20 years ago today

Twenty Years ago Today: July 27

July 27 | Updated on July 26, 2021

Blueprint for FIs to turn banks

The blueprint has been drawn up for facilitating a smooth transition of financial institutions (FIs) into universal banks. It envisages a host of relaxations in the existing banking laws and regulations including a softer approach towards the reserve requirements and investment restrictions as compared to other banking entities. The transition path which would attempt to iron out the operational and regulatory problems on its way has been outlined by the Ministry of Finance and the Reserve Bank of India (RBI) after extensive discussions with the heads of FIs.

Moody's, ICRA turn the heat on IFCI ratings

Even as Moody's today announced that it has put the 'Ba2' rating of IFCI on review for a possible downgrade, rating agency ICRA has put the long-term, medium- term and short-term ratings assigned to the borrowing programmes of IFCI, its largest shareholder, on rating watch with negative implications. Moody's move was on concern that a liquidity squeeze, which led to a delay in payment of local currency obligations, might spill over and cause delays in the servicing of IFCI's foreign currency obligations.

SEBI to discuss report on investor protection

The SEBI board is scheduled to consider on Saturday the report of Dr N.L. Mitra on a new legislation for protecting the interests of small investors and also changes to the guidelines on takeovers for facilitating disinvestment in a few State-owned companies. The report of Dr Mitra, former Director of the National Law School, Bangalore, had recommended the enactment of a new legislation to protect small investors.

Published on July 26, 2021

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