Today's Sector News - 26.12.2019: 09.00 Am
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* AUTOMOBILE: The Delhi government has approved a three-year policy on electric vehicles that aims to promote the use of electric vehicles in the national capital.
- Honda Motorcycle & Scooter India has denied revision of wages to its around 1,900 permanent
workers at the Manesar plant until next year, citing slowdown in vehicle demand and falling revenues as the primary reason.
* AVIATION: Air India has decided to stop issuing tickets for official travel to personnel of government agencies that owe it over 1 mln rupees. The dues of various government agencies to Air India for ticket purchases add up to 2.68 bln rupees.
* BANKING: The Reserve Bank of India has said the amount loaded in newly-introduced prepaid
instrument must not exceed 10,000 rupees in a month and 120,000 rupees in a financial year.
- The RBI has flagged rising concern over corporate governance at private sector banks in its Report
on Trend and Progress of Banking in India in 2018-19.
- At a time when a large fraud at Punjab and Maharashtra Co-operative Bank is in news, the RBI
flagged the need for an "independent and efficacious" audit system to ensure the sound health of cooperative banks.
- Health of the banking sector hinges on a turnaround in economic conditions as the evolving
macroeconomic scenario presents "daunting challenges" for banks.
* COAL: The government will open up the Indian coal sector with a large offering of over 200 blocks for commercial coal mining in the next five years having a potential to produce at least 400 mln tn of coal at peak capacity. The government hopes to stop coal imports by power plants by 2024.
* CORPORATE: The Union Cabinet has approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code. The amendment will remove ambiguities in the Insolvency and
Bankruptcy Code and ensure its smooth implementation.
* RAILWAYS: The Cabinet has approved the reorganisation of the Railway Board into the Indian Railway Management Service, which will absorb the existing eight Group A service categories of the Indian Railways.
* REGULATORY: The Securities and Exchange Board of India has proposed to discontinue pooling of mutual funds and units by stock brokers, distributors, investment advisors and other platforms for the purpose of their transactions.
- SEBI has prescribed a format for listed companies to declare statement of deviation in the use of
proceeds raised through public issue, rights issue, preferential issue or qualified institutional placement.
- SEBI has introduced a 'stewardship code' for institutional investors, and mandated mutual funds
and all categories of alternative investment funds to follow the code with regard to their investment in listed equities.
* TAXATION: The GST Council will set up a grievance redressal mechanism for taxpayers.
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