Newsmakers: YES Bank inks pacts with US firms, RBI holds rates and more

Govt floats idea of nation's first gold exchange
The government on December 1, 2015 floated an idea of a gold exchange, a transparent platform where jewellers can buy and sell the precious metal locally instead of depending on the international market. "This is just an idea... can we think of a gold exchange where there can be transparent trading. A platform where those who have surplus gold can sell it to those in requirement," Shaktikanta Das, Secretary Department of Economic Affairs Ministry of Finance said.

RBI's efforts to tackle inflation credit positive: Moody's
Moody's Investors Service said the Reserve Bank's efforts in bringing down inflation is credit positive for the country and hoped that the central bank will continue to remain vigilant in sticking to the target level. The high inflation, it added, has been a constraint on the credit profile of the country in the past and food price volatility makes India vulnerable to inflation spikes.

RBI keeps key rates unchanged on inflation concerns
The Reserve Bank of India (RBI) kept the interest rates unchanged at 6.75 per cent in its fifth bi-monthly monetary policy review meet. The central bank's decision to hold rates comes in the backdrop of accelerated second-quarter GDP data of 7.4 per cent released on Monday and concerns over rising inflation.

Volkswagen to recall 3.23 lakh vehicles in India
German auto firm Volkswagen will recall 3.23 lakh vehicles in India after a government-ordered probe found the company using diesel engines equipped with a defeat device which help cheat emission tests, as it had done in the US and other global markets. "The company will voluntarily recall 3.23 lakh vehicles which have been fitted with the E189 engines that are equipped with defeat device," a senior government official said.

YES Bank inks $265-mn pacts with US firms for SME lending
Private sector lender YES Bank said it has signed loan agreements worth $265 million with OPIC and Wells Fargo to support small business growth in India. YES Bank has signed an agreement with Overseas Private Investment Corporation (OPIC), the US government's Development Finance Institution, for debt financing of $245 million to increase lending to micro, small and medium enterprises (MSMEs) in India, the bank said in a regulatory filing.