Today's Sector View – 09.01.2019
* AGRICULTURE: The central government is not considering any farm loan waiver at present, Minister of State for Finance Shiv Pratap Shukla said.
* AUTOMOBILE: A government appointed panel led by Cabinet Secretary Pradeep Kumar Sinha has proposed a bouquet of incentives for makers as well as buyers of electric vehicles in an effort to push e-mobility in the country.
* BANKING: The Reserve Bank of India has constituted a five-member high-level committee, led by Nandan Nilekani, to suggest a medium-term strategy for deepening of digital payments in the country.
- The RBI has issued guidelines for card payment networks to provide tokenisation services, as it looks to improve security of payment systems.
- The government is not considering any proposal for merger of public sector banks at present, other than the threeway amalgamation of BANK OF BARODA, VIJAYA BANK and DENA BANK, Minister of State for Finance S.P. Shukla said.
* FINANCE: The Reserve Bank of India has rejected pleas by bankers who are seeking special dispensation on treatment of debt to beleaguered Infrastructure Leasing and Financial Services and its group entities for Oct-Dec earnings.
* INSURANCE: The government is considering infusing around 40 bln rupees next fiscal into three state-run general insurance firms-National Insurance Co, Oriental Insurance Co and United India Insurance Co-that it has proposed to merge.
* STEEL: Global private equity firm ADV Partners has acquired Gerdau Steel India from the Brazilian conglomerate Gerdau SA, which has been looking to exit from non-strategic markets and assets, for about $120 mln.
* TAXATION: Goods and services tax, central excise and service tax evasion detected during Apr-Dec in the current financial year stood at 485.55 bln rupees, the highest in two years.
* AUTOMOBILE: A government appointed panel led by Cabinet Secretary Pradeep Kumar Sinha has proposed a bouquet of incentives for makers as well as buyers of electric vehicles in an effort to push e-mobility in the country.
* BANKING: The Reserve Bank of India has constituted a five-member high-level committee, led by Nandan Nilekani, to suggest a medium-term strategy for deepening of digital payments in the country.
- The RBI has issued guidelines for card payment networks to provide tokenisation services, as it looks to improve security of payment systems.
- The government is not considering any proposal for merger of public sector banks at present, other than the threeway amalgamation of BANK OF BARODA, VIJAYA BANK and DENA BANK, Minister of State for Finance S.P. Shukla said.
* FINANCE: The Reserve Bank of India has rejected pleas by bankers who are seeking special dispensation on treatment of debt to beleaguered Infrastructure Leasing and Financial Services and its group entities for Oct-Dec earnings.
* INSURANCE: The government is considering infusing around 40 bln rupees next fiscal into three state-run general insurance firms-National Insurance Co, Oriental Insurance Co and United India Insurance Co-that it has proposed to merge.
* STEEL: Global private equity firm ADV Partners has acquired Gerdau Steel India from the Brazilian conglomerate Gerdau SA, which has been looking to exit from non-strategic markets and assets, for about $120 mln.
* TAXATION: Goods and services tax, central excise and service tax evasion detected during Apr-Dec in the current financial year stood at 485.55 bln rupees, the highest in two years.
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