PSBs seek easing of loan recast rules in first meet with new RBI Governor
Reserve Bank of India (RBI) Governor Shaktikanta Das moved swiftly into his new job on Thursday by holding discussions with chiefs of Mumbai-based public sector banks (PSBs), who wanted rules for recognising bad loans to be eased.
They discussed liquidity in the system, credit growth, financial support to micro, small and medium enterprises (MSMEs), and the state of finance companies. Read more
Portfolio reshuffle of four RBI deputy governors likely before April
A reshuffle of portfolios held by the four deputy governors (DGs) of the Reserve Bank of India (RBI) is seen as part of efforts to find a solution to the vexed issue of bringing 12 state-run banks out of the Prompt Corrective Action (PCA) framework and the controversial February 12 circular.
Of particular import is the portfolio of the highly sensitive Department of Banking Regulation (DBR) under the charge of N S Vishwanathan, now the senior-most of the four DGs. A key irritant between Mint Road and North Block is PCA and the February circular, on which he has refused to budge and been vocal about, most recently in a speech on October 29 at XLRI (Jamshedpur). Read more
TDSAT quashes Trai's predatory pricing rule, analysts say it's too late
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) on Thursday set aside sector regulator Trai’s rule on predatory pricing for lack of transparency in the guidelines determining market share and rates of services.
While some analysts said the TDSAT order was a substantive relief to incumbents Bharti Airtel and Vodafone Idea, others pointed out it was too late. “Reliance Jio already has over a 40 per cent market share in the B and C circles.
Even in metros, its market share is close to 30 per cent. Read more How Congress resurgence in Hindi heartland changes dynamics of GST Council
Finance Minister Arun Jaitley’s persuasive skills will be tested at the next Goods and Services Tax (GST) Council meeting, scheduled for December 22, in which three new state finance ministers from the Congress will replace Bharatiya Janata Party leaders.
For the first time since the inception of the GST, there seems a possibility of the blocking of a resolution in the GST Council as the Opposition vote has crossed the numbers required for it. Read more
IL&FS' car sale shows cash-strapped group never compromised on luxury
Executives of the Infrastructure Leasing & Financial Services (IL&FS) group drove in luxury class till recently if the registration dates of these cars are an indication.
Of the 36 premium luxury cars the group is trying to sell, nine were registered in 2017 and 2018. As recently as June 2018, the group registered BMW X1 S DRIVE 20 D. The premium SUV, which could cost around Rs 3.8 million, was registered in the name of IL&FS Rail. Read more