Today Sector News – 27.06.2018
* AVIATION: GoAir and its former chief executive Wolfgang Prock-Schauer, who was accused of stealing confidential information and data, have decided against opting for an 'out-of-court' settlement.
* BANKING: Reserve Bank of India Deputy Governor Viral Acharya acknowledged that the government's front loaded capital infusion into state-owned banks would "impart robustness" to the financial sector as a whole, but again called for more corporate governance reforms and capital raise from markets at these banks.
- RBI Deputy Governor Acharya acknowledged the asset quality issues in the banking sector and added that a shift away from bank finance to non-bank finance was natural, but called for caution. Bad loans at Indian banks,
especially those controlled by the government, will increase further in the year to Mar 31, placing additional strain on the already stressed financial system, a central bank study warned.
* CORPORATE: Fugitive liquor baron Vijay Mallya, in a letter made public, said he along with United Breweries (Holdings) filed an application before the Karnataka High Court on Friday seeking permission to sell assets worth approximately 139 bln rupees under judicial supervision to repay creditors, including state-owned banks.
* COMMODITIES: The government has relaxed one of the eligibility conditions for mills to avail subsidy on export of sugar under the Minimum Indicative Export Quantity scheme.
* FUNDS: Employees Provident Fund Organisation has allowed its members an option to withdraw 75% of their funds after one month of unemployment, Labour Minister Santosh Kumar Gangwar said.
* INFRASTRUCTURE: While Maharashtra and Asian Infrastructure Investment Bank are in talks for funding of Mumbai Metro phase 4, the two sides are yet to agree on interest rates.
* PHARMACEUTICALS: The government has created five sub-schemes for the 4.6-bln-rupee plan to develop the domestic pharmaceutical industry, giving the lion's share of the outlay to bulk drug manufacturing companies.
* POWER: The Standing Committee of Parliament on Energy has asked representatives from finance and power ministries to appear before it on Jul 5 to discuss the impact of the Reserve Bank of India's new framework for the resolution of stressed assets in the power sector.
* RAILWAY: The government has set up a nine-member committee to formulate norms for standardisation and indigenisation of metro rail system across the country.
* TAXATION: The GST Council may meet on Jul 21, two government officials said, adding the agenda for the meeting is yet to be finalised. The SEBI has filed an appeal in the goods and services tax tribunal against a tax demand of 2.10 bln rupees for providing various services in the 2013-16 period.
CLICK HERE
*********************************************************************************
* BANKING: Reserve Bank of India Deputy Governor Viral Acharya acknowledged that the government's front loaded capital infusion into state-owned banks would "impart robustness" to the financial sector as a whole, but again called for more corporate governance reforms and capital raise from markets at these banks.
- RBI Deputy Governor Acharya acknowledged the asset quality issues in the banking sector and added that a shift away from bank finance to non-bank finance was natural, but called for caution. Bad loans at Indian banks,
especially those controlled by the government, will increase further in the year to Mar 31, placing additional strain on the already stressed financial system, a central bank study warned.
* CORPORATE: Fugitive liquor baron Vijay Mallya, in a letter made public, said he along with United Breweries (Holdings) filed an application before the Karnataka High Court on Friday seeking permission to sell assets worth approximately 139 bln rupees under judicial supervision to repay creditors, including state-owned banks.
* COMMODITIES: The government has relaxed one of the eligibility conditions for mills to avail subsidy on export of sugar under the Minimum Indicative Export Quantity scheme.
* FUNDS: Employees Provident Fund Organisation has allowed its members an option to withdraw 75% of their funds after one month of unemployment, Labour Minister Santosh Kumar Gangwar said.
* INFRASTRUCTURE: While Maharashtra and Asian Infrastructure Investment Bank are in talks for funding of Mumbai Metro phase 4, the two sides are yet to agree on interest rates.
* PHARMACEUTICALS: The government has created five sub-schemes for the 4.6-bln-rupee plan to develop the domestic pharmaceutical industry, giving the lion's share of the outlay to bulk drug manufacturing companies.
* POWER: The Standing Committee of Parliament on Energy has asked representatives from finance and power ministries to appear before it on Jul 5 to discuss the impact of the Reserve Bank of India's new framework for the resolution of stressed assets in the power sector.
* RAILWAY: The government has set up a nine-member committee to formulate norms for standardisation and indigenisation of metro rail system across the country.
* TAXATION: The GST Council may meet on Jul 21, two government officials said, adding the agenda for the meeting is yet to be finalised. The SEBI has filed an appeal in the goods and services tax tribunal against a tax demand of 2.10 bln rupees for providing various services in the 2013-16 period.
