News digest: IL&FS crisis, NSE-MCX merger, Statue of Unity, and more

After the meeting, no government official commented on anything even as Urjit Patel and his colleagues left North Block through a different exit point

FinMin, RBI divided on NBFC liquidity situation

Differences between the government and the Reserve Bank of India (RBI) were again evident in a meeting of the Financial Stability and Development Council (FSDC) on Tuesday, when they disagreed on the liquidity situation in non-banking financial companies (NBFCs) and the need for a separate payments regulator. Read more

 

Ola may relaunch grocery delivery biz early next year

 

Ola is working furiously behind the scenes to relaunch its grocery vertical by early next year, according to three people with knowledge of the company’s operations. The ride-hailing firm’s new arm would use Foodpanda’s resources, including 125,000 delivery riders, they said, as it looks to gain a sizeable share of India’s $28 billion (Rs 2.06 trillion) online grocery ordering and delivery market. Read more

 

Sebi not in favour of NSE-MCX merger

The proposed merger between the National Stock Exchange (NSE) and the Multi Commodity Exchange (MCX) is unlikely to see the light of day in the near future. Read more

 

New board explores outright sale of debt-ridden IL&FS

 

India is examining options including an outright sale of Infrastructure Leasing & Financial Services, a person with knowledge of the matter said, as the government tries to stem defaults at the lender with $12.6 billion of debt. Read more

 

State-run firms partially funded Statue of Unity under CSR

 

Public sector companies may have spent more on the Sardar Patel statue, billed as the world’s tallest, than was recently noted by the Comptroller and Auditor General (CAG). The country’s topmost auditor had flagged the contributions in a report because the money came from the companies’ corporate social responsibility (CSR). Read more