RESERVE BANK OF INDIA (RBI)
RBI statement on the health of Indian Banking sector (3 FEB 2023)
There have been media reports expressing concern about the exposures of Indian banks to a business conglomerate. As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability. The RBI has a Central Repository of Information on Large Credits (CRILC) database system where the banks report their exposure of ₹5 crore and above which is used for monitoring purposes.
As per the RBI’s current assessment, the banking sector remains resilient and stable. Various parameters relating to capital adequacy, asset quality, liquidity, provision coverage and profitability are healthy. Banks are also in compliance with the Large Exposure Framework (LEF) guidelines issued by the RBI.
PRESS RELEASE : PR1668IBSBEA2B98AE2C34082851D0022897300AB.PDF (rbi.org.in)
SUPREME COURT
Supreme Court issues notice to Centre over appeals against blocking of BBC documentary (3 FEB 2023)
A bench of justices Sanjiv Khanna and M M Sundresh issued notices to the government and others on pleas filed by veteran journalist N Ram, Trinamool Congress MP Mahua Moitra, activist lawyer Prashant Bhushan and lawyer M L Sharma.
Senior advocate CU Singh, appearing for Ram and the others, submitted that the government has invoked the emergency powers under the Information Technology (IT) Rules to block the documentary.
PIL in SC seeks prosecution of short sellers for 'artificial' crashing of Adani Group's stock value (3 FEB 2023)
The public interest litigation (PIL) matter filed by advocate M.L. Sharma also seeks directions for declaring short selling an offence of fraud against the investors, to be prosecutable under section 420 (cheating) of the Indian Penal Code (IPC), read with the provisions of the SEBI Act.
The Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share-price manipulation, against the business conglomerate led by industrialist Gautam Adani.
NEWS REPORT : PIL in SC seeks prosecution of short sellers for 'artificial' crashing of Adani Group's stock value - The Hindu
BUSINESS NEWS
US emerges as India's top destination for goods exports during April-December 2022 (3 FEB 2023)
The US has emerged as India's top destination for merchandise exports during April-December this fiscal at USD 59.7 billion, Parliament was informed on Friday.%C2%A0In a written reply to the Rajya Sabha, Commerce and Industry Minister Piyush Goyal said the government has taken a series of measures to promote the country's exports.
The steps include an extension of existing foreign trade policy till March 31; an extension of interest equalisation (subsidy) scheme on pre and post-shipment rupee export credit till March 31 next year; and a roll-out of Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.
NEWS REPORT : US emerges as India's top destination for goods exports during April-December 2022 (msn.com)
NEWS AT GLANCE
- The Government e-Marketplace has achieved a Gross Merchandise Value of 1.5 lakh crore rupees in the current fiscal.
- After Japan and Netherlands, the US goes after South Korea to block their chip trade with China
WORD OF THE DAY
Animo furandi – With an intention of stealing.
MARKET TODAY (as on 3.02.2023)
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1 US Dollar = 82.14 Indian Rupee (Last updated · 3 February at 1:49 pm UTC)
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