TODAY'S NEWS IN BRIEF
Banks with significant gaps in meeting priority sector loan requirement will benefit from Reserve Bank's guidelines for priority sector lending certificates, Moody's said today. RBI last week released guidelines for priority sector lending certificates (PSLC), whereby banks can buy and sell such credits to manage their priority sector lending requirements.
-The New Indian Express
Reserve Bank Governor Raghuram Rajan today cautioned the public against any fictitious e-mails in his or the central bank's name demanding money, and asked people not to fall prey to such frauds.
Ratnakar Bank Ltd (RBL), which ran into regulatory trouble over flouting private placement rules, may soon offer exit option to shareholders as part of a settlement scheme to resolve the issue. The private bank is trying to resolve the matter with market regulator Sebi to come out with its Rs 1,450 crore public issue.
The RBI has declined to share details of banks inspection reports citing a section of the transparency law that exempts public authority from disclosing information that may prejudicially affect sovereignty, security or economic interests of the country. Replying to an RTI query, the central bank also said furnishing the requested information will disproportionately divert the resources of the public authority hence exempt from disclosure under Section 8 (1) (a) of the RTI Act, 2005, it said.
Governor Raghuram Rajan said the central bank holds government bonds worth Rs 8 trillion ($120.54 billion) alongside record-high foreign exchange reserves. The number provides some clarity given the central bank does not disclose the amount of its debt holdings.
Royal Bank of Scotland (RBS) will close its corporate banking operations in India as part of a plan to sell or shut businesses in two-thirds of the countries it operates in, a person familiar with the situation said.
The apex bank, Reserve Bank of India, today granted payments bank licence to telecom service provider Bharti Airtel, for which it had applied in partnership with Kotak Mahindra Bank, a company statement said here.
-Times of India
With the share of states in central taxes seeing a quantum jump, Finance Minister Arun Jaitley advised them to stick to fiscal discipline, spend on infrastructure and development activities and to use Aadhaar for transferring benefits to people. He was Speaking at the second conference of state finance secretaries.
A strict investigation into 'Panama Papers' is on to find out if illegal activities have taken place in overseas Indian accounts, while full force of law has been applied to deal with 'wilful default' cases like that of Vijay Mallya, the Finance Ministry said today.
-Times of India
Income Tax department has activated the Aadhaar and net banking-based e-filing verification system for taxpayers to file the first appeal before a tax officer, on similar lines of online ITR filing. In order to reduce the interface between taxman and the taxpayer, the department has recently operationalised the maiden facility on its official e-filing portal.
With the Centre's equity support gradually coming down, the Exim Bank has sought greater flexibility from the Reserve Bank of India (RBI) in borrowing from the market considering that the financial institution is an extension of the state and loans to it are covered with sovereign guarantee.
The Communication and Information Technology Ministry advised the public not to share their Aadhaar number or personal details to unauthorised agencies for getting it laminated, or printed on plastic card. E-commerce companies such E-bay, Flipkart, Amazon etc., are hereby informed not to allow their merchants to collect Aadhaar information from general public for printing Aadhaar card as collecting such information or unauthorised printing of Aadhaar card or aiding such persons in any manner may amount to a criminal offence punishable with imprisonment under Indian Penal Code and also Chapter VI of The Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.
In the backdrop of screaming headlines on the 'Panama Papers' and some prominent Indian entities and individuals figuring among them, as much as USD 1.32 billion (about Rs. 9,000 crore) was remitted out of India in a perfectly legal way under the RBI's Liberalised Remittance Scheme (LRS), apex industry body ASSOCHAM stated today.
-The Siaset Daily
The Indian Railways has set the ball rolling for providing insurance cover to its passengers. Its tourism and catering arm Indian Railway Catering and Tourism Corporation (IRCTC) met officials of non-life insurance companies to work out the modalities of cover for passengers.
Thousands of German steel workers are expected to take part in nationwide demonstrations on Monday to protest what they see as a flood of cheap steel from China and unfair environmental regulations from Brussels.
London: Tata Steel agreed to sell part of its British business to investment firm Greybull Capital on Monday, preventing thousands of job losses, and freeing it up to focus on the sale of its other big plant, in Wales.
David Cameron, UK prime minister on Sunday made public his tax returns and ordered a new taskforce to probe the Panama Papers in a bid to douse the growing anger over his investment in his late father's offshore business.
Lending to needy countries by the World Bank surged to a level last year normally only seen during financial crises, the Bank said Monday. Facing slowing growth and low commodity prices, developing countries borrowed the most money from the World Bank in 2015 since the 2008-2009 crisis.
-Times of India
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