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Top five news stories to watch out for on March 9, 2020

| Updated on March 09, 2020 Published on March 09, 2020

The RBI will be conducting another Long-Term Repo Operation(LTRO) also of three years tenor, on March 9. The last LTRO conducted on March 2 to provide banks with three-year funds, the RBI received 66 bids aggregating 6.9 times the notified amount of ₹25,000 crores, with the total bids that were received amounted to ₹1,71,965 crore. The LTROs are being conducted by the RBI to inject durable liquidity into the banking system and ensure the transmission of monetary policy changes. The two LTROs that were conducted in February got a thumping response from banks.

Jet Airways Insolvency proceedings: The last date for the companies to submit a resolution plan is March 9. The 270-day timeframe prescribed under the Corporate Insolvency Resolution Process (CIRP) will end mid-March.  After the plan is received the lenders will approach NCLT with the bid by March 15. Russian government-backed Far East Development Fund, in partnership with Enso Group, has submitted its expression of interest to acquire a stake in Jet Airways in February. Prudent ARC and Synergy Group are also in the fray.

Tamil Nadu Assembly Budget session to resume on March 9: The next session of the Tamil Nadu Legislative Assembly is set to commence on March 9. The session starting on March 9 is expected to debate demands for grants for various government departments under the Budget 2020-21. The previous Assembly session between February 14 and 20 saw Deputy CM O Panneerselvam presented the State Budget 2020-21.

Bengal to face Saurashtra in the finals of the Ranji Trophy, underway in Rajkot, in the final from March 9. The summit clash will be held at the SCA stadium in Khandheri, Rajkot and will be the first time the stadium would be hosting the Ranji Trophy final for the first time. Bengal entered the Ranji trophy final after beating Karnataka in the semi-finals. Saurashtra had lost last year’s title clash to Vidarbha.

From March 9, Morocco will expand the band in which the dirham fluctuates to 5% either side of a reference price compared with 2.5% previously, the country's finance ministry and central bank announced last week.The move marks the second step in a gradual currency reform process which started in January 2018 when the band was widened to 2.5% either side of the reference price from 0.3%.

Published on March 09, 2020

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