BANKING AND FINANCE 

SBI board nod to raise 10K cr via infra bonds in FY23 (JAN 04, 2022) 

The executive committee of the central board of State Bank of India (SBI) has approved the proposal to raise up to Rs. 10,000 crore by issuing infrastructure bonds in 2022-23 (April-March), the bank said in an exchange filing on January 03, 2022. The bonds will be issued through a public issue or a private placement basis. On Thursday, the bank’s board announced that it will meet to seek approval for raising the said money by issuing the bonds.

NEWS REPORT : SBI board nod to raise 10K cr via infra bonds in FY23 | The Financial Express

CENTRAL GOVERNMEMNT

Government exempts PSUs from minimum public float rules (JAN 03, 2023) 

The government has exempted public sector entities from the Minimum Public Shareholding (MPS) norm which mandates at least 25 per cent public float for all listed companies. The exemption would apply on these entities regardless of the government's direct or indirect holding. 

The notification exempts "any listed entity in which the Central Government or State Government or public sector company, either individually or in any combination with other, hold directly or indirectly, majority of the shares or voting rights or control of such listed entity, from any or all of the provisions of this rule (MPS norms)." 

DETAILS : Govt exempts PSUs from minimum public float rules - Times of India (indiatimes.com)

RBI

RBI releases Annual Report of Ombudsman Schemes, 2021-22 (JAN 04, 2023) 

The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for the period April 01, 2021 – March 31, 2022 on January 04, 2023. With the year also marking the launch of Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) on November 12, 2021, the Annual Report covers the activities under the erstwhile Ombudsman Schemes i.e., Banking Ombudsman Scheme, 2006 (BOS), the Ombudsman Scheme for Non-Banking Financial Companies, 2018 (OSNBFC), and the Ombudsman Scheme for Digital Transactions, 2019 (OSDT) upto November 11, 2021, along with the activities under RB-IOS, 2021 since November 12, 2021. 

The report also captures major developments during the year and the way forward in the area of consumer protection. 

NOTIFICATION : Reserve Bank of India - Press Releases (rbi.org.in)

NEWS AT GLANCE 

  • Government approves National Green Hydrogen Mission to make India energy independent; also gives nod to Central Sector Broadcasting Infrastructure and Network Development Scheme.
  • Supreme Court stays Allahabad High Court order directing UP government to hold urban local body polls without reservation for OBCs.  
  • US House of Representatives fails to elect its speaker, first time in 100 years.

WORD OF THE DAY

Alter ego – A second identity living within a person.

MARKET TODAY (as on 4.01.2023)

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