While Moody’s has maintained the country ratings and only lowered the outlook, it still poses risks of capital flight unless the government improves its fiscal health materially through aggressive stake sale in state-owned companies.
The notification will allow existing consortium of lenders and the existing resolution professional to take the financial service provider or the NBFC to the NCLT and seek a resolution plan that is binding on all parties.
While depositors holding less than Rs 1 lakh of deposits in a bank are covered by the deposit insurance, depositors holding more than Rs 1 lakh in an account have no legal remedy in case of the collapse of a bank.
Through this month, regional provident fund offices have been sending out queries in a specified format to companies seeking “employment data of the proportion of SC & ST employees in total employment”.
When asked about the impact of the measures on the fiscal deficit, Finance Minister Nirmala Sitharaman said the government is conscious of the impact and expects the economic buoyancy resulting from these changes to generate significant resources.
Elaborating further on community data, the committee argued that “degree of involvement of larger community in building the body of data” challenges the notion of “individual control over personal data”, the Ministry said in its order.