Today's Sector News - 01.01.2020: 09.00 Am
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* BANKING: The government has kept interest rates on small savings schemes unchanged for the Jan-Mar quarter.
-Retail loans continue to lead the way for non-food bank credit in November, with 16.4% on-year
growth led by a rise in unsecured loans, and slightly lower than 17.2% in the year ago period.
-The Reserve Bank of India mandated urban co-operative banks, with deposits of over 1 bln rupees,
to constitute a board of management within one year.
* DAIRY: The Department of Animal Husbandry and Dairying has called for a meeting of cooperative and private dairy players on Friday to address concerns related to the shortage of milk across the country.
* ECONOMY: A shortfall in revenue collection along with lower nominal GDP growth and higher
expenditure is likely to push the fiscal deficit of states to 3.0% of GDP in 2019-20 (Apr-Mar) from 2.6% budgeted by states earlier, India Ratings said.
-Retail loans continue to lead the way for non-food bank credit in November, with 16.4% on-year
growth led by a rise in unsecured loans, and slightly lower than 17.2% in the year-ago period.
* NON-BANKING FINANCIAL CO: With a three-pronged strategy of resolution, restructuring and
recoveries, the board of Infrastructure Leasing & Financial Services, under the leadership of banker Uday Kotak, aims to address "significant portion of addressable debt by July 2020".
-RBI extended the relaxation on securitisation by non-banking finance companies till Jun 30 in a bid
to improve liquidity conditions of such lenders.
* RAILWAYS: The Ministry of Railways has hiked basic fare of passenger trains by up to 4 paise per km with effect from today.
* REGULATORY: The SEBI has barred four individuals of Deccan Chronicle Holdings from the securities market for two years and imposed restrictions on an auditor as well as a company secretary for manipulation of the company's financials and disclosure lapses.
* SUGAR: The government is likely to set sugar mills' sales quota for January at 2.20 mln tn, against 2.15 mln tn set for December.
* TAXATION: The government has made available key state-wise goods and services tax data, including registrations, returns and collections under the Goods and Services Tax, on a portal managed by the Goods and Services Tax Network.
-Around 10,000 jewellers across the country have received demand notices from the Income Tax
Department relating to assessment year 2016-17 (Apr-Mar) for deposits of demonetised currency by these traders.
-The government has extended the last date for the 'Sabka Vishwas-Legacy Dispute Resolution
Scheme, 2019' to Jan 15 after receiving a "huge response" which will boost its coffers by over 300 bln rupees.
* TELECOMMUNICATIONS: Officials from telecom service providers and telecom equipment makers today held a meeting with those from the Department of Telecommunications over the way forward for fifth-generation spectrum trials.
-The Telecom Regulatory Authority of India has issued draft recommendations on network testing
by telecom service providers before the commercial launch of their fixed-line services
-Telecom operators must apply afresh within the next 10 days for fifth generation spectrum trials and
airwaves will be allotted upon approval of their applications.
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