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The Reserve Bank of India has placed restrictions on New India Co-operative Bank of Mumbai, citing liquidity concerns. With deposits amounting to Rs 2436 crores at the end of March 2024, the bank is now prohibited from granting loans, renewing advances, or accepting new deposits starting February 13, 2025, to safeguard depositors' interests.
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The RBI also conducted an overnight variable rate repo (VRR) auction for 2.75 lakh crore, where RBI received bids for 2.35 lakh crore. System liquidity stood at a deficit of 2.07 lakh crore on Wednesday, and has been in a daily average deficit of 1.28 lakh crore in February.
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The IRDAI had asked 10 large insurance companies, also including Bajaj Allianz Life, Bajaj Allianz General, Tata AIA, and Tata AIG General Insurance, to submit listing plans by the first week of February. While nine have now submitted their plans, one has asked for time until later this month to submit its proposal, the person said.
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The US decision to freeze foreign aid funding forces UN agencies like IOM and UNHCR to lay off thousands, affecting refugee resettlement. Over 3,000 IOM staff tied to the US programme are losing jobs, with UNHCR cutting 600 positions. The largest donor's funding pause prompts life-saving work prioritization, halting many refugee-entry activities.
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US President Trump has proposed reciprocal tariffs that could increase tariffs on imports to match those applied by other countries. Analysts predict this measure could mainly impact emerging market economies with high duties on US products and further complicate international trade dynamics.
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