Top headlines: States to borrow Rs 2.35 trn, Ladakh situation 'serious'

Here are the top headlines of the day

Banks' extreme risk aversion is self-defeating, says RBI Governor Shaktikanta Das

Banks must shed their extreme risk aversion but focus more on risk management and quality of decision making to remain resilient in a challenging financial environment, RBI Governor Shaktikanta Das said in his keynote address at the virtual Business Standard conclave Unlock BFSI 2.0. “Remaining overly risk-averse is like self-immunisation but will be self-defeating in a changing environment,” the governor said, adding that “risk aversion is something that banks must deal with.” Read more

Market borrowing or RBI: States get two options as GST collection falls

The Centre on Thursday asked the states to borrow up to Rs 2.35 trillion from the market to meet the compensation shortfall under the Goods and Services Tax in the current financial year. The burden of the borrowing would not come to states but be borne by extension of the cess imposed on sin and luxury goods, said the centre.  The Centre would facilitate the borrowing by talking to RBI so that each state does not rush to the market and raise the bond yields. Read more
 

Court halts insolvency proceedings against Reliance's Anil Ambani

Delhi High Court on Thursday halted insolvency proceedings against Reliance Group chairman Anil Ambani, the younger brother of India's richest man, and barred him from disposing of any of his assets. Ambani had filed a plea with the high court challenging the appointment of a resolution professional over a roughly Rs 1,200 crore personal guarantee that he had given to the State Bank of India for loans to his companies. Read more
 

TikTok CEO Kevin Mayer quits amid Trump's threat to ban app: Report
TikTok Chief Executive Officer Kevin Mayer has quit his role and general manager Vanessa Pappas will replace him on an interim basis, the Financial Times reported on Thursday, citing a letter sent to the company's employees. Read more
 

Situation in Ladakh the 'most serious' after 1962 conflict, says Jaishankar
A solution to the border row with China must be predicated on honouring all agreements and understandings without attempting to alter the status quo unilaterally, External Affairs Minister S Jaishankar has said, in a clear assertion of India's position on the issue. Jaishankar called the situation in Ladakh the "most serious" after the 1962 conflict, adding the quantum of forces currently deployed by both sides at LAC is also "unprecedented". Read more