Today Sector News – 27.02.2018
* BANKING: Reserve Bank of India Deputy Governor B.P Kanungo has said there would be no further extension to the Feb 28 deadline for issuers of prepaid payment instruments to ensure know-your-customer norms.
-The United Forum of Bank Employees Unions has said they've withdrew the nationwide strike call on Mar 15, citing the present situation in the banking system following the massive fraud at PUNJAB NATIONAL BANK and the overall vitiated atmosphere in the sector.
-Hinduja Group India is considering buying a majority stake in state-owned MauBank of Mauritius.
-Facing criticism following the PUNJAB NATIONAL BANK fraud, the RBI has been despatching teams to headquarters or important authorised branches of some banks to check if they have built in enough safeguards in their systems to avoid a recurrence of such scandals.
* INFRASTRUCTURE: The government plans to build an integrated station for all surface and water
transport in 15 cities starting with Nagpur and Varanasi. The National Highways Authority of India has secured permission to raise up to 700 bln rupees by way of stock market instruments, according to Nitin Gadkari, Union Minister for Road Transport and Highways.
* OIL AND GAS: The Centre said it planned to make methanol the fuel for all maritime transport, on account of lesser costs and pollution, compared to diesel.
* STEEL: A dedicated bankruptcy court finalising the insolvency of Bhushan Power and Steel has asked the resolution professional to submit his stand by Mar 2 on opening the Liberty House bid that came in after the deadline for the debt-laden mill had ended.
-The Singapore-based trust that owns a 25% stake in Numetal, the bidder for Essar Steel, has offered to sell its stake to other shareholders of Numetal if the trust is found ineligible to participate in the bid. Rewant Ruia, son of Essar group promoter Ravi Ruia, is the beneficiary of the trust.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is in favour of removing redundant processes for grant of licences to broadcasters so as to increase the ease of doing business in the sector.
-TRAI has floated a consultation paper seeking comments if current norms are enough to measure the quality of voice services over long-term-evolution network.
-Vodafone Group CEO Vittorio Colao said the Indian telecom regulator's new rules on predatory pricing favoured Jio and said they should be legally challenged.
-Nokia has signed a network modernisation pact with Bharat Sanchar Nigam to support the state-run
telecom operator's launch of 4G and VoLTE services in western and southern India.
-BHARTI AIRTEL, IDEA CELLULAR and Vodafone India are free to match tariffs offered by newcomer Reliance Jio Infocomm in circles where they have a dominant position and such actions will not be seen as predatory.
CLICK HERE
*********************************************************************************
-The United Forum of Bank Employees Unions has said they've withdrew the nationwide strike call on Mar 15, citing the present situation in the banking system following the massive fraud at PUNJAB NATIONAL BANK and the overall vitiated atmosphere in the sector.
-Hinduja Group India is considering buying a majority stake in state-owned MauBank of Mauritius.
-Facing criticism following the PUNJAB NATIONAL BANK fraud, the RBI has been despatching teams to headquarters or important authorised branches of some banks to check if they have built in enough safeguards in their systems to avoid a recurrence of such scandals.
* INFRASTRUCTURE: The government plans to build an integrated station for all surface and water
transport in 15 cities starting with Nagpur and Varanasi. The National Highways Authority of India has secured permission to raise up to 700 bln rupees by way of stock market instruments, according to Nitin Gadkari, Union Minister for Road Transport and Highways.
* OIL AND GAS: The Centre said it planned to make methanol the fuel for all maritime transport, on account of lesser costs and pollution, compared to diesel.
* STEEL: A dedicated bankruptcy court finalising the insolvency of Bhushan Power and Steel has asked the resolution professional to submit his stand by Mar 2 on opening the Liberty House bid that came in after the deadline for the debt-laden mill had ended.
-The Singapore-based trust that owns a 25% stake in Numetal, the bidder for Essar Steel, has offered to sell its stake to other shareholders of Numetal if the trust is found ineligible to participate in the bid. Rewant Ruia, son of Essar group promoter Ravi Ruia, is the beneficiary of the trust.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is in favour of removing redundant processes for grant of licences to broadcasters so as to increase the ease of doing business in the sector.
-TRAI has floated a consultation paper seeking comments if current norms are enough to measure the quality of voice services over long-term-evolution network.
-Vodafone Group CEO Vittorio Colao said the Indian telecom regulator's new rules on predatory pricing favoured Jio and said they should be legally challenged.
-Nokia has signed a network modernisation pact with Bharat Sanchar Nigam to support the state-run
telecom operator's launch of 4G and VoLTE services in western and southern India.
-BHARTI AIRTEL, IDEA CELLULAR and Vodafone India are free to match tariffs offered by newcomer Reliance Jio Infocomm in circles where they have a dominant position and such actions will not be seen as predatory.
