Daily Sector News Today – 24.11.2017
* BANKING: The Reserve Bank of India has exempted asset reconstruction companies from the 26% cap for conversion of debt to equity, subject to riders.
* ECONOMY: Operationalising information utilities registered by the Insolvency and Bankruptcy Board of India, sharing of data among regulators and implementation status of Legal Entity Identifier were the key discussion points at the meeting of the sub-committee of the Financial Stability and Development Council held in Mumbai. To make payouts to beneficiaries of Employees' Provident Fund Organisation smooth and cost effective, the Central Board of Trustees has given its in-principle approval to transfer funds through National Payments Corp of India platform.
* FINANCE: In line with an announcement in the Union Budget 2016-17 (Apr-Mar), the Reserve Bank of India has notified that specified stock exchanges can act as aggregators or facilitators for retail participation in primary gilt markets, under the non-competitive bidding facility. The share of non-bank financial companies in system credit is seen rising to 19% by 2020 from 13% in 2013 with the industry registering a compounded annual growth of 18% over the next three years.
* INFORMATION TECHNOLOGY: The government is committed to net neutrality in India and will ensure the right of internet access for everyone without any discrimination, said Ravi Shankar Prasad, the information technology minister.
* INSURANCE: The Insurance Regulatory and Development Authority of India is pen to allowing Life Insurance Corp of India increase its stake beyond the 15% ceiling in public sector banks.
* LAW: The Supreme Court termed a provision in the Prevention of Money Laundering Act that enforces very strict conditions for bail as unconstitutional.
* POWER: Power and Renewable Energy Minister R.K. Singh will launch the third round of wind power auctions on vFriday, according to the information given by the government.
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* ECONOMY: Operationalising information utilities registered by the Insolvency and Bankruptcy Board of India, sharing of data among regulators and implementation status of Legal Entity Identifier were the key discussion points at the meeting of the sub-committee of the Financial Stability and Development Council held in Mumbai. To make payouts to beneficiaries of Employees' Provident Fund Organisation smooth and cost effective, the Central Board of Trustees has given its in-principle approval to transfer funds through National Payments Corp of India platform.
* FINANCE: In line with an announcement in the Union Budget 2016-17 (Apr-Mar), the Reserve Bank of India has notified that specified stock exchanges can act as aggregators or facilitators for retail participation in primary gilt markets, under the non-competitive bidding facility. The share of non-bank financial companies in system credit is seen rising to 19% by 2020 from 13% in 2013 with the industry registering a compounded annual growth of 18% over the next three years.
* INFORMATION TECHNOLOGY: The government is committed to net neutrality in India and will ensure the right of internet access for everyone without any discrimination, said Ravi Shankar Prasad, the information technology minister.
* INSURANCE: The Insurance Regulatory and Development Authority of India is pen to allowing Life Insurance Corp of India increase its stake beyond the 15% ceiling in public sector banks.
* LAW: The Supreme Court termed a provision in the Prevention of Money Laundering Act that enforces very strict conditions for bail as unconstitutional.
* POWER: Power and Renewable Energy Minister R.K. Singh will launch the third round of wind power auctions on vFriday, according to the information given by the government.
