Top headlines: RBI tries to shore up rupee; DGCA notice to SpiceJet

RBI liberalises norms to boost forex inflows to shore up rupee

Reserve Bank of India (RBI) on Wednesday further liberalised norms to boost inflows of foreign exchange, including doubling the borrowing limit under the ECB route, amid the rupee falling against the US dollar.

In a statement, the central bank said it has been closely and continuously monitoring the liquidity conditions in the forex market and has stepped in as needed in all its segments to alleviate dollar tightness with the objective of ensuring orderly market functioning. Read more

DGCA show cause notice to SpiceJet following spate of aircraft incidents

The Directorate General of Civil Aviation has issued a show cause notice to SpiceJet for poor internal safety oversight and inadequate maintenance actions.

The civil aviation regulator issued the show cause notice on Wednesday following a spate of incidents. On Tuesday alone there were three incidents including a diversion to Karachi, windshield crack and an air turn back (aircraft returning to departing station) because of a faulty weather radar. Read more

Union ministers Mukhtar Naqvi, RCP Singh resign from PM Modi's Cabinet

Union ministers Mukhtar Abbas Naqvi and R C P Singh submitted their resignations to Prime Minister Narendra Modi on Wednesday, a day before the completion of their Rajya Sabha term, sources said.

Earlier in the day, Modi had lauded both Naqvi and Singh during the cabinet meeting for their contribution to the country during their tenure, in an apparent suggestion of it being their final cabinet meeting, sources said. Read more

New Jersey-based crypto lender Voyager Digital files for bankruptcy

Top cryptocurrency broker Voyager Digital on Wednesday filed for bankruptcy in the US, after top crypto hedge fund Three Arrows Capital (3AC) did the same last week, in which Voyager has made significant investments which the company is yet to get back.

It had significant investments in Singapore-based hedge fund 3AC, which failed to make payments on a loan of 15,250 Bitcoins and $350 million USDCs -- that makes the loan worth more than $650 million. Read more