Today's Sector News - 27.09.2019: 09.00 Am
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* BANKING: In a move that will provide immediate relief to 60% of the depositors of Punjab and
Maharashtra Co-operative Bank, the Reserve Bank of India has raised the withdrawal limit for the bank's depositors to 10,000 rupees from 1,000 rupees earlier.
- The Reserve Bank of India's internal working group's long-delayed report, reviewing the liquidity
management framework, released today mooted adopting a "flexible" approach on liquidity with the ideal bias being towards keeping it in deficit.
- After posting a huge loss in 2018-19 (Apr-Mar), Fino Payments Bank is now considering converting
into a small finance bank.
- Private banks have decided to join their public sector counterparts in a mega loan outreach
programme ahead of the festival season, Finance Minister Nirmala Sitharaman said.
- The Reserve Bank of India said the revised timeline for banks to credit physical government receipts into government accounts with the central bank will be effective from Tuesday.
* FINANCE: Infrastructure Leasing & Financial Services on Thursday moved the National Company Law Appellate Tribunal seeking direction to Gujarat Urja Vikas Nigam to release its assets and dues.
* MUTUAL FUNDS: The government is likely to come out with a further fund offer of Bharat-22 Exchange- Traded Fund on Oct 3 and expects to raise around 50 bln rupees through it.
* OIL AND GAS: The government wants oil companies to pay 340 bln rupees in dividend, profit petroleum and royalty in this financial year, about 15% more than they did last year, in a bid to raise resources for public spending amid economic slowdown and corporate tax cut.
* REGULATORY: The Securities and Exchange Board of India has hiked the extant position limits for trading in interest-rate derivatives falling in the 8-11 years residual maturity bucket.
* SUGAR: Production of sugar in India in the season starting October is expected to fall to 26-27 mln tn from 32.9 mln tn produced in 2018-19, LMC International founder and Chairman James Fry said on the sidelines of Globoil India-2019.
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