Today's Sector News - 14.10.2019: 09.00 Am
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* BANKING: Reserve Bank of India's central board on Friday discussed the regulatory and supervisory architecture of commercial and co-operative banks, as well as of non-banking financial companies. Finance Minister Nirmala Sitharaman on Saturday said the Reserve Bank of India has assured her that the central bank will keep concerns of Punjab and Maharashtra Cooperative Bank's depositors as its top priority.
* ECONOMY: The government has initiated the process for strategic divestment in a public sector enterprise under the shipping ministry by seeking bids to appoint a valuer and a legal adviser.
The government has initiated the process to appoint an asset valuer and a transaction advisor for strategic sale in a rail central public sector enterprise, a release from the Department of Investment and Public Asset Management said.
* ENERGY: The government has started the process for the acquisition of one central public sector enterprise by another, both in the power sector, by inviting bids for the appointment of legal advisor for the transaction.
* FINANCE: Union Asset Management Co has launched an offshore fund to provide investment management and advisory services to foreign portfolio investors.
-The Ministry of Corporate Affairs on Friday sought permission to appoint Mukund M Chitale and Co to audit 2018-19 (Apr-Mar) accounts of Infrastructure Leasing and Financial Services.
* RAILWAYS: The appointment committee of the Cabinet has approved appointment of Amitabh Banerjee as the managing director of Indian Railway Finance Corp. Banerjee is currently serving as director (finance) of Konkan Railway Corp.
* REGULATORY: The Securities and Exchange Board of India has asked around 290 brokers whose names had cropped up in illegal forward trading on the defunct National Spot Exchange, to prove they are "fit and proper" to carry out commodity derivative trade.
* STEEL: The Enforcement Directorate's move to attach the properties of Bhushan Power & Steel is a "vindication" of its stand, JSW Steel said on Sunday.
-Leading the India Inc in deleveraging through aggressive monetisation of assets, Essar Group paid off 1.4 trln rupees debt and residual 10-15% will be cleared in the next two quarters, said Essar Capital Director Prashant Ruia.
* TAXATION: The Prime Minister's Office on Friday in a meeting with central and state government officials discussed ways to improve compliance to boost collections under the goods and services tax.
* TRADE: India and China have decided to establish a mechanism to sort out issues on trade and investment, including New Delhi's concern about huge trade deficit with the neighbouring country, Foreign Secretary Vijay Gokhale said.
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