Today's Sector News – 06.08.2019
* AVIATION: Air India is likely to raise 70 bln rupees in a bond sale, the first in a series to repay a portion of its loans.
* BANKING: After multiple extensions, the expert committee to review the Reserve Bank of India's economic capital framework will hold yet another meeting this month, and is likely to finalise its report by the end of August.
- Finance Minister Nirmala Sitharaman on Monday discussed with heads of public sector banks and
senior officials from some private sector banks issues related to credit growth and liquidity in different sectors of the economy.
- While the rise in customer complaints with the banking ombudsman could be a positive indicator, it
could also be attributed to growing complexity of products and inadequate redressal mechanism within banks, said Reserve Bank of India Deputy Governor M.K. Jain.
- Banks will reply to the service tax notices issued to them by the tax authorities after which the
government will take a call on the concerns raised about the imposition of the tax, Finance Minister Mirnala Sitharaman said.
- The Reserve Bank of India imposed a penalties totalling 85 mln rupees on 11 state-owned banks last
week, for non-compliance with norms on classification and reporting of fraud.
* COAL: The Centre has decided to auction 27 coal blocks to private companies that would be allowed to sell 25% of the produce in open market at a premium of 15% over their bid price for each block.
* ECONOMY: Finance minister Nirmala Sitharaman on Monday said that the government has not made much progress on the proposal to issue overseas sovereign bonds in foreign currencies, after the announcement was made in the Budget.
* OIL AND GAS: State-owned oil companies have issued letters of intent for more than 9,000 new petrol pumps as part of their biggest-ever expansion of fuel retail network.
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* BANKING: After multiple extensions, the expert committee to review the Reserve Bank of India's economic capital framework will hold yet another meeting this month, and is likely to finalise its report by the end of August.
- Finance Minister Nirmala Sitharaman on Monday discussed with heads of public sector banks and
senior officials from some private sector banks issues related to credit growth and liquidity in different sectors of the economy.
- While the rise in customer complaints with the banking ombudsman could be a positive indicator, it
could also be attributed to growing complexity of products and inadequate redressal mechanism within banks, said Reserve Bank of India Deputy Governor M.K. Jain.
- Banks will reply to the service tax notices issued to them by the tax authorities after which the
government will take a call on the concerns raised about the imposition of the tax, Finance Minister Mirnala Sitharaman said.
- The Reserve Bank of India imposed a penalties totalling 85 mln rupees on 11 state-owned banks last
week, for non-compliance with norms on classification and reporting of fraud.
* COAL: The Centre has decided to auction 27 coal blocks to private companies that would be allowed to sell 25% of the produce in open market at a premium of 15% over their bid price for each block.
* ECONOMY: Finance minister Nirmala Sitharaman on Monday said that the government has not made much progress on the proposal to issue overseas sovereign bonds in foreign currencies, after the announcement was made in the Budget.
* OIL AND GAS: State-owned oil companies have issued letters of intent for more than 9,000 new petrol pumps as part of their biggest-ever expansion of fuel retail network.
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