Top headlines: Disinvestment target, RBI imposes penalty on 9 UCBs & more

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Budget 2023-24: Disinvestment target likely to stay elevated for FY24

The central government is expecting not to miss its disinvestment target for this fiscal year by much, if at all, as it looks to bring in Rs 35,000 crore from the sale of its residual stake in Hindustan Zinc (HZL). It also may keep the disinvestment Budget Estimate (BE) for 2023-24 elevated as some large asset-sale proceeds, which are in the pipeline, are expected next fiscal year, according to government officials.

Of the Rs 65,000-crore disinvestment target for the current fiscal year, the government has, so far, raised Rs 24,544 crore. Read more

Amazon to lay off 10K employees amid 'largest job cuts' in firm's history

Multinational tech giant Amazon plans to lay off around 10,000 people in its corporate and technology sectors starting as soon as this week, the New York Times reported.

When executed, this would be the largest job cuts in the company’s history.

The job cuts are expected in Amazon’s devices organisation, including the voice-assistant Alexa, as well as in its retail division and in human resources, said the report. Read more

RBI imposes monetary penalties on nine urban cooperative banks

Reserve Bank of India (RBI) on Monday slapped penalties on nine urban cooperative banks for non-compliance with various provisions.

The bank regulator has fined two banks each from Odisha, Madhya Pradesh, and Gujarat, and one bank each from Chhattisgarh, Maharashtra, and Jharkhand.

Odisha-based banks are Kendrapara Urban Co-operative Bank & Berhampur Cooperative Urban Bank. Gujarat-based banks are Santrampur Urban Co-operative Bank and Nawanagar Co-operative Bank and Madhya Pradesh-based Krishna Mercantile Co-operative Bank and Jila Sahakari Kendriya Bank. Read more

Adani group gets approval for NDTV open offer boosting takeover bid

Billionaire Gautam Adani’s conglomerate received the regulatory nod to float an open offer for a further 26% stake in New Delhi Television Ltd., marking a crucial milestone in a takeover battle between Asia’s richest person and the broadcaster’s founders.

The Securities & Exchange Board of India, or Sebi, approved Adani Group’s open offer, according to a statement on the market regulator’s website Monday, allowing Adani to buy more equity from the media firm’s minority shareholders. The conglomerate revised the offer’s roll out date to Nov. 22. It will close on Dec. 5, NDTV said last week. Read more

Finance ministry likely to give additional Rs 25,000 crore for MGNREGS

The finance ministry is likely to accept the rural development ministry’s demand for an additional Rs 25,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) for the current fiscal year (FY23), Business Standard has learnt. But given that for the past three years, the actual outlay has exceeded the Budget Estimates (BE) and for two years, it has been above or close to Rs 1 trillion, the finance ministry wants inefficiencies in the scheme to be identified and eliminated. Read more