News digest: RBI move impact, payroll additions, US stocks fall, and more

RBI capital adequacy move opens window for Rs 3-trn extra lending by banks

With the Reserve Bank of India (RBI) extending the deadline for banks to meet capital adequacy norms, lenders will be able to disburse additional loans in excess of Rs 3 trillion till the end of next financial year, sources aware of the matter said. 

The government, too, will see a fall in the capital infusion requirement in public sector banks as a consequence of the relaxation in one component of the capital adequacy rules. The saving for the government on this count is expected to be around Rs 350 billion in the current financial year. Read more

Airtel draws up strategy to take on rivals Reliance Jio, Vodafone Idea

Bharti Airtel has put together a four-pronged strategy to take on its rivals Reliance Jio and Vodafone Idea.

For one, the telco is targeting winning number one slot in terms of net addition of smart phone 4G subscribers month-on-month, wresting the position from Reliance Jio, through re-farming spectrum and aggressive fiberisation of towers. Currently, according to estimates, Reliance Jio has been adding 4-5 million 4G subscribers each month. Read more

Indian airlines seek waiver from airports, oil firms for financial revival

Financially stressed  Indian airlines want all airports and oil-marketing companies to grant them a month’s extra and unsecured credit to improve their liquidity and waive penalties for late payment.

The Federation of Indian Airlines (FIA), a lobby group of IndiGo, SpiceJet, Jet Airways and GoAir, told the aviation ministry that this would help revive their stressed finances. Read more

US stocks fall as tech selloff spreads; Dow on track to end year in the red

US stocks tumbled on Tuesday, putting major US indexes at risk of closing below their October lows and wiping out yearly gains. What started as a technology company selloff bled into other corners of the market, as investors dumped shares of everything from retailers to oil-and-gas companies in favor of relatively safe assets such as bonds and reliable dividend payers like utility companies. Read more

Almost a million payroll additions in September highest in 13 months

The number of people effectively subscribing to Employees’ Provident Fund Organisation (EPFO), or for PF services, peaked in September 2018 with 973,774 net additions to the payroll count in the formal sector. Read more