mehekkaoberoi

• Ten candidates are understood to have been interviewed last week for the post of deputy governor — vacated by Viral Acharya in charge of the monetary policy department in the Reserve Bank of India.

• The interview was conducted by the Financial Sector Regulatory Appointment Search Committee (FSRASC) and the final call on the appointment will be made by the Prime Minister’s Office.
  
  
• The post of deputy governor has been lying vacant ever since Acharya stepped down in August this year.
  
  
• The RBI currently has three deputy governors — N S Vishwanathan, who is serving a one-year extension, B P Kanungo and M K Jain
  
  

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• Prompt course corrections have been done to the insolvency law to address the needs of stakeholders, IBBI chief M S Sahoo said as he emphasised that challenges have made the legislation stronger.
• Sahoo said the impact of the code should not be seen just in terms of things under it, but also “on account as well as shadow” of the law.
  
  
• There have been instances of dues getting settled before a corporate was to be dragged into insolvency process.
  
  

“Prompt course corrections” have been done to the code, the IBBI Chairperson said and stressed that, with challenges, the law has become stronger.

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• Continuing credit crunch with loan growth dropping to demonetisation lows of 6 per cent in the July-September quarter is expected to prolong recovery of economic activity in the country, financial services company Credit Suisse has indicated in a report.
  
  
• Even private banks’ loan growth has dropped to 14% from 22% a year ago. PSU loan growth is down to 5% YoY from 8% in 1Q despite the large recap
  
  

The numbers given in the report is indicative of the fact that post Il&FS failure and liquidity crisis being faced by other NBFCs including DHFL, lenders have become reluctant to increase their exposure to the NBFC sector

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• Ministry of rural development has set up four zonal monitoring committees, headed by a joint secretary level officer, to undertake comprehensive monitoring and impact assessment of key programmes of department of land resources under the ministry as progress under the schemes remains slow.
  
  
• The programmes under scrutiny include the watershed development component of Pradhan Mantri Krishi Sinchayee Yojana and Digital lndia Land Records Modernization Programme (DILRMP).

• The entire monitoring will be under the supervision of additional secretary in the department.

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• Prices of steel and cement are showing early signs of recovery led by low inventory level at the user end and a pick-up in construction activity post-monsoon combined with festive buying

• Steel companies have increased prices of flat steel in November by Rs 500-750 a tonne and long steel up to Rs 1,000 a tonne after a gap of more than seven months

• Recovery in steel prices is largely led by low stocks in the trade as well as higher international prices

• International prices have moved up by $25-$30 a tonne. As a result, domestic prices are at a discount of 6-7 per cent to imports. Additionally, inventory in the domestic channel is much lower,

• Industry officials are of the view that prices will not decrease any further.

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• The second quarter GDP growth may further lower down to 4.2 per cent on low automobile sales, deceleration in air traffic movements, flattening of core sector growth and declining investment in construction and infrastructure, and the growth forecast for FY20 has now come down to 5 per cent from 6.1 per cent earlier, an SBI report said.

• State Bank of India (SBI) joins all other global agencies — the ADB, World Bank, OECD, RBI and the IMF — in downgrading India’s FY20 growth rates

• India’s GDP was already at the 6-year lowest of 5 per cent in Q1

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• The male-dominated finance industry is missing out on more than $700 billion a year in revenue by failing to listen to or tailor products for women, according to management consultancy Oliver Wyman

• Many products that appear gender-neutral actually default to men’s needs, with wealth products in particular not consistently designed for women’s financial lives,

• Women also tend to hold more of their assets in cash rather than stocks and bonds, costing wealth and asset managers a potential $25 billion in fees.

• Just 20% of finance executives globally are women, up from 16% in 2016, the report said.

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• The government may extend existing anti-dumping duty on imports of a Chinese chemical used in pharmaceuticals industry as the commerce ministry insisted on continuation of the levy.

• The continuation of the duty on imports of ‘Sodium Nitrite’ from China was recommended by the ministry’s investigation arm Directorate General of Trade Remedies (DGTR) after concluding a probe into it.

• The DGTR has recommended $79.58 per tonne duty on the imports

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• The country’s industrial output shrunk by a staggering 4.3 per cent for the second month on the trot in September, recording its worst performance since the present series was launched in April 2012.

• In fact the decline was the steepest in eight years, and was only surpassed by a bigger drop way back in October 2011.

• Major loss in manufacturing output and a deepening slowdown in capital goods production, among other factors, are the key reasons behind the latest contraction, which was much higher than the 1.4 per cent fall in August

• Of the 23 sub-sectors within manufacturing, 17 recorded year-on-year contractions, up from 15 in the previous month.

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• The Income Tax Department surveyed Onion traders in Maharashtra, Delhi and Madhya Pradesh following reports of alleged hoarding of the commodity amid its skyrocketing prices

• The department is examining the onion stocks as its prices have shot up to about Rs 100 a kg in various market

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