Today's Sector News - 05.11.2019: 09.00 Am
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* ECONOMY: The Reserve Bank of India on Monday gave large non-bank lenders nine months to comply with the so-called liquidity coverage ratio, which was proposed as a measure to strengthen the asset-liability management of these financiers. The implementation will now start from December 2020.
- The RBI has introduced tighter norms for compensation of chief executive officers, whole-time
directors and material risk takers at private banks with an aim to put more focus on linking remuneration to performance with the option to defer or claw back payments in case of a deterioration in the bank's performance.
* ENERGY: The Asian Development Bank has approved a $451-mln loan to strengthen power connectivity between the southern and northern parts of the Chennai–Kanyakumari Industrial Corridor in Tamil Nadu, the Manila-based financing organisation said in a statement.
* FINANCE: IL&FS Financial Services has defaulted on 128.4-mln-rupee interest payment on external commercial borrowings, due on Oct 29.
* NON-BANK FINANCIAL COMPANY: Ajay Piramal said he plans to resign as chairman of Shriram Capital as he looks to sell his stake in the parent group.
* REGULATORY: The Securities and Exchange Board of India has directed rating agencies to exclude their managing directors and chief executive officers from rating committees that evaluate and assign credit rating to companies.
* SUGAR: India's sugar output is likely to drop to 26.0-26.5 mln tn in the new crushing season that started October, sharply lower than last year's record of 33.1 mln tn, National Federation of Cooperative Sugar Factories Federation said.
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