MUMBAI A slowdown in India's gross domestic product could impact banks' asset quality, Finance Minister Pranab Mukherjee said on Saturday.
Mukherjee, speaking at an industrial event in Mumbai, added banks would have to raise additional capital to meet requirements for Basel III global banking rules.
Indian economy is likely to grow by 7.6 percent in fiscal 2012/13, up from 6.9 percent in the current year, which is the lowest rate recorded in nearly a decade excluding the global financial crisis in 2008, Mukherjee said last month.
(Reporting by Shamik Paul; Editing by Andrew Heavens)
FDA warns former Sun Pharma U.S. drug factory over quality concerns
MUMBAI The U.S. Food and Drug Administration has pulled up a former Sun Pharmaceutical drug factory for "knowingly" releasing 27 lots of the hypertension drug clonidine last year, despite proof that the raw materials used may have been contaminated.
Sensex posts worst weekly fall in nearly four months; Fed awaited
The BSE Sensex posted its worst week since early May on Friday, as investors stayed on the sidelines ahead a speech by U.S. Federal Reserve Chair Janet Yellen in Jackson Hole, Wyoming later in the day.
Net1 to invest up to $40 million in MobiKwik over two years
MUMBAI Payment services provider Net1 UEPS Technologies Inc will invest up to $40 million in Indian mobile wallet services provider MobiKwik over the next 24 months, the companies said in a joint statement on Friday.