1.New RBI norms will temper growth of asset reconstruction firms: Crisil
The growth of asset reconstruction companies (ARCs) in India will moderate to 30 per cent in the next 12 months, according to credit rating agency Crisil.
This is because of the amendments to the regulations announced by the Reserve Bank of India on Tuesday.
“ARCs have witnessed very high growth in recent times, riding on business opportunities emanating from higher non-performing assets (NPAs) in the banking sector. Their assets under management (AUM) have increased four-fold to Rs. 42,000 crore in the year to June 30, 2014,” said Crisil in a statement.
2.Project loans: RBI eases refinancing norms for banks
The RBI has allowed banks leeway in respect of refinancing existing project loans to infrastructure and core industries by way of full or partial takeout financing, even without a pre-determined agreement with other banks/financial institutions.
As per the latest notification on refinancing project loans, the central bank said banks can fix a longer repayment period, and the same would not be considered as restructuring in the books of the existing as well as taking over lenders, provided a few conditions are satisfied.
The conditions include aggregate exposure of all institutional lenders to such a project should be at least Rs. 1,000 crore.
3 Beniwal’s removal is in accordance with Constitution, says Venkaiah Naidu
The NDA government on Thursday justified removal of Kamla Beniwal as Mizoram Governor on the ground that it was in accordance with the letter and spirit of the Constitution.
4 RBI issues guidelines on unified bill payment system
The Reserve Bank of India on Thursday said the proposed Bharat Bill Payment System (BBPS) will function as a tiered structure for operating the country’s bill payment system. It will have a single brand image providing convenience of ‘anytime anywhere’ payment to customers.
The BBPS will offer inter-operable and accessible services through a network of agents, enabling multiple payment modes and providing instant confirmation of payment.
Hence, it has been decided that the existing players in the online commerce segment catering to the requirements of bill payments as well as aggregation of payment services (in relation to bill payments) will be a part of BBPS, the RBI said in its draft guidelines on the subject.
5 Kapil to head Arjuna Awards selection committee
Former India cricket captain Kapil Dev will head the Arjuna Awards selection committee for choosing this year’s outstanding sportspersons of the country while former hockey skipper Ajitpal Singh is likely to be in charge of selecting the Dronacharya awardees.
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