The Government today filed an application with the NCLT here, seeking immunity for the newly-appointed directors of the IL&FS group from any future adverse outcomes. The corporate affairs ministry has moved the Mumbai NCLT seeking protection for these directors from any future adverse proceedings as a precautionary measure.
RBI Governor Shaktikanta Das today met Finance Minister, and is believed to have discussed the current economic situation, ahead of the first bi-monthly monetary policy for 2019-20.
RBI Governor Shaktikanta Das today said he will be meeting heads of payments banks later this week to understand their issues and concerns. As many as 7 payments banks have commenced their operations. He also said that guidelines on regulatory sandbox will be issued in the next 2 months to promote FinTech in the country. A sandbox approach means experimenting and learning before finally adopting a technology or system.
There has been a multi-fold increase in digital payments over the past years according to RBI Governor, Shaktikanta Das.
IDBI Bank still retains the character of a state-run lender and will continue to be governed by existing rules on hiring, even though it is technically a private bank now, official sources told. A senior Govt official said: “Although technically, IDBI Bank is not a PSB, there can’t be any retrenchment of employees, as existing rules will continue to be applicable. So, there is no threat to the job of any employee. Any reservation policy (for hiring SC/ST candidates and others), too, will continue. In short, everything remains the same, only the status has changed on paper.”
SBI today said that it expects investors for the Jet Airways by the end of May and promoter Naresh Goyal has option of increasing his stake in the beleaguered airline to beyond 25% in the future.
The SBI may ask a retired senior banker to head the airline and guide it out of the financial mess. Sources familiar with the ongoing developments said that Jet chairman Naresh Goyal and his wife Anita Goyal along with 2 other directors are set to resign from the board, as banks move to take charge of the airline.
Syndicate Bank has extended till March 30 the deadline for its staff to subscribe to bank's equity under the employee stock purchase scheme (ESPS), through which it plans to raise up to Rs 500 crore. The bank has put up as many as 30 crore new equity shares, aggregating up to Rs 500 Crore (including premium), for sale under ESPS.
HDFC LTD said it will raise up to Rs 3,000 crore by issuing bonds on a private placement basis to augment its long term capital resources. The secured redeemable non-convertible debentures (NCDs) with an issue size of Rs 2,000 crore has an option to retain oversubscription up to Rs 3,000 crore, it said in a regulatory filing.
4 large shareholders of UTI Asset Management Co (UTI AMC) are hoping to get a relaxation in the time-frame from the SEBI for diluting their stakes in the mutual fund to 10% each. SBI, LIC, Bank of Baroda and Punjab National Bank have to bring down their stake by March 31, according to the deadline set by the SEBI. They have made a plea to the regulator for leeway on this front, sources said.
The RBI's purchases of bonds to inject cash into the financial system may have an unintended effect of distorting bond prices, according to Deutsche Bank AG. The RBI should instead consider cutting the cash reserve ratio, a move it last resorted to 6 years ago, as various reserve requirements enforced by the authority so far are curbing deposit growth and transmission of rate cuts, said Srinivas Varadarajan, MD for fixed income and currencies at the banks Indian unit.
Naresh Goyal, the Promoter and Chairman of Jet Airways along with his wife, Anita Goyal has stepped down from their positions in the board. A board meeting was held today where it was decided that equity shares of Lenders' debt worth Rs 11.4 Cr will be converted at Rupee 1 each.
SEBI has barred a dozen of websites after receiving complaints from investors that certain investment advisory portals cheated them.
Hyundai Motor India LTD today inked a wage settlement pact with technicians at its Chennai facility raising average monthly salary by Rs 25,200 for a 3-year period till March 31, 2021. The agreement will come into retrospective effect from April 2018. As per the agreement, technicians will receive 55% of the increased salary in the first year, 25% in the second year and 20% in the third year.