Today's Sector News – 08.03.2019
* AUTOMOBILES: Advanced braking systems have been made mandatory for vehicles with nine or more seats to curb accidents and improve road safety, the government said.
* AVIATION: The government is likely to conduct more rounds of bidding for the regional air connectivity scheme--UDAN or Ude Desh ka Aam Naagrik, Civil Aviation Minister Suresh Prabhu said.
* BANKING: SWIFT system's management explained that the violation in processes linked to the SWIFT system was because the banks had not automated the connection between their own systems and SWIFT. Public and private sector banks will get 2% rate subvention for providing short-term crop loans of up to 300,000 rupees to farmers at an interest of 7% in the current financial year and the next, the Reserve Bank of India said. To enhance the viability of operations for White Label Automated Teller Machine operators, the Reserve Bank of India allowed these players to directly source cash from the central bank as well as any scheduled commercial bank including co-operative banks and regional rural banks.
* COMMODITIES: The approval of interest subvention on soft loans to sugar mills by the government to boost ethanol production is likely to address the current supply-demand imbalance in the sugar industry and help increase liquidity of mills in the medium term, ICRA said.
* FUNDS: Assets under management of National Pension System is likely to grow 35% in the current
financial year ending March, said Hemant Contractor, the chairman of the Pension Fund Regulatory and Development Authority.
* METALS: Rusal Plc sees demand for the metal exceeding supply by 1 mln tn every year from till 2023.
* OIL AND GAS: The Centre has signed contracts with winners of blocks awarded under the Discovered Small Fields Bid Round-II.
* PHARMACEUTICAL: The US Food and Drug Administration Commissioner Scott Gottlieb has said he will resign from the post next month due to "personal reasons".
* POWER: The power ministry is in talks with the Reserve Bank of India for a payment security
mechanism for private power generators as long payment cycles contribute to put stress on such companies.
* AVIATION: The government is likely to conduct more rounds of bidding for the regional air connectivity scheme--UDAN or Ude Desh ka Aam Naagrik, Civil Aviation Minister Suresh Prabhu said.
* BANKING: SWIFT system's management explained that the violation in processes linked to the SWIFT system was because the banks had not automated the connection between their own systems and SWIFT. Public and private sector banks will get 2% rate subvention for providing short-term crop loans of up to 300,000 rupees to farmers at an interest of 7% in the current financial year and the next, the Reserve Bank of India said. To enhance the viability of operations for White Label Automated Teller Machine operators, the Reserve Bank of India allowed these players to directly source cash from the central bank as well as any scheduled commercial bank including co-operative banks and regional rural banks.
* COMMODITIES: The approval of interest subvention on soft loans to sugar mills by the government to boost ethanol production is likely to address the current supply-demand imbalance in the sugar industry and help increase liquidity of mills in the medium term, ICRA said.
* FUNDS: Assets under management of National Pension System is likely to grow 35% in the current
financial year ending March, said Hemant Contractor, the chairman of the Pension Fund Regulatory and Development Authority.
* METALS: Rusal Plc sees demand for the metal exceeding supply by 1 mln tn every year from till 2023.
* OIL AND GAS: The Centre has signed contracts with winners of blocks awarded under the Discovered Small Fields Bid Round-II.
* PHARMACEUTICAL: The US Food and Drug Administration Commissioner Scott Gottlieb has said he will resign from the post next month due to "personal reasons".
* POWER: The power ministry is in talks with the Reserve Bank of India for a payment security
mechanism for private power generators as long payment cycles contribute to put stress on such companies.
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