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Latest Moneywala Financial News
Indian rupee continues to drop
The Indian rupee has continued to slide in value against the US dollar amid concerns that high oil prices will stoke inflation in the economy.
The Indian currency is down 8% against the dollar this year as the soaring cost of oil has eaten into household budgets and hit the trade balance.
Wholesale prices in India, which imports 75% of its oil, are rising at their sharpest rate in 13 years.
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Loans for tractors suspended by India’s State Bank
MUMBAI, May 20 (Reuters) - India’s top lender, State Bank of India (SBI.BO: Quote, Profile, Research), said on Tuesday it had suspended giving loans to buy tractors and farm equipment because of rising defaults in the past year.
“We have pockets in the country where there are large overdues in tractor loans,” Chairman O.P. Bhatt said in a statement. He did not give details.
The Times of India newspaper said on Tuesday State Bank’s non-performing assets from loans for tractors and farm equipment stood at an unsustainable 17 percent of the total outstanding of 70 billion rupees ($1.6 billion).