RBI, govt signal truce; sends contentious issue of surplus to expert panel
Signalling a temporary truce, the Reserve Bank and the government Monday agreed to refer to an expert committee the contentious issue of appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank. The setting up of the committee, whose members will be decided by the government and the RBI, followed a marathon nine-hour long meeting of the central board that discussed threadbare issues that had brought the central bank and the Finance Ministry at loggerheads.
Amid Jet Airways crisis, Prabhu says management has to ensure private airline functions properly
The government Monday virtually ruled out possibility of bailout package for cash-strapped Jet Airways, with Civil Aviation Minister Suresh Prabhu saying that a private airline's management has to make sure that the carrier functions properly.The Civil Aviation Ministry has also decided not to intervene with respect to Jet Airways' request seeking more time for making payments to airport operators as such matters need to be dealt commercially between the two entities, according to a senior official.
PM Modi hopes to take India to top 50 in ease of doing business
Prime Minister Narendra Modi Monday set an ambitious target of India breaking into top 50 nations on the World Bank's ease of doing business ranking and said efforts are on to nearly double the size of country's economy to USD 5 trillion. Reforms will continue and procedures would be further eased to make it easier for companies to do business in the country, he said adding efforts are on to increase the size of the economy to USD 5 trillion.
YES Bank's independent director R Chandrashekhar resigns from board
In a third resignation from the YES Bank board, independent director Rentala Chandrashekhar Monday put in his papers, according to a regulatory filing.Besides, the private sector lender is expected to overhaul its board after receiving nod from its promoters, sources said. The bank cited personal reasons for Chandrashekhar's resignation. YES Bank's Nomination & Remuneration Committee is reviewing the performance of the board members, according to the sources.
RBI gets cracking after marathon meet; to buy govt securities for Rs 8,000 cr to ease liquidity
The RBI got cracking after its nine-hour board meeting on Monday, announcing it will buy government securities under open market operations for Rs 8,000 crore on November 22. The central bank said that considering the liquidity situation in India, the RBI will buy these securities through multi-security auction using the multiple price method. Earlier, the Reserve Bank of India (RBI) concluded a critical day-long board meeting on a "cordial" note. The RBI board has reportedly come to the conclusion that the existing committee of the RBI will oversee the issue of relaxing PCA norms for banks.
Instagram's data download tool publicly exposes passwords of some users
Mark Zuckerberg's problem doesn't seem to end. Instagram, the popular photo sharing network owned by Facebook, was hit by the bug over the weekend which exposed the passwords of some of its users to the public.Instagram was quick to notify the users whose passwords were revealed but damage to the social media giants' reputation has taken another hit. The spokesperson of the company said that the issue was identified and the affected users were informed immediately. The bug was related to the feature that Instagram had rolled out in April that allows users to download all of their data.
Facebook claims it removed over 1.5 billion fake accounts; plans to crack down on clickbait content
Social media giant, Facebook has said that it has removed 800 million and 754 million fake accounts in Q2 and Q3 respectively. Mark Zuckerberg revealed the data in a note titled 'A Blueprint for Content Governance and Enforcement.' The note came less than a day after the New York Times highlighted the failure on part of Facebook to identify Russian interference in the US elections and deal with fake news.
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