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The telegraph Online July 22, 2020 SBI research wing pitches to ease Basel rule The relaxation of norms together with the easing of the countercyclical buffer can free up up to Rs 2.87 lakh crore of capital for the banking system The research wing of the State Bank of India on Wednesday stressed the need to conserve capital by public sector banks. The research wing of the State Bank of India on Wednesday stressed the need to conserve capital by public sector banks and identified three measures that could enable them to save capital worth Rs 3 lakh crore. The loan moratorium period ends on August 31 and banks will then start to recognise   the stress on their books.. Soumya Kanti Ghosh, group chief economic adviser of the State Bank of India, said the banks should have the option of capital conservation as the freeze on the insolvency code for a year means resolution cannot take place, while there is uncertainty on the government’s ability on recapitalisation. ...

The Telegraph Online July 22, 2020 Jet Airways stock jumps on bid buzz Jet Airways was in the news last month when Vrihis Properties emerged as a successful bidder for its Bandra Kurla Complex and the company 'decided' to accept the offer at Rs 490 crore. Shares of Jet Airways were locked at the upper circuit on Wednesday amid reports that the now defunct airline has received two bids. On the BSE, the Jet Airways share ended 4.89 per cent higher at Rs 27.90. The rally came on news that two consortium had submitted their bids on Tuesday. A Moneycontrol report said that one of the consortium was Flight Simulation Technique Centre Pvt Ltd (FSTC), Big Charter Pvt Ltd and Imperial Capital Investments LLC. Both FSTC and Big Charter are led by entrepreneur Sanjay Mandavia, while Imperial Capital is an investment banking and wealth management company based in Dubai. The second consortium includes London-based financial services firm Kalrock Capital and en...

Hindustan Times July 22, 2020 RBI may extend relief on repayment of loans The loan moratorium may be allowed beyond August for some sectors based on an impact assessment study. Nearly 29% of loans from banks were under moratorium between April and June. The Reserve Bank of India (RBI) may allow lenders to offer companies in stressed sectors such as aviation, automobiles and hospitality the option to pause loan repayments even after the six-month moratorium ends on August 31, two people directly aware of the discussions said. The banking regulator has been conducting an impact assessment of sectors and borrower segments by collating data on repayments and cash flows of borrowers since the lockdown was announced in March to get a better understanding of the challenges faced by borrowers, the people aware of the talks between RBI and the banks said on condition of anonymity. “While it’s a foregone conclusion that the moratorium will be extended for certain segme...

Hindustan Time July 22, 2020 Nilekani opens credit infrastructure to aid small businesses Speaking at the Global Fintech Festival, 2020 on Wednesday, Nilekani, co-founder and non-executive chairman of Infosys Ltd, described the initiative as a credit protocol infrastructure called the Open Credit Enablement Network or OCEN. Aadhaar architect Nandan Nilekani says the initiative will help utilise innovative credit products at scale. A major new technological innovation is in the works connecting lenders with the marketplace, Aadhaar architect Nandan Nilekani announced on Wednesday, as he buttressed the need for India to “democratise credit” for millions of small businesses to revive its virus-battered economy. Speaking at the Global Fintech Festival, 2020 on Wednesday, Nilekani, co-founder and non-executive chairman of Infosys Ltd, described the initiative as a credit protocol infrastructure called the Open Credit Enablement Network or OCEN, built by the Indian...

Hindustan Times July 22, 2020 Sebi slaps penalties totalling Rs 50 lakh on eight entities The eight entities penalised by Sebi were required to make disclosures about their shareholding data to the company as well as stock exchange but failed to do so. As per Sebi, the entities had filed incorrect information with the company and BSE on multiple instances. Capital markets regulator Sebi has imposed penalties totalling Rs 50 lakh on eight entities for their failure to make proper disclosures regarding their shareholdings in PSIT Infrastructure and Services Ltd. The watchdog’s order came after an investigation conducted by it into the PSIT matter for May 2012 to July 2015 period. Fines ranging from Rs 3 lakh to Rs 9 lakh have been imposed on eight entities. They are Brijdham Dealcom, Compass Distributors, Conquer Barter Pvt Ltd, Economy Sales Pvt Ltd, Mayurpankh Vinco Pvt Ltd, Miracle Tradecom, Narayan Suppliers and Premsagar Vinimay Pvt Ltd, as per the order...

Accountantsdaily July 22, 2020 AFP busts $17m payroll money laundering scheme A joint agency investigation into an alleged $17 million payroll tax fraud syndicate has resulted in the arrest of 12 individuals across three different states. On Tuesday, the Australian Federal Police executed search warrants at 10 locations across Sydney, nine in south-east Queensland and two in the ACT in a co-ordinated strike against a transnational and serious organised criminal syndicate using labour hire and payroll companies associated with the building and construction industry to defraud the Commonwealth. Charges have been brought against 12 people, include a 49-year-old man from Surfers Paradise, who is alleged to be the director of this organised crime syndicate comprising of a mix of financial industry experts and former bankers. It will be alleged in court that the syndicate had effective control of labour hire companies undertaking legitimate work in the building and...