foreign fund inflows and higher forex reserves also provided additional support. Easing geopolitical concerns after US President Donald Trump delayed strikes on Iran helped markets. The Reserve Bank of India's continued intervention further bolstered the currency's performance.
