Business Highlights

Following are the top business stories at 1930 hours: DEL24 PM-LD ECONOMY Need to make Indian banks, currency important part of int'l trade, supply chain: PM Modi New Delhi: Prime Minister Narendra Modi on Monday stressed the need to make India's banks and currency an important part of the international trade and supply chain. DEL49 BIZ-LD STOCKS Markets remain subdued for 2nd day; RIL, Asian Paints top drags Mumbai: Equity indices stayed on the backfoot for the second straight session on Monday as investors remained cautious amid unabated selling by foreign funds and elevated crude oil prices ahead of the RBI's policy decision later this week.

DEL66 BIZ-LD RUPEE Rupee closes flat at 77.66 against US dollar Mumbai: The rupee closed unchanged at 77.66 against the US dollar in muted trade on Monday as participants largely stayed on the sidelines ahead of the RBI's policy decision later this week.

DEL36 BIZ-RBI-BANKNOTES No proposal to replace face of Mahatma Gandhi on banknotes: RBI Mumbai: Dismissing reports, the Reserve Bank on Monday said there is no proposal to replace the face of Mahatma Gandhi with that of others on currency notes.

DCM39 BIZ-FERTILISERS-MANDAVIYA Adequate urea stocks in country; no need to import till December: Mandaviya New Delhi: India has sufficient stocks of urea to meet crop nutrient requirements during the kharif as well as rabi seasons and there is no need for imports till December, Chemicals and Fertilisers Minister Mansukh Mandaviya said on Monday. DEL33 BIZ-RBI-MPC MEET RBI's MPC starts 3-day deliberations amid speculation of rate hike Mumbai: The RBI's rate-setting panel MPC on Monday began its three-day deliberation amid expectations of another round of hike in benchmark interest rates to contain inflation that continues to remain above the central bank's upper tolerance level.

DCM33 BIZ-NCLT-FUTURE RETAIL Future Retail: NCLT to hear Amazon's plea opposing insolvency proceedings on June 10 Mumbai: The National Company Law Tribunal (NCLT) will hear Amazon's petition opposing initiation of insolvency resolution proceedings against debt-ridden Future Retail Ltd on June 10.

DCM32 BIZ-LD INDIA-GCC-TRADE India's trade with GCC nations increasing at rapid pace New Delhi: India's bilateral trade with all the six countries of the Gulf Cooperation Council (GCC), including the UAE and Saudi Arabia, has risen significantly in 2021-22 on account of increasing economic ties between the two regions.

DCM35 BIZ-RBI-NBFC NORMS Reserve Bank comes out with provisioning norms for large NBFCs Mumbai: Reserve Bank of India (RBI) on Monday came out with a set of norms for provisioning for standard assets by large Non-Banking Financial Companies (NBFCs) in view of the increasing role played by such entities in the financial system.

DEL57 PM-LD COINS Modi launches new series of coins with AKAM design New Delhi: Prime Minister Narendra Modi on Monday launched a special series of coins that are also 'visually impaired friendly'.

DEL41 BIZ-GOLD-PRICE Gold gains Rs 43; silver jumps by Rs 850 New Delhi: Gold in the national capital on Monday increased by Rs 43 to Rs 50,908 per 10 grams amid firm global trends, according to HDFC Securities.