Today's Sector News – 15.05.2019
* AUTOMOBILES: Japanese two-wheeler manufacturer Yamaha Motor has achieved 10-mln production milestone in India. Suzuki Motor Corp is exploring the possibility of having two more brands in India, emulating Japanese rivals Honda Motor Co, Toyota Motor Corp and Nissan Motor Co that sell vehicles under more than one brand name.
* BANKING: The Reserve Bank of India notified additional norms for banks regarding reconciliation of transactions in outsourcing of cash management. A slump in government spending amid ongoing elections has resulted in a cash shortage in the banking system. The government has written to banks highlighting their dismal performance in deploying point of sales terminals to promote cashless transactions, having achieved only 44% of last year's target by the end of January.
* EXCHANGES: The Securities Appellate Tribunal today granted interim stay on Securities and Exchange Board of India's order barring National Stock Exchange's former managing director and chief executive officer Ravi Narain from holding post in any listed company or market-related entity for five years.
* FINANCE: Board of Infrastructure Leasing & Financial Services is evaluating the option of calling back all bonuses and benefits paid to former directors of three group companies for the five-year period from 2012-13 (Apr-Mar) to 2017-18, and plans to file charges against them for accounting fraud.
* STEEL: Standard Chartered Bank alleged in the National Company Law Appellate Tribunal that there has been "secret negotiations" between other banks of the Committee of Creditors dealing with Essar Steel India insolvency and ArcelorMittal India to cause a gain of 25 bln rupees to the Luxembourg-based steelmaker.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is preparing a consultation paper on ways to enhance fibre optic network capacity ahead of the launch of 5G technology in the country.
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* BANKING: The Reserve Bank of India notified additional norms for banks regarding reconciliation of transactions in outsourcing of cash management. A slump in government spending amid ongoing elections has resulted in a cash shortage in the banking system. The government has written to banks highlighting their dismal performance in deploying point of sales terminals to promote cashless transactions, having achieved only 44% of last year's target by the end of January.
* EXCHANGES: The Securities Appellate Tribunal today granted interim stay on Securities and Exchange Board of India's order barring National Stock Exchange's former managing director and chief executive officer Ravi Narain from holding post in any listed company or market-related entity for five years.
* FINANCE: Board of Infrastructure Leasing & Financial Services is evaluating the option of calling back all bonuses and benefits paid to former directors of three group companies for the five-year period from 2012-13 (Apr-Mar) to 2017-18, and plans to file charges against them for accounting fraud.
* STEEL: Standard Chartered Bank alleged in the National Company Law Appellate Tribunal that there has been "secret negotiations" between other banks of the Committee of Creditors dealing with Essar Steel India insolvency and ArcelorMittal India to cause a gain of 25 bln rupees to the Luxembourg-based steelmaker.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is preparing a consultation paper on ways to enhance fibre optic network capacity ahead of the launch of 5G technology in the country.
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