Fixed deposit investors, beware. The government's decision to abolish Rs. 500 and Rs. 1,000 notes and replace them with new currency notes to crack down on black money may spell bad news for fixed deposit investors.

With crores of cash pouring into banks everyday, some banks have sought to cut deposit rates. Banks need to reduce their deposit rates in order to pass on the benefits of Reserve Bank of India rate cuts, amounting to 175 bps since January 2015, to borrowers. So while borrowers can avail cheaper loans, fixed deposits will turn unattractive.

West Bengal Chief Minister Mamata Banerjee along with her Delhi counterpart Arvind Kejriwal criticised Prime Minister Narendra Modi's decision to demonetise Rs.500 and Rs.1000 currency notes.

Addressing a rally at Azadpur Mandi in Delhi, Mamata Banerjee gave an ultimatum to Centre to withdraw the scheme in three days reasoning that demonetisation will take the country backward by 100 years. "The crisis of this proportion was not seen even during the Emergency," she said.

Finance Minister Arun Jaitley said on Thursday, that new Rs 1,000 notes will bot be introduced into the system.

The government's demonetization move took out Rs 500 and Rs 1,000 notes from the system. The government had said that the decommissioned notes would be replaced with Rs 500 and Rs 2,000 notes, several ATMs are now dispensing the new notes.

E-commerce players Flipkart and Snapdeal have resumed cash on delivery for goods sold on their respective platforms, even as the ongoing liquidity crisis continues to affect the nation ever since the government announced the withdrawal Rs 500 and Rs 1000 notes as legal tenders last week.

Both firms are also encouraging customers to adopt e-wallet so that transactions can be made digitally. Snapdeal said that it is also allowing its customers to defer deliveries until they get the required cash amount for payment of purchased goods.

Jet Airways (India) extended losses to hit a 52-week low of Rs 362, down 3% on BSE in intra-day trade, after it reported a disappointing set of numbers for the quarter ended September 30, 2016 (Q2FY17).

The company reported a flat consolidated net profit at Rs 85 crore in Q2FY16 against Rs 83 crore in Q2FY16. Total revenues grew 3.2% at Rs 5,682 crore on YoY basis.

The government on Thursday allowed households to withdraw up to Rs 2.5 lakh for weddings from bank accounts which are KYC compliant, Economic Affairs Secretary Shaktikanta said while addressing gathered members of the press and releasing the rules pertaining to the demonetisation drive.

Das added that one member of the family, be it the father or the mother, can withdraw up to the above amount for a wedding.

Even as citizens struggle to withdraw money and exchange old currencies of Rs 1000 and Rs 500, the Anti-Corruption Bureau arrested two port trust officials accepting bribe of Rs 2.9 lakh bribe, which was paid in new Rs 2000 notes, reported NDTV.

According to the report, a middleman for the two officials had accepted Rs 2.5 lakh from the firm, which was a part of the bribe amount.

As the Tata-Mistry battle rages on, two key board meetings will be held on Thursday including one to seek removal of the ousted group chairman from the board of crown-jewel Tata Consultancy Services.

The board of Tata group's main holding company Tata Sons is scheduled to meet at its headquarters Bombay House in afternoon for a pre-scheduled meeting, sources said.

Facing questions, the Centre on Wednesday insisted in the Rajya Sabha that State Bank of India (SBI) had not waived off Rs 7,000 crore loan, including that of industrialist Vijay Mallya, and asserted that such cases are being pursued.

Finance Minister Arun Jaitley referred to the Mallya loan issue as a "terrible legacy" which the NDA (National Democratic Alliance) government had inherited from the UPA (United Progressive Alliance) government.

Nasscom (National Association of Software and Services Companies), the country's software lobby, has revised its growth forecast downwards to 8-10% this year after its biggest members such as Tata Consultancy Services, Wipro, Cognizant and Infosys struggle to grow faster due to an uncertain environment.

In April, Nasscom projected the $108-billion export-focused software and back offices industry to grow 10-12% this year.

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