RBI announces new bad-loan-resolution framework
In its latest bid to hasten resolution of the bad loans problem at Indian banks, the Reserve Bank of India tightened its rules around bank loan defaults, seeking to push more large loan defaulters toward bankruptcy courts and abolishing half a dozen existing loan-restructuring mechanisms. The new set of rules are aimed at creating a "harmonised and simplified generic framework" for resolution of stressed assets in view of new bankruptcy regulations, the RBI has said
Drug regulator cuts stent prices by more than 7 percent
India has cut prices of some stents by about 7.6 percent, a government body said, in the latest setback for the country's $5 billion medical device industry. Prices of Drug Releasing Stents -- small wire-mesh structures used to treat blocked arteries -- have been slashed to 27,890 rupees, from 30,180 rupees, the National Pharmaceuticals Pricing Authority of India said in a statement, as reported by Reuters.
Max Life is front runner to buy IDBI Federal Life
Max Life Insurance Co. Ltd is leading the race to buy out or pick up a majority stake in IDBI Federal Life Insurance Co. Ltd, said two people directly aware of ongoing talks as reported in business news daily Mint. IDBI Federal Life is valued at around Rs 6,000 crore, said one of the two people, adding that Max is more likely to buy a 51% stake in the firm. An increase in foreign investment limit in insurance firms has led to a consolidation in the sector since 2015.
India's retail inflation eases in January
According to a Reuters report, India's retail inflation slightly eased in January from a 17-month high in December but remained above the 4 percent medium-term target of the Reserve Bank of India (RBI) for the third straight month. Data released by the Ministry of Statistics showed, India's measure of consumer price inflation, the CPI index, rose 5.07 percent in January from a year earlier
Report reveals Chandrababu Naidu is richest CM
With assets worth Rs 177 crore, Chandrababu Naidu, the chief minister of Andhra Pradesh, is the richest CM in the country according to Association of Democratic Reforms report. Giving him company are the chief ministers of Arunachal Pradesh Pema Khandu, whose assets are worth Rs 129 crore, and Punjab CM, Amarinder Singh, who has Rs 48 crore to his name. An analysis of the self sworn affidavits filed by chief ministers of 29 states and two Union Territories has revealed eye-opening facts about assets
Corporation Bank posts Rs 1,240 cr loss on higher NPAs
Corporation Bank has reported a net loss of Rs 1,240.49 crore for the December quarter of the current fiscal on higher provisioning for bad loans. The state-owned bank had, in contrast, registered net profit of Rs 159.02 crore in the October-December period of last fiscal as reported by Mint.