Today's Sector News - 14.08.2019: 09.00 Am
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* BANKING: The Reserve Bank of India said it was carrying out a review of the regulatory framework applicable to housing finance companies, and would issue revised regulations for such companies in due course.
- The government's one-time partial credit guarantee scheme for public sector banks buying assets of
non-bank finance companies and housing finance companies will be valid for a period of 24 months from the date an asset is bought.
- A bank's credit to non-banking financial companies for on-lending under priority tag will be capped
at 5% of the bank's total priority sector loans, the Reserve Bank of India notified.
* COMMODITY: The food ministry is likely to seek Cabinet approval soon for subsidising export of up to 6 mln tn of sugar in 2019-20 (Oct-Sep) to help clear the surplus in the domestic market and support domestic prices.
* ECONOMY: The task force responsible for reviewing the existing Income Tax Act and drafting a new direct taxes code is now likely to submit its report on Monday.
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