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 on...
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 and cautioned that the government breaching the Supreme Court-mandated 50 per cent cap on quotas would open a Pandora’s Box. Click here to read.
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. Read on...
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. The plea, if accepted, would have saved them from making huge provisions, and protect their balance sheet. Click here to read.
Malaysia shows interest in India's Tejas fighter jets, may buy 30 of them
Many experts consider the Tejas Light Combat Aircraft (LCA), though not yet fully developed, already far deadlier than its opposite number — the JF-17 Thunder fighter, developed by China and built in Pakistan. Now Malaysia too is endorsing the Tejas’ quality by shifting interest from the Sino-Pakistani to the Indian fighter. Last year, Kuala Lumpur was discussing a deal with Pakistan to buy the JF-17. But now, the Royal Malaysian Air Force (RMAF) is signalling strong interest in the Tejas. Read on...
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, Unique Identification Authority of India. The panel is to give its report within 90 days from the date of its first meeting. Click here to read.
Supreme Court sets up five-judge bench to hear Ayodhya land dispute case
The Supreme Court Tuesday set up a five-judge Constitution Bench to hear the Ram Janmabhoomi-Babri Masjid land title dispute case. The bench will be headed by Chief Justice Ranjan Gogoi and also comprise of Justices S A Bobde, N V Ramana, U U Lalit and D Y Chandrachud. The Constitution Bench is scheduled to hear the matter on January 10. Read on...
Multiple gaps in implementing flagship crop insurance scheme
Instead of appreciation, the Modi government’s flagship schemes for crop insurance, the Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme have attracted criticism even though the PMFBY is substantially superior to crop insurance schemes under previous governments, according to a Livemint report.
Panel proposes 2-way strategy to push EVs
A government appointed panel led by cabinet secretary Pradeep Kumar Sinha has proposed a bouquet of incentives for makers as well as buyers of electric vehicles in an effort to push emobility in the country, according to The Economic Times report. The panel has recommended a lower basic customs duty on components besides a lower GST rate to encourage manufacturers to take up large-scale production of e-vehicles.
IOC may rethink acquiring 50% stake in Mundra LNG Terminal
Nearly 16 months after the board of Indian Oil Corporation (IOC) had decided, in principle, to acquire up to 50 per cent in the Mundra LNG Terminal in Kutch, the PSU refiner-cum-retailer seems to be having second thoughts, The Hindu BusinessLine reported.