ENS Economic Bureau

FinMin: `2.5 lakh-cr of loans disbursed by PSBs in October

In order to boost credit availability in the economy, Finance Minister Nirmala Sitharaman had in September asked banks to reach out to customers and hold special credit disbursal camps while keeping in mind prudential norms.

Bankers expect many suitors for DHFL; stock climbs 5%

State Bank of India (SBI) Chairman Rajnish Kumar told reporters that many suitors are expected for DHFL as “it’s a good franchise”.

SEBI to listed firms: Disclose default details within 24 hrs from 30th day

Sebi Chairman Ajay Tyagi said that this move will ensure “better disclosure and transparency.” The decision has been taken to address the gaps in the availability of information with respect to defaults, Sebi said.

Five state ministers to FM Sitharaman: ‘Facing acute pressure on fiscal’ because of GST dues

In a joint statement, five states/UTs — Kerala, West Bengal, Delhi, Rajasthan, Punjab — said they are facing “acute pressure” on their fiscal situation due to the delayed payment from Centre.

Portfolio management scheme limit hiked to Rs 50 lakh, networth requirement to Rs 5 crore

Besides, it has decided to increase the networth requirement of portfolio managers to Rs 5 crore from Rs 2 crore, Sebi Chairman Ajay Tyagi told reporters after the board meeting.

Surveyors not required for health, motor, aviation policy claims: IRDAI

An insurer normally sends a loss assessor or surveyor to determine the damage when a claim is lodged.

Post monsoon, demand for thermal power to go up: PowerMin

Demand for thermal power has reduced as a result of additional renewable capacity, but the overall demand for power had increased this year, said Minister of State for Power and New and Renewable Energy RK Singh.

Sterling and Wilson shares plunge 49% in 8 sessions

The Shapoorji Pallonji group, a leading construction group, holds over 18 per cent stake in Tata Sons, the holding company of the Tata group.

SEBI: ‘No deadline extension for splitting post of CMD’

In May 2018, Sebi asked the top 500 listed companies to split the post of chairman and managing director by April 2020. Sebi’s decision came after the recommendations of the Uday Kotak-led panel on corporate governance. 

After Vodafone Idea and Airtel, now Jio set to increase tariffs

On Monday, Bharti Airtel and Vodafone Idea — reeling under huge losses — announced plans to increase tariffs for customers from December 1.

PSB frauds at over `95,700 crore in first 6 months of FY20: Nirmala Sitharaman

Comprehensive measures have been taken to curb the incidence of frauds in banks, including freezing bank accounts of 3.38 lakh inoperative companies, she said in the written reply.

GST: Kerala, Puducherry raise concerns over delay in compensation payment

Kerala’s Finance Minister Thomas Isaac said the state has been pushed into severe ways and means crises due to the non-payment of compensation so far. 

BSVI norms implementation will be key: Passenger vehicle registrations up in Oct; numbers may dip again

With the festive season over and BSVI norms implementation just around the corner, the sales trajectory could dip again, analysts caution.

Finance Commisson may get extension to work on tax share of UT of J&K

Any special dispensation for the Union Territory of Jammu & Kashmir will also have to be done keeping in view similar demands by two other union territories with a legislature, Delhi and Puducherry, to be a part of the divisible pool.

RBI to revamp norms to govern housing finance companies, UCBs

According to Das, going forward, UCBs are likely to increasingly face competition from players like small finance banks (SFBs), payments banks, non-banking finance companies (NBFCs) and micro-finance institutions (MFIs).

Vodafone Idea, Airtel to hike tariffs from Dec 1; first for sector in over five years

Vodafone Idea last week reported consolidated loss of Rs 50,921 crore - highest ever loss posted by any Indian corporate - for the second quarter ended September 30, on account of liability arising out of the Supreme Court order in the adjusted gross revenue case.

Anil Ambani, 4 others quit board of Reliance Communications

According to a stock exchange filing, Ambani, along with Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar, has resigned as a director of RCom.

FM holds meeting on GST simplification; similar talks across country on Dec 7

Discussions with chartered accountants, tax practitioners, traders and various other stakeholders

ITAT upholds withdrawal of I-T exemption to Young Indian

The company was incorporated in FY12. The tribunal dismissed the appeal made by Young Indian seeking that its exemption not be withdrawn retrospectively.

Airtel, Vodafone Idea combined loss at Rs 73,967 crore

Vodafone Idea (VIL) alone posted a net loss of Rs 50,922 crore for the second quarter, the highest ever net loss reported by a company in India.