Top headlines: Bad bank's Swiss challenge method, pvt banks to get govt biz

Bad bank may follow Swiss challenge method for price discovery of assets

The proposed ‘bad bank’, to be floated by the banking industry, will likely follow the Swiss challenge method for price discovery of assets, sources close to the development said. This means that even as an asset is transferred to the new asset reconstruction company (ARC) at a pre-agreed price, bids will be called later from others, and the highest bidder will get the asset. Read more
 

Centre lifts embargo on grant of govt businesses to private banks

The Centre has lifted the restrictions on the grant of government businesses to private banks, Finance Minister Nirmala Sitharaman announced on Wednesday. All private sector banks now will be allowed to conduct government-related banking transactions, such as tax and pension payments. Read more
 

Sebi, Finmin seek detailed report from NSE as trading halts due to glitch

“Sebi has advised NSE to carry out a detailed root-cause analysis of the ‘trading halt’ witnessed today and also explain the reasons for trading not migrating to the DR site,” said the market regulator. The issue came to light less than an hour after normal trading had commenced, with several brokers complaining of freezing of live price feeds. Read more
 

Allow firms to invest in EL-rated infra projects: Govt to regulators

The government has asked all financial regulators to relax investment norms for companies, enabling them to put money into large infrastructure (infra) projects rated ‘expected loss’ (EL). At present, regulators allow investments only in high-rated infra projects. Read more
 

Plan to monetise 100 public sector assets, drawing Rs 2.5 trillion: PM

Prime Minister Narendra Modi on Wednesday made a strong case for privatisation of public sector undertakings that he said burdened the taxpayer, and stressed that the government has “no business to be in business”. He said his regime has set a target to monetise 100 PSUs in oil, gas, airports, ports, power, among other areas, which will draw Rs 2.5 trillion of investment. Read more
 

Voda rejigs board, nominates Sood, Massidda as additional directors

Vodafone Group Plc has nominated Sunil Sood and Diego Massidda as additional directors on the board of its India unit joint venture-Vodafone Idea (Vi). The nomination and remuneration committee of Vodafone Idea confirmed the board appointments replacing Vivek Badrinath and Thomas Reisten, who have resigned from the posts. The rejig comes ahead of Vi’s planned fund raising to help the company upgrade its network and meet the debt obligations. Read more
 

Benefits of diversity: A coin-flip reveals better bitcoin alternatives
While bitcoin is the most popular, there are around 6,000-plus altcoins (alternative cryptocurrencies) out there. Together, they account for around 34 per cent of the total crypto m-cap. Read more

Free vaccines for the 60-plus, comorbid cases in govt hospitals from Mar 1

India will start the next stage of vaccinating those above 60 years of age and those above 45 with comorbidities, such as diabetes and heart ailments, from March 1, the government announced in a Cabinet briefing on Wednesday. Read more

PNB scam case: UK judge to rule on Nirav Modi extradition case on Thursday

Wanted diamond merchant Nirav Modi, who remains behind bars in a London prison as he contests his extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank (PNB) scam case, will find out the UK court's ruling in the nearly two-year-long legal battle on Thursday. Read more