Economy
· RBI Governor on Thursday
called on Finance Minister as the central bank and the government seek to
quickly put in place a broad-based 6-member panel — the Monetary Policy
Committee (MPC) which is being set up to decide on lending rates instead of the
present practice of RBI Governor taking a call in this regard. MPC will set
interest rates by a majority, with a casting vote for the governor in the case
of a tie. Out of the six members of MPC, three will be from RBI — the Governor,
who will be the ex-officio chairman, a deputy Governor and an executive
director. The other three members will be appointed by the government on
recommendations of a search-cum-selection committee, which will be headed by
the Cabinet Secretary. http://goo.gl/mx94xc
· Large part of banks' bad
loans result of fraud: CAG http://goo.gl/3Le7UM
· The World Bank Thursday
committed USD 1 billion to support solar energy programme in India, which is
reducing dependence on conventional energy sources to reduce greenhouse gas
emissions.
http://goo.gl/VxLKdR
·
The tax department Thursday
notified rules for calculating fair market value of assets located in India in
case of indirect transfer by multi-national companies for the purpose of
levying tax. http://goo.gl/2Oz7jH
·
The central government on
Thursday asked the Odisha government to expedite the process for mines auction,
an official said. http://goo.gl/KG5L1B
·
The stressed assets problem
affecting the banking sector is still not over and the menace will continue for
some more time, SBI chief Arundhati Bhattacharya said today. "In terms of asset quality, I did not
say 2016-17 will be a lot better. In fact, I said there could be pains as well
because the numbers we have taken are basically on the fund- based part but the
non-fund based part also gets converted subsequent to classification," SBI
Chairman Bhattacharya told reporters after the AGM of the bank. http://goo.gl/hRdw6g
·
Owing to policy measures taken by
the government, India has improved in global rankings in terms of transparency
in real estate sector in Asia Pacific, says a report. http://goo.gl/KgAi6E
·
India telecom market to face
‘massive’ tariff erosion post Jio entry: Sunil Mittal http://goo.gl/LwrVXu
·
The government is mulling an
additional Rs 25,000 crore allocation to roads, railways and power sectors over
and above the allocation made to them in the Union Budget, potentially
providing a mid-year boost to public spending. http://goo.gl/xiujOM
·
Centre clears a move that makes
24x7 malls, movie theatres, eating joints a reality http://goo.gl/H0sjrn
·
World Bank chief Jim Yong
Kim said that Reserve Bank of India Governor Raghuram Rajan's decision to not
take a second term at the bank will not affect the Indian economy http://goo.gl/LFaSB9
·
Output of India's core
industries declined in May after five consecutive months of rise, official data
showed on Thursday http://goo.gl/rx55Pu
Corporates
Corporates
·
Hit by a fire incident at one of its key vendors, Maruti Suzuki India
reported 13.9 per cent in total sales in June at 98,840 units as against
1,14,756 in June 2015. Hyundai
Motor India Ltd (HMIL) on Friday said its domestic sales in the month of June
grew 9.7 per cent to 39,806 units. Ashok Leyland Ltd closed last month
with a volume growth of seven per cent, the company said on Friday. Eicher
Motors Ltd. closed last month with 36 per cent growth in sales volumes
Equitas Holdings Ltd. on Friday said it had got the final licence from the Reserve Bank of India to start operations as small finance bank. http://goo.gl/GfdPeS
Indian Oil Corp (IOC) has cut the price of transport fuel effective on Friday by under a rupee each, of petrol by 89 paise a litre and of diesel by 49 paise
Equitas Holdings Ltd. on Friday said it had got the final licence from the Reserve Bank of India to start operations as small finance bank. http://goo.gl/GfdPeS
Indian Oil Corp (IOC) has cut the price of transport fuel effective on Friday by under a rupee each, of petrol by 89 paise a litre and of diesel by 49 paise
·
Reliance Defence gets Reserve Bank nod to exit CDR
http://goo.gl/7snjB3
· Dairy major GCMMF, which
markets milk and dairy products under Amul brand , will invest Rs 3,000 crore
over the next four years on its expansion plans. http://goo.gl/P6bCQI
Global events
· EU decides to block itself as a single market
to UK: Europe had made it "crystal clear" that access to the European
single market remained contingent on accepting its four principles of free
movement - applying to goods, services, capital, and people. "There will
be no single market access 'a la carte'," European Council President
Donald Tusk Angela Merkel, meanwhile, rejected the idea of treaty change or
reform in light of the UK's referendum, saying voters would rather see results
- not debate - from Brussels. http://goo.gl/tFRcgq
Politics
Politics
·
Modi cabinet reshuffle likely in
first week of July, poll-bound UP may get more say http://goo.gl/4vA8Or
·
Amid a fresh controversy
over its legal validity, the one-man Justice S.N. Dhingra Commission of Inquiry
set up by the Haryana government to probe controversial land deals in Gurgaon
district has sought extension of time for six weeks to submit its report, state
government sources said on Thursday.
·
Three-year tenure for RBI governor is short,
says Raghuram Rajan. On Thursday he pitched for a longer tenure for the central
bank head, saying the global practice has to be emulated in India as well. http://goo.gl/9ekNft
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