Indian tycoon Vijay Mallya guilty of disobeying top court

India’s top court on Tuesday found wanted tycoon Vijay Mallya guilty of disobeying its order barring him from transferring $40 million to his children.

Mallya, who fled to London last year, is wanted in India on charges of money laundering and bank demands that he pay back more than a billion dollars in loans extended to his now-defunct airline. India has been seeking his extradition over the charges, which Mallya denies.

Benefits of Indian cash overhaul elusive as deadline passes

Fifty days ago, India yanked most of its currency from circulation without warning, jolting the economy and leaving most citizens scrambling for cash. As the deadline for exchanging the devalued 500- and 1,000-rupee notes for new ones hit on Friday, many Indians were still stuck waiting in long bank lines.

Empty ATMs and ever-changing rules prevented people from withdrawing money, and many small, cash-reliant businesses from cinemas to neighborhood grocery stores suffered huge losses or went under.

Benefits of Indian cash overhaul elusive as deadline passes

Fifty days ago, India yanked most of its currency from circulation without warning, jolting the economy and leaving most citizens scrambling for cash. As the deadline for exchanging the devalued 500- and 1,000-rupee notes for new ones hits Friday, many Indians are still stuck waiting in long bank lines.

Empty ATMs and ever-changing rules are preventing people from withdrawing money, and many small, cash-reliant businesses from cinemas to neighborhood grocery stores are suffering huge losses or going under.

Deutsche, Credit Suisse to compensate consumers post-crisis

Nine years after the collapse of the U.S. housing market sent shockwaves through the global economy, two European banks have agreed to offer American homeowners and borrowers billions of dollars' worth of help under a settlement related to the sale of risky securities that helped spark the 2008 crisis.

Deutsche Bank and Credit Suisse said Friday they agreed to the tentative settlements with the U.S. Justice Department over their dealings in mortgage-backed bonds.

Sudden currency move spoils business at Indian food market

The scale of India's cash economy can be seen in the Azadpur Mandi wholesale fruit and vegetable market. Trucks bring load after load of fresh produce to its grimy lanes every day. Then a complex web of wholesale merchants, smaller traders and retailers delivers the produce to most of north India.

Almost every transaction, like most in India, is done in cash. And business at the massive New Delhi market is evaporating, the food spoiling and wasted, two weeks after the government's surprise currency move made more than 80 percent of India's banknotes useless.

The effects of India's currency reform? "Chaos" say analysts

The sudden withdrawal of 86 percent of India's currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil.

That's just the immediate fallout from Prime Minister Narendra Modi's surprise effort to stamp out corruption by making cash hoards in large denomination bills worthless. But what lies ahead could be even worse, some analysts say.

India struggles as millions throng banks to swap currency

India's government said Tuesday it will use indelible ink to mark the fingers of people swapping scrapped currency notes at banks as authorities struggle to deal with the bedlam caused by the sudden demonetizing of the country's highest-denomination bills.

India scraps high currency notes overnight to fight graft

India scrapped its highest-denomination currency notes overnight, delivering a blow to black-market money launderers but plunging hundreds of millions of common citizens holding cash savings into fear and uncertainty.

Within hours of Prime Minister Narendra Modi announcing the surprise move in a televised address, people thronged to ATMs, standing in long lines in hopes of grabbing bills that might still be in circulation on Wednesday.

Indian bank authorities say 3.2 million debit cards hacked

Indian banks scrambled Friday to contain the damage after finding that more than 3.2 million debit cards may have been hacked.

Several banks, including the government-run State Bank of India, advised customers to change their personal identification numbers. The banks have recalled thousands of debit cards and blocked others that they fear have been hacked.

BRICS nations agree to create own development bank

The leaders of five emerging market powers said at a summit Tuesday that they gave final agreement to creating their own development bank worth $100 billion that will have its headquarters in China.

The first president of the New Development Bank will be from India and the position will rotate every five years among Brazil, Russia, India, China and South Africa — the so-called BRICS nations, a joint statement from the leaders said.