Indian banks propose to use gold deposits as CRR-SLR

State Bank of India (SBI) and Bank of Baroda (BoB), two of the largest public sector banks of India, proposed on Saturday their gold deposits should be allowed to count toward their state-mandated cash reserve ratio (CRR) or statutory liquidity ratio (SLR). Arundhati Bhattacharya, the chairperson of SBI, made the proposal at a Gem & […]

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Explosion sinks Indian Navy submarine

The Indian Navy has said that two explosions yesterday on INS Sindhurakshak, a Russian-built Kilo-class submarine, have trapped up to eighteen of its sailors. Navy officials have warned the families of trapped sailors to “prepare for the worst”. The stricken vessel sank in its berth in Mumbai with only a small portion still visible on […]

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