Daily Archives: October 4, 2019
Saif Ali Khan and Kareena Kapoor Khan’s son Taimur Ali Khan is a huge internet sensation and paparazzi’s favourite kid. Pictures and videos of the little Nawab take over the internet in no time. And hence, camera persons used to stand outside Saif’s house to catch the glimpse of Tim whenever possible.
Ashok Leyland has announced its various plants will take between 2-15 non-working days in October. This is to “align production in line with our sales,” the company said in a stock exchange filing on Friday.
In one of the small steps towards capital account convertibility, the RBI has allowed foreign exchange-settled rupee derivatives trading in International Financial Services Centres (like the GIFT City in Gujarat). It also allowed banks to offer non-residents both rupee accounts without time limits and foreign exchange.
Joy Thomas, the suspended managing director of Punjab and Maharashtra Cooperative (PMC) Bank, was arrested in the Rs 4,355-crore cheating case involving the bank on Friday. PMC Bank was placed under restrictions by the RBI on September 25 after it emerged that loans to real estate developer HDIL were not classified as bad loans through it was financially stressed.
The government is set to bring non-banking finance companies within the ambit of the Insolvency and Bankruptcy Code, but in a slightly tweaked form, for smoother resolution of these entities and firewall the rest of the financial system from any possible adverse impact. The move comes at a time when several NBFCs are under stress.
As expected, the Reserve Bank of India (RBI) lowered its key policy rate yet again on Friday — the fifth successive time this year that it has done so in a bid to spur slowing economic growth. But the news was overshadowed by the RBI’s announcement that it was sharply reducing India’s growth forecast for the fiscal year to 6.1% from 6.9% earlier.