BLOOMBERG  India is withdrawing its highest-value currency note just months before a national election, when cash in circulation typically surges. People have until September 30 to deposit 2,000 rupee ($24) notes into their bank accounts or exchange them for other denominations, the Reserve Bank of India (RBI) said in a statement citing its “clean note policy.” It didn’t say what ...

BLOOMBERG  Federal Bank Ltd, the Indian bank backed by the International Finance Corp (IFC), plans to raise as much as 40 billion rupees ($486 million) in the next few months to support its expansion. The fundraising could be via debt or equity, or a combination of the two, with the final structure still under consideration, the bank’s Chief Executive Officer ...

BLOOMBERG  James Gorman, who transformed Morgan Stanley after it nearly collapsed during the global financial crisis, plans to step down as chief executive officer (CEO) within the next year and assume the role of executive chairman. “It is the board’s and my expectation that it will occur at some point in the next 12 months,” Gorman, 64, said at the ...