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Micro loan disbursals during the June quarter improved sharply to Rs 45,830 crore as compared with Rs Rs 25,503 crore seen in the same period a year ago. The number of loans disbursed rose to 1.16 crore against 71 Lakhs in the same period.

The central bank’s move came after reports that third-party loan recovery agents working on behalf of M&M Finance allegedly ran over a 27-year-old woman with a tractor in Hazaribagh district of Jharkhand, causing her death. The central bank added that it’s action is based on certain material supervisory concerns observed in M&M Finance with regard to the management of its outsourcing activities.

The bank will cease to carry on banking business from the close of business on September 22, 2022. The bank will also be wound up and a liquidator will be appointed for the bank. Upon liquidation depositors would receive an insurance claim of upto Rs 5 lakh. The data submitted by the bank indicates that upto 99 percent of the depositors will receive the full amount .

The state-owned bank is carrying a gross NPA burden of ₹29,000 crore, which is 14.9% of its outstanding loan portfolio. The Reserve Bank of India (RBI) lifted business restrictions on the bank under the prompt corrective action (PCA) framework Tuesday, prompting the stock to surge nearly 10% the next day.

Once owned by Rishi Agarwal, ABG Shipyard is undergoing liquidation after lenders failed to find a buyer under insolvency proceedings. It is among the 12 initial companies the Reserve Bank of India (RBI) had directed lenders to refer to the bankruptcy court for resolution.

​Oyo, formally known as Oravel Stays Ltd., filed a fresh round of financial documents with India’s market regulator on Monday as it plans for a stock-market debut after cost cuts and recovery in travel helped it reduce losses.

“The fear of foreign fund outflows are back to haunt investors as the US Fed policy statement was more hawkish than expected,” said Bhaskar Panda, executive vice president at HDFC Bank. “On the other hand, renewed geopolitical tension is spooking investors

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: “Indian markets again showed resilience in the face of global weakness after the US Fed sounded more hawkish in its future action. Nifty opened a gap down but attempted to recover twice during the day, to finally close with a loss of 86 points at 17,630”.

The Dow Jones Industrial Average rose 20.7 points, or 0.07%, at the open to 30,204.52. The S&P 500 fell 7.6 points, or 0.20%, at the open to 3782.36​, while the Nasdaq Composite dropped 52.8 points, or 0.47%, to 11167.384 at the opening bell.

The levels of 17,700-17,720 are acting as an immediate resistance zone. The tough battle between bulls and bears is a typical characteristic of a consolidation phase. Within this consolidation, the index is expected to slide down to 17,430 and subsequently to 17,200 in the short term.