Top headlines: Co-op banks to be supervised by RBI, Covid-19 medicine, more

Business Standard brings to you a snapshot of events which made it to the headlines today

1. Cooperative banks to be supervised by RBI; govt to bring an ordinance

The Union government has decided to bring 1,482 urban cooperative banks and 58 multi-state cooperative banks, under the supervisory powers of the Reserve Bank of India, said I&B minister Prakash Javadekar after a meeting of the Union Cabinet earlier today. The RBI's powers as they apply to the scheduled banks will also apply to cooperative banks, said the minister. Read on...
 

2. Good that Ramdev has given Covid-19 medicine, but rules matter: Minister

MoS for the Union Ayush Ministry Shripad Naik on Wednesday said that his Ministry will clear its stance on pharmaceutical giant Patanjali's newly-launched ayurvedic drugs 'Coronil and Swasari' for the novel coronavirus after reviewing the report sent by it. However, the Minister said that it is good that Baba Ramdev has given a new medicine to the country. Read more...

3. Watchdog flags 50 ad campaigns by drug makers offering Covid-19 cure

The Advertising Standards Council of India (ASCI) has said it has found 50 campaigns by Ayurveda and homeopathic drug makers offering cure for Covid-19 in April alone, and had flagged them to the union government for action. The disclosure from ASCI for April comes a day after the government issued a gag order against Baba Ramdev's company Patanjali Ayurved from advertising a drug as Covid-19 cure within hours of him launching it. Read on...

4. J&J loses bid to overturn baby powder verdict, but damages cut to $2.12 bn

A Missouri appeals court on Tuesday rejected Johnson & Johnson's bid to throw out a jury verdict in favor of women who blamed their ovarian cancer on its baby powder and other talc products, but reduced damages by more than half, to $2.12 billion. The Missouri Court of Appeals lowered the original $4.69 billion verdict from July 2018 after dismissing claims by some of the 22 women and their families who had sued. Read on...

5. Trying to resolve legal issues, return investor's money: Franklin Templeton

Franklin Templeton Mutual Fund has said it is working towards resolving all the legal issues regarding the winding up of its six debt schemes at the earliest in order to efficiently monetise assets and return money to investors. In a letter to investors, Franklin Templeton MF President Sanjay Sapre has updated them on the winding up process of six debt income schemes. Read more...