BUSINESS
RBI bars MPs, MLAs from holding MD post in urban cooperative banks
These directions are applicable to all Primary (Urban) Co-operative Banks (UCBs). The RBI had exempted UCBs with a deposit size of less than Rs 100 crore from the requirement of seeking prior approval of the Reserve Bank for appointment / re-appointment / termination of appointment of MDs or WTDs.
Global economic recovery positive for India: EY
In its Economic Pulse report, the consultancy firm said: "India's exports have continued to perform well. India's total exports of goods have grown 59 per cent over May 2020 and remained stable compared to April 2020." "Due to Covid's second wave services exports in India took a hit in April, and only a slight increase was accounted in May. However, the Services exports still grew 6 per cent vis-a-vis May 2020."
Pakistan remains in FATF grey list, hit by $38B loss
The paper titled, "Bearing the cost of global politics -- the impact of FATF grey-listing on Pakistan's economy", has been authored by Naafey Sardar. This comes against the backdrop of a fresh grey listing tag for Pakistan. Pakistan was retained on the grey list, or list of countries under "increased monitoring", as the Paris-based UN watchdog judged it deficient in prosecuting the top leadership of UN Security Council-designated terror groups.
BFSI, commodities expected to drive FY22 earnings: MOFSL
Accordingly, MOFSL has placed BFSI, IT, metals, and cement in the 'OW' (overweight) category in its model portfolio. Besides, it has placed consumer, auto, healthcare, and capital goods in 'Neutral' category and 'UW' (underweight) on O&G and infrastructure sectors.
RBI restricts continuous tenure of UCB MDs to 15 years
In the latest directions given by the RBI on appointment, re-appointment and termination process of MD and WTD of UCBs, the apex bank has said that an individual will be eligible for re-appointment as MD/WTD in the same bank even after finishing continuous 15 year tenure but only after a minimum gap of three years, subject to meeting other conditions.
IMF expected to complete new SDR allocation by Aug end
The IMF executive board on Friday discussed a proposal for a new SDR allocation of $650 billion, "the largest issuance in the IMF's history" aimed at helping its membership, especially the most vulnerable, overcome the Covid-19 crisis, Rice said in a statement at the end of the meeting. "The Board discussion is another step in the process toward a new SDR allocation which we expect to be completed by the end of August," Rice said.
Petrol, diesel on a roll, rates rise by sharp 35 p/ltr
The retail prices of both petrol and diesel rose by a sharp 35 paise per litre on Saturday to touch new high of Rs 98.11 and Rs 88.65 per litre respectively in Delhi. With the rise, petrol price has reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre mark in certain cities and towns of Maharashtra.
RBI extends restrictions on PMC Bank till Dec 31
The decision came a week after the RBI granted an "in principle" approval to Centrum Financial Services for setting up a small finance bank (SFB), thereby clearing the decks for the takeover of th crisis-hit PMC Bank by Centrum and BharatPe as equal partners. In response to the Expression of Interest (EOI) dated November 3, 2020 floated by PMC Bank for its reconstruction, certain proposals were received.
SEBI considers easier delisting framework post open offer
As per the current norms, a mandatory open offer of 26 per cent is required for acquisition of shares held by all shareholders other than the acquirer, if the acquirer has agreed to acquire shares representing an entitlement to vote (25 per cent or more), or control over a listed company.
Govt liabilities rise to Rs 116.2 lakh cr in Q4: FinMin report
This represented a quarter-on-quarter increase of 6.36 per cent in Q4 FY21. Public debt accounted for 88.10 per cent of total outstanding liabilities at end-March 2021, the quarterly report on public debt management released on Friday said.
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