Today's Sector News - 20.09.2019: 09.00 Am
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* AVIATION: The reconstituted ministerial panel on divestment of national carrier Air India held its first meeting on Thursday, under the chairmanship of Home Minister Amit Shah.
* BANKING: Reserve Bank of India Governor Shaktikanta Das said that there was limited fiscal space available with the government to push for an expansion in the economy, which is why the government has chosen to focus on administrative steps to clear bottlenecks.
-The government has asked public sector banks not to declare stressed loans to micro, small and
medium enterprises as non-performing till March, Finance Minister Nirmala Sitharaman said.
-Reserve Bank of India said in the current financial year, banks have to lend 12.11% of their total
advances to non-corporate farmers.
-The Reserve Bank of India capped the tenure for an external concurrent auditor of a bank at five years on a continuous basis, subject to the auditor not continuing at a specific branch or business unit for more than three years.
-Finance Minister Nirmala Sitharaman said the public sector banks will organise "shamiana" meetings in 400 districts starting next week to increase credit disbursement ahead of the upcoming festival season.
* ECONOMY: Reserve Bank of India Governor Shaktikanta Das said the evolving global economic and geopolitical situation caused by the trade wars posed risk to the Indian economy but there were opportunities, too, that emerged from this, and made the external outlook one of "cautious optimism".
-Reserve Bank of India Governor Shaktikanta Das said there was limited fiscal space available with the government to push for an expansion in the economy, which is why the government has chosen to focus on administrative steps to clear bottlenecks.
* FINANCE: Infrastructure Leasing and Financial Services has started repaying the creditors of three group entities, with outstanding claims of 50.71 bln rupees.
* INFRASTRUCTURE: The National Highways Authority of India has identified about 950 km of road stretches that will be constructed on a build-operate-transfer mode at a cost of about 300 bln rupees.
* OIL AND GAS: Saudi Arabia's energy minister Abdulaziz bin Salman has assured India's Petroleum Minister Dharmendra Pradhan of uninterrupted supplies of crude oil and liquefied petroleum gas to India.
* RATINGS: The Serious Fraud Investigation Office and other regulators have asked four credit ratings companies for information on money they received from IL&FS and its subsidiaries, as rating and non-rating fees, to determine if there was any round-tripping of funds or favours granted.
* REGULATORY: Securities and Exchange Board of India has asked Life Insurance Corporation to trim its stake in National Stock Exchange by 5%, as the state-run insurer's acquisition of IDBI BANK has caused a breach of the ownership cap set for the members of the stock exchange.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has floated a consultation paper seeking stakeholder comments on reforms needed in the existing guidelines on transfer and merger of licences.
-The telecom department is reviewing the recommendations made by the Telecom Regulatory
Authority of India regarding the reserve price of spectrum to be put on the block at the upcoming auction, Telecom Secretary Anshu Prakash said.
-The Digital Communication Commission approved various telecom infrastructure projects, including rolling out of more than 3,500 mobile towers for 4G services in Northeast, involving total an expenditure of 85.88 bln rupees.
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