Expectations that government will come out with more reforms in Winter Session of Parliament also influenced sentiments, brokers said.

Among sectoral indices, the BSE bankex rose the most by 431 points or 3.23 per cent to 13,795 points, followed by  BSE capital goods index (2.86 per cent) and BSE realty index 2.09 (per cent).  

Proposals which have been cleared include that of Jubilant Pharma Pte, Singapore (Rs 1145.10 crore), Lotus Surgical Specialities (Rs 150 crore), Symbiotec Pharmalab (Rs 306.19 crore) and Advanced Enzyme Technologies (Rs 200 crore).

What caused the sharp decline were a series of measures by the finance ministry and the Reserve Bank of India to rein in gold imports, the second highest imported item in FY13 after crude oil and petroleum products.

Analysts and heads of treasuries at banks have opined that 'the Rajan effect' - the impact of the measures unveiled by new Reserve Bank Governor Raghuram Rajan - will continue to play out in the forex market this week as well.

Continuing its free fall, the rupee on Monday breached 63-mark a dollar to end at record low of 63.13, recording the decade's worst single-day fall of 148 paise, heightening fears that more capital control steps could be in the offing.

The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI.

The Indian rupee plunged to all-time intra-day low of 61.80 against the US dollar but erased all the losses to end with a gain of 11 paise at 60.77.

The penal action taken by the Reserve Bank of India against the banks confirms that there is indeed rot in the Indian banking industry, and it is not just restricted to the few aggressive private sector banks which were penalised earlier.

Following probe into charges levelled by online portal Cobrapost, RBI also gave cautionary letters to seven banks, including Citibank and Standard Chartered.

The Indian rupee slumped by 26 paise to hit a new 11-month low of 56.76 on fag-end dollar buying and capital outflows from local equities.

RBI Governor D Subbarao at a meet painted a dim macro economic picture and fuelled fears of the local currency plunging to record-low levels in the short-term.

Cobrapost alleged that the financial sector entities offered to open bank accounts and lockers for customers without following Know Your Customer (KYC) norms, convert their black money into white and obtain fictitious PAN cards.

The corporate-backed NBFCs have a brand presence across the country through the diversified operations of their groups. Like banks, these large NBFCs are also selling a range of products to their customers in metros and urban areas. Analysts say it would be easier for these NBFCs to transform into banks because of their financial muscle, management bandwidth and a well-established brand name.

The Indian rupee on Thursday rose by 40 paise to touch a one-month high of 54.14 against the US dollar on hopes of strong fund flows, after Bahujan Samaj Party (BSP) chief Mayawati decided to lend her party's support to government on FDI issue in the Rajya Sabha.

Besides Fidelity, L&T Finance Holdings acquired two other companies this year. The acquisitions have helped the company expand at a fast clip. Y.M. Deosthalee, Chairman and Managing Director, L&T Finance Holdings says the company is walking the path outlined in the 2005 roadmap.

Continuing its decline for the fourth straight session, the rupee on Friday tumbled by 30 paise to touch a fresh two-and-a-half-month low of 55.51 against the US dollar on sustained demand for the American currency from importers and some banks.

Analysts' reports that are critical of companies are always contentious; company boards take analysts' meetings very seriously and with trepidation.

Some banks have found ways to grow while preserving or even improving the quality of their assets and service.

Dhanlaxmi Bank handles the accounts of over 3,000 temples and hundreds of churches in Kerala. Managing Director and CEO, P.G. Jayakumar, speaks about its core values.