Today's Sector News - 08.11.2019: 09.00 Am
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* BANKING: Banks' overall credit growth improved to 8.91% in the fortnight ended Oct 25, from 8.84% in the preceding fortnight, according to data available on the Reserve Bank of India website. However, it was still near the 22-month low of 8.79% in October.
- The Reserve Bank of India has given suggestions to the government on a proposal to amend the law
related to co-operative banks in a bid to regulate them better, central bank Governor Shaktikanta Das said.
- The RBI has imposed a penalty of 500,000 rupees on prepaid payment instrument issuer Oxigen
Services (India).
* REGULATORY: The Securities and Exchange Board of India on Thursday allowed mutual funds
to segregate unrated debt and money market instruments from their schemes in case of default by such papers.
* OIL AND GAS: The government wants to get out of the oil business and bring in market competition for the benefit and convenience of consumers, oil minister Dharmendra Pradhan said.
* TELECOMMUNICATION: Hong-Kong based-UTStarcom, a major telecom equipment provider to Bharat Sanchar Nigam, is expected to benefit from the Centre's recent decision to revive the public sector telecom company. The government's decision to inject fresh capital into the state-owned company should facilitate the payment of a 5-bln-rupee due owed to UTStarcom.
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