Daily News Podcast: Gita Gopinath appointed as IMF Chief Economist : Bulletin: Business Today
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Daily News Podcast: Gita Gopinath appointed as IMF Chief Economist

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October 2, 2018

Gita Gopinath appointed as IMF Chief Economist

Gita Gopinath has been appointed as IMF Chief Economist by International Monetary Fund (IMF) Managing Director Christine Lagarde. Gopinath will succeed Maury Obstfeld, who announced in July that he would retire at the end of 2018. Gopinath currently serves as the John Zwaanstra Professor of International Studies and Economics at Harvard University. Gopinath has earlier served as Financial Advisor to Kerala Chief Minister Pinarayi Vijayan.
 
Car sales skid in September; high fuel prices, monsoon floods hit consumer sentiments

Car sales slowed down in September with the country's largest car maker Maruti Suzuki India (MSI) on Monday reporting a marginal decline in total sales while its arch rival Hyundai recording a flat growth during the month.
Toyota reported flat sales in the Indian market while its total sales contracted due to a fall in exports. A slew of factors contributed to the falling numbers including an erratic monsoon rain and floods in Kerala. Car sales have been plummeting since July
 
Arun Jaitley blames aggressive lending by public sector banks under UPA for rise in bad loans

Finance Minister Arun Jaitley on Monday blamed the aggressive lending by public sector banks (PSBs) under UPA rule for rise in NPAs. He added that loan write-offs by public sector banks do not lead to loan waivers and the exercise helps lenders clean up their balance sheets and achieve taxation efficiency.Jaitley said the total loan outstanding of state-run banks which was about Rs 18 lakh crore till March 2008, increased to about Rs 52 lakh crore till March 2014.
 
RBI to inject Rs 36,000 crore to rev up festival season demand

The Reserve Bank on Monday said it will inject Rs 36,000 crore by way of liquidity into the system by buying government bonds in October to meet the festival season demand for funds. The auctions to purchase government bonds as part of the Open Market Operations (OMOs) to manage liquidity in the system will be conducted in the second, third and fourth week of October.
 
Ola, Uber surge pricing to be capped; ride cancellation by driver to attract fine up to Rs 25,000

Ola and Uber have become the preferred mode of transport in cities like Delhi. However, the experience may not be pleasant all the time. Delhi government has realised the impact these cab aggregators have on daily commuters. To make things easy, a new proposal has been introduced which will install checkpoints and new rules for cab aggregators as well as Kaali-Peeli taxis. According to a report by TOI, the Delhi government is working on a regulatory policy that will not only cap surge pricing but also setup various safety and security guidelines that will be made mandatory. According to the new draft, the aggregators will have to adhere to the maximum and minimum fares. Failing to do so can attract fines up to Rs 25,000 for every violation.
 
Govt names a new board for IL&FS Financial Services

The government on Monday intervened to take control of crisis-ridden Infrastructure Leasing & Financial Services Ltd (IL&FS). It moved the National Company Law Tribunal (NCLT) to supersede and reconstitute the board of the firm which has defaulted on a series of its debt payments over the last one month as reported by the Financial Express. This was said to be an attempt to restore the confidence of financial markets in the credibility and solvency of the infrastructure financing and development group.
 
Bandhan Bank shares plummet 20% after RBI action

Shares of Bandhan Bank Ltd hit their lower circuit of 20% in their biggest single-day decline since listing on Monday after the RBI barred the lender from opening branches without its approval. It also ordered the freezing of the salary of its CEO Chandra Shekhar Ghosh as reported by Mint. It was a result of the private lender's failure to meet the RBI's banking licence guidelines, which require the bank's promoter, Bandhan Financial Holdings Ltd, to reduce its stake from 82% to 40% within three years of commencing business.
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