News for 20-10-2018

Here are the major News for 20-10-2018 compiled from various sources, simply click on the given link to read the respective news item. Please feel free to add your comments to indulge into meaningful discussions and debates on the topics:

The Hindu:
61 dead as train mows down Dasara crowd in Amritsar

About 61 died and many more injured by a train while attending Dushera celebrations in Joda Pathak in Amritsar. Punjab CM Captain Amrinder Singh has announced a relief of Rs. 5.00 lakhs to the kind of each deceased and free treatment for the injured.

RBI steps in to ease NBFC woes

RBI has decided to increase the single-borrower exposure limits of banks for NBFCs, not financing infrastructure, to 15% (from 10%) of their capital funds.

RBI refuses move for independent Payment Regulatory Board

RBI has opposed the idea of a Payment Regulatory Board (PRB) given by the Payment & Settlement Systems Act, 2007. RBI said that ‘changes should not result in existing foundations being shaken and potential creation of disturbances in otherwise well-functioning structure’.

Business Standard:
IFC launched USD 1 billion Masala Bond Programme in US and Europe

IFC, the World Bank’s lending arm, has decided to launch Masala Bond programme worth USD 1 billion in US and Europe. These funds are aimed at fund the rapidly expanding investment activities in India. Masala Bonds are rupee-denominated borrowings issued abroad. These bonds have been getting support from RBI and government.

Foreign Exchange reserves see highest fall of USD 5.1 billion in 7 years

RBI data has disclosed the largest fall in the forex reserve of the country in the last 7 years. Much of this is attributed to the fall in the foreign currency assets.

WTO neutrality at stake as US, China, EU seem headed for showdown

disputes increased due to US metal tariffs, European responses to them and Chinese intellectual property practices. The actions of the major trading groups are being seen as reactions against Trump’s ‘America first’ trade stance. In this scenario, the stance of the WTO is crucial, as US has already threatened to withdraw from the WTO, and projected the Geneva based organizations as working against the US interest.

ArcelorMittal emerges as highest bidder for debt-laden Essar Steel

ArcelorMittal emerged as the highest bidder for Essar Steel, as per the information from Luxemborg Stock Exchange. Vedanta emerged as the second highest bidder. Essar Steel is going through insolvency resolution process.

Happy Reading!

Banker Forum

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