Today's Sector News - 06.12.2019: 09.00 Am
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* AUTOMOBILE: Kia Motors India has opened a car manufacturing facility at an investment of $1.1 bln at Hindupur in Andhra Pradesh's Anantapur district.
-Morris Garages Motor India said it is working on a sub-1-mln-rupee electric car for the Indian
market.
* AVIATION: Under the fourth round of regional connectivity scheme, the civil aviation ministry has
invited bids for operating 11 unserved airports in Jammu and Kashmir and two underserved airports in Ladakh region.
* BANKING: Indian banks are likely to write off "significantly" more loans due to weak recovery prospects and to improve asset ratios, Fitch Ratings said in a report.
-The Bombay High Court on Thursday dismissed all the public interest litigations and writ petitions
filed by depositors of Punjab and Maharashtra Cooperative Bank seeking the removal of limits put on
withdrawals by the Reserve Bank of India for six months.
-The Reserve Bank of India has issued final guidelines for 'on tap' licensing of small finance banks,
which are largely in line with the draft norms issued on Sep 13 that nixed the contentious non-operating holding company structure for promoting such a bank.
* TAXATION: Parliament on Thursday passed a bill seeking to cut corporate tax rates.
-The panel for shoring up muted goods and services tax collection is examining slab restructuring by
increasing the 5% rate to 6% to begin with - a move that can result in additional revenues of 10 bln rupees
per month.
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