India's central bank said on Friday it has taken control of the board of New India Co-operative Bank for 12 months, a day after its depositors were barred from withdrawing money from the lender.

Projects FY26 inflation at 4.2%, GDP growth at 6.7%

The Indian rupee surged nearly 1%, marking its biggest jump since November 2022, driven by strong intervention from the central bank. Leveraging its reserves, the RBI sold USD 2–3 billion to stabilize the currency amid global economic disruptions and high tariffs,

The Reserve Bank of India has started to ease curbs on non-banking financial companies (NBFCs) and banks after they improved their compliance following a series of supervisory restrictions. High interest rates and tighter regulations have been cited as contributors to weak demand and a slowdown in India's economic growth,