Business News Updates: RBI imposed penalty of 15 lakhs on two banks, the stock market rose in awe

The Reserve Bank (RBI) has imposed a fine of Rs 15 lakh on two banks in the cooperative sector. In this, Milath Co-operative Bank of Davanagere, Karnataka has been fined Rs 10 lakh, while Thiruvaiikutnam Co-operative Urban Bank Limited in Tuticorin, Tamil Nadu has been fined Rs 5 lakh. These banks are accused of violating RBI rules. Meanwhile, there has been no change in the prices of petrol and diesel for the 34th consecutive day.

 RBI imposed penalty of 15 lakhs on two banks

Pharmaceutical company Lupine said that its net profit stood at Rs 211.02 crore for the quarter ended September 30 due to strong sales in the US market. The company told the stock market that it had reported a net loss of Rs 127.07 crore in the same period of the last financial year. Lupine said that its total operating income was Rs 3,835 crore during the period under review, compared to Rs 3,822.21 crore in the year-ago period. 

If you had availed loan moratorium facility during lockdown then keep checking the balance of bank account. Actually, most banks have started returning the amount of interest charged on the interest in the accounts of the borrowers. Many banks’ borrowers are also getting this message.

On the fourth trading day of the week, the Indian stock market once again recorded an increase. In early trade, the Sensex rose more than 500 points to cross the 41,100 mark. SBI stock rose up to 6 per cent in early trade.