Forex reserves down
Mumbai: India's foreign exchange reserves continued to fall for the third week in succession. The Reserve Bank of India, in its latest weekly statistical supplement, said the total foreign exchange reserves, including gold and special drawing rights, during the week ended 25 June declined $113 million to $33.17 billion.,

The decline in forex reserves was entirely in foreign currency as there is no depletion in the gold and SDR levels. One of the reasons for the decline is the central bank's intervention to support the Indian rupee.
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Jet offers free ticket scheme
New Delhi: Jet Airways will offer one free ticket to passengers travelling to seven cities and two free tickets to passengers travelling to 10 cities on its network from 5 July to 30 September. The scheme comes soon after the airline announced a new promotional fare of Rs 3,800 on the Delhi-Mumbai sector.

Jet has matched the lowest fare of Rs 3,800 on the Delhi-Mumbai sector announced by Indian Airlines. Sahara Airlines, which triggered the fare war, now has the highest fare of Rs 4,111 on this sector.
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RBI selects Hughes Escort for V-SAT project
New York: The Reserve Bank of India has selected Hughes Escorts Communications to provide a nationwide satellite communication system to link some 60,000 public sector bank branches in India.

Hughes Escorts is a provider of V-SAT services in India.

The proposed network, when commissioned, will be the largest such connected banking network in the world, claims Hughes Escorts officials.

The RBI has entrusted the work of conceptualising the network to the Institute for Development and Technology.
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