News digest: Lok Sabha passes quota Bill, CBI vs CBI, IL&FS loans, and more

Lenders are clear that Goyal must step down from the Jet board

1. Lenders want Goyal to quit Jet's board; SBI gets ready to pick up stake

As lenders, led by State Bank of India, are firming up a way ahead for ailing private carrier Jet Airways, the future role of promoter Naresh Goyal, his stake in the airline and the composition of the board could steer the direction of talks between the two sides, sources in the banking industry said.

While bankers met top executives of Jet on Tuesday to discuss the financial state of the airline and how loans of over Rs 8,000 crore could be recast, it is learnt that SBI could possibly consider converting its debt to equity in the Goyal-led company. Read more here...

2. SC brings Verma back as CBI chief, but minus decision making powers for now

The Supreme Court on Tuesday reinstated Alok Verma as director of the Central Bureau of Investigation (CBI), observing that it was necessary the agency’s chief “should be the role model of independence and integrity, which can only be ensured by freedom from all kinds of control and interference”. 

The apex court set aside the government’s order sending Verma on leave and divesting him of powers, handing a partial moral victory to him. Click to read more...

3. 10% quota to cover pvt educational institutions too; Lok Sabha passes Bill

The Lok Sabha on Tuesday passed a Constitution amendment Bill that seeks to provide 10 per cent quota in jobs and educational institutions, including private-run higher educational institutions, to economically weaker sections from the general category.

Terming the measure a “poll gimmick”, Opposition parties said it was unlikely to pass judicial scrutiny. Read more here...

4. RBI sets up panel under Nandan Nilekani to boost digital payments

The Reserve Bank of India (RBI) has set up a committee to recommend on how to ‘deepen’ digital payments. The idea is to encourage digitisation of payments and enhancing of financial inclusion through digitisation.

The five-member committee would be headed by Nandan Nilekani, chairman of Infosys Technologies and former chairman of UIDAI. Click to read more...

5. RBI asks banks to treat crisis-hit IL&FS loans as non-performing assets

The Reserve Bank of India (RBI) has declined a request by some lenders to the Infrastructure Leasing & Financial Services (IL&FS) group to allow them a standstill arrangement for six months for their loans.

Banking sources said some lenders, who are to close accounts for the third quarter of FY19 early, had sought this arrangement. Read more here...

6. Asian firms bet in India to set up R&D units to boost tech innovations

After US and European companies, now Asian firms are also betting big on Indian talent by setting up research and development (R&D) units, also known as global in-house centres (GICs), in the country to drive innovation in new technologies.

In the last one year, at least nine large business conglomerates from countries like Japan and Singapore have set up their captive technology centres in India. Read more here...