The Finance Ministry is planning to launch an exchange traded fund (ETF) consisting of stocks of PSU banks and financial institutions this fiscal and will soon appoint an advisor to explore its feasibility, according to an official. The plan to launch a bank ETF comes on the back of the Govt seeing huge investor demand for 2 existing ETFs. After the resounding success of CPSE ETF and Bharat-22 ETF, the Govt is looking at diversifying the ETF basket by including stocks of PSBs and financial institutions.
The RBI fixed the investment limit at Rs 54,606.55 Cr for foreign portfolio investors (FPIs) under the voluntary retention route (VRR), which allows parking funds in both government securities as well as corporate debt. VRR for investments by FPIs was introduced on March 1.
The Govt today said reports on the deteriorating health of outgoing Finance Minister Arun Jaitley are false and baseless, and media should stay clear of rumour mongering.
With the new Govt taking charge this week, top-level and senior appointments to financial institutions that are pending for months are expected to be cleared soon, sources said.
Former chairman of Jet Airways Naresh Goyal and his wife Anita Goyal were denied permission to travel abroad Saturday by the immigration authority at Mumbai airport, sources said. The couple was to travel by Dubai-bound Emirates flight EK 507 when the immigration authority denied them permission to fly, they said.
The Govt has restricted the import of bio-fuels including ethyl alcohol, bio-diesel and petroleum oils for all purposes and their import will require import licence from the Directorate General of Foreign Trade (DGFT). Till now, import was allowed only for non-fuel purposes subject to actual user condition.