Month: October 2018

Section 7 of RBI Act: Never used in past, what powers does it give govt?

Section 7 of RBI Act: Never used in past, what powers does it give govt?

Business
By: Express News Service | Mumbai | Published: November 1, 2018 1:26:25 am (Express Photo by Pradip Das) AMID TENSIONS between the government and the Reserve Bank of India (RBI), the former has reportedly initiated steps towards invoking its powers under Section 7 of the RBI Act of 1934. It is a provision under which the government can give directions to the RBI to take certain actions “in the public interest”. This provision has been built into the law governing not just the RBI but also regulatory bodies in other sectors. Until now, however, the government has never exer
Rs 530-bn banks’ exposure to IL&FS critical to financial stability: Report

Rs 530-bn banks’ exposure to IL&FS critical to financial stability: Report

Business
IL&FS defaults could be catastrophic for the financial system, a report on the progress and the way forward for the group under the new management has said. “The cascading impact of the default by the IL&FS group on the financial sector would be quite substantial as evidenced from a partial default of some companies and its repercussions in the financial market in the month of September, 2018,” said the report, submitted with the National Company Law Tribunal (NCLT) on Wednesday. “The future impact of more defaults in the group, if not addressed in an orderly manner, may be catastrophic for the financial stability,” the report stated. ALSO READ: IL&FS submits revival plan to NCLT, proposes capital infusion, assets' sal
India makes a big leap in ‘Ease of doing Business’ index, ranks 77

India makes a big leap in ‘Ease of doing Business’ index, ranks 77

Business
India jumped to the 77th spot in the ranking of countries by ‘ease of doing business’ on Wednesday, improving by 23 places over its 2017 standing on the back of reforms that made it easier to get construction permits, pay taxes and access electricity, according to the World Bank. The World Bank Group’s Doing Business 2019 report said India carried out six business reforms during the past year that earned it the credential of being a top global improver for the second year in a row. The country recorded a rise of 30 places in the rankings last year, clinching the 100th spot. “The target of 50 is no longer out of reach… Ultimately, the ease of doing business is maximising the governance with minimal government personnel and procedures so that the environment itself is eased,” fin
Royal Enfield Bobber, Delhi Smog, Bajaj Mexico Plant

Royal Enfield Bobber, Delhi Smog, Bajaj Mexico Plant

Business
The top automotive news of the day- Royal Enfield has teased a new Bobber styled motorcycle which it will unveil at the upcoming EICMA motorcycle show. The chairman of Environment Pollution Control Authority (EPCA) has said that it might consider stopping private vehicles from plying on Delhi roads if the smog situation gets worse this winter. Bajaj is commissioning a plant at Mexico in partnership with Surman Group. ...
Indonesia plane search focuses on fuselage

Indonesia plane search focuses on fuselage

World
Media playback is unsupported on your device Media captionDebris found from Lion Air crash in sea Indonesian officials believe they have found part of the fuselage of a Lion Air plane which crashed on Monday with 198 people on board. Flight JT 610, a Boeing 737, went down shortly after take-off from Jakarta. No survivors have been found. Dozens of divers are searching for wreckage, along with ships and helicopters, in the waters of the Java Sea some 30-40m (100-130ft) deep. Meanwhile Lion Air has sacked its technical director. The company said its dismissal of Muhammad Asif had come on the orders of the transport ministry. Officials from Boeing are meeting the Indonesian authorities on Wednesday as part of the investigation. ...
Teen dies in blast at Russian security HQ

Teen dies in blast at Russian security HQ

World
Image copyright AFP Image caption Security was tightened in Arkhangelsk immediately after the explosion at the FSB building A 17-year-old has died of his wounds after bringing explosives to an office of Russia's FSB federal security service in the north-western city of Arkhangelsk, officials say. Three FSB employees were hurt when the explosives blew up just inside the building at around 09:00 (06:00 GMT). The blast caused serious damage. A CCTV image of the suspect appeared on social media ...