Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur and Finance Secretary Rajiv Kumar chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi (Photo: PTI)
Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur and Finance Secretary Rajiv Kumar chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi (Photo: PTI)

Banks to hold public meets with NBFCs until 15 Oct in 400 districts: Sitharaman

  • The move is an attempt to increase credit disbursement ahead of the upcoming festive season
  • Sitharaman said she has asked banks no stressed MSME should be declared an NPA till 31 March, 2020

A government official said on condition of anonymity that there could be measures for supporting SMEs (Photo: PTI)
A government official said on condition of anonymity that there could be measures for supporting SMEs (Photo: PTI)

Sitharaman may announce more measures on Friday to support economy

  • Sitharaman will address the media on Friday morning ahead of the 37th meeting GST Council
  • So far, the govt has announced measures to improve access to credit for small businesses and to enhance the liquidity of non-bank lenders and housing financiers

The OECD is the latest institution sounding the alarm over the state of the global economy. Photo: HT
The OECD is the latest institution sounding the alarm over the state of the global economy. Photo: HT

Global economy seen sliding towards weakest growth in a decade: OECD

  • The Paris-based organization cut almost all economic forecasts it made just four months ago as protectionist policies take an increasing toll on confidence and investment
  • Manufacturing has born the brunt of the economic crisis brought about by a tit-for-tat trade war between the US and China

The Council will also consider a uniform tax rate for lottery tickets, which are currently taxed at 12% and 28% depending on whether they are sold within the organising state or outside (Photo: Mint)
The Council will also consider a uniform tax rate for lottery tickets, which are currently taxed at 12% and 28% depending on whether they are sold within the organising state or outside (Photo: Mint)

Amid sluggish revenue growth, GST Council may go for minor tax tweaks

  • GST Council will also consider states' demand for extending the GST cess on select products like automobiles, tobacco beyond 2022 in view of the bleak revenue collection trends
  • The items which are likely to see a tax rate reduction on Friday include luxury hotels and outdoor catering services

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RBI Governor Shaktikanta Das (File photo: Reuters)
Civil aviation minister Hardeep Singh Puri (Photo: PTI)
Investors will eye Reserve Bank of India Governor Shaktikanta Das‘ speech at the annual Bloomberg India Economic Forum on Thursday (Mint file)
Investors will eye Reserve Bank of India Governor Shaktikanta Das‘ speech at the annual Bloomberg India Economic Forum on Thursday (Mint file)

Sensex sheds 3.5% in 4 days on concerns over slowdown, lower tax mop-up

  • The Sensex closed 1.3%, or 470.41 points, lower at 36093.47, while the Nifty 50 was down 1.25% to 10704.80
  • According to reports, the government has missed the tax collection target by a wide margin in April-September

Mark to Market
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The bank will allow all existing home loan customers as on 30 September to switch over to the new product (Mint file)

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Prime Minister Modi said  he can understand the confusion of Congress but why is an experienced leader like Sharad Pawar supporting Pakistan (Photo: Mint)
Prime Minister Modi said he can understand the confusion of Congress but why is an experienced leader like Sharad Pawar supporting Pakistan (Photo: Mint)

Time to build new Kashmir, says PM Modi in Maharashtra

  • PM Modi said that the entire country should come together to build a new Jammu and Kashmir which is free from the cycle of violence
  • The prime minister said why are opposition leaders making statements that are being used by the enemies of the country to malign India in the international arena

Plain Facts
R.C. Bhargava, chairman, Maruti Suzuki India. (Bloomberg)
Long Reads
It’s been six weeks since the government revoked Jammu and Kashmir's special status and divided it into two union territories (Reuters)

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Bechal Kumar Singh, 23, delivers a cake to an office complex in Gurugram's sector 21 on a Sunday afternoon. Singh, who hails from Darbhanga, Bihar, joined online food delivery company Swiggy a year-and-a half. (Photo: Pradeep Gaur/Mint)

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On 14 September, 10 unmanned drones from Yemen caused severe damage to oil facilities in Saudi Arabia’s Eastern Province, north of Riyadh. (Photo: Reuters)

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Photo: Bloomberg (Bloomberg)
A screen displays the company logo for Uber Technologies Inc. (REUTERS)
(Photo; Reuters)
(Photo: Reuters)
Former Reserve Bank of India governor Bimal Jalan (Mint file)
The company stated that TVS NTORQ 125 is country’s first Bluetooth connected scooter.
Union Minister for Defence Rajnath Singh after his maiden sortie in LCA Tejas with Air Vice Marshal Narmdeshwar Tiwari, at HAL Airport, Bengaluru on Thursday. (ANI Photo) (ANI )
Union Minister for Defence Rajnath Singh after his maiden sortie in LCA Tejas with Air Vice Marshal Narmdeshwar Tiwari, at HAL Airport, Bengaluru on Thursday. (ANI Photo) (ANI )

The story of LCA Tejas so far

  • The Tejas is an indigenous light weight, multi role supersonic aircraft developed in both fighter and trainer versions
  • The Tejas is designed to carry a veritable plethora of air-to-air, air-to- surface, precision guided and standoff weaponry

The SCCL produced 50.47 million tonnes of coal in 2013-14.
Chandrayaan 2's Vikram lander lost communication with ground stations during its final descent. (ANI )
Chandrayaan 2's Vikram lander lost communication with ground stations during its final descent. (ANI )

NASA captures images of Chandrayaan-2's Moon landing site: Official

  • The probability of establishing contact with the lander has a deadline of 21 September because after that the Moon region will enter into a lunar night
  • Chandrayaan 2's Vikram lander lost communication with ground stations during its final descent

(Right to left) Guenter Butschek, CEO & MD; Shailesh Chandra, president-electric mobility business; Anand Kulkarni, VP-product line, EVs, Tata Motors.
(Right to left) Guenter Butschek, CEO & MD; Shailesh Chandra, president-electric mobility business; Anand Kulkarni, VP-product line, EVs, Tata Motors.

Tata Motors shifts its EV strategy from fleet to personal segment

  • Tata Motors announces development of an all-new modular powertrain platform called Ziptron that will power its electric cars for personal segment in the future
  • The modular powertrain platform will be capable of providing long running range of up to 250 kms per charge along with the fast charging capability

With monsoon likely to remain active over the next week as per IMD forecast, the storage levels could improve further (Photo: Mint)
With monsoon likely to remain active over the next week as per IMD forecast, the storage levels could improve further (Photo: Mint)

Monsoon season nears its end, reservoir levels rise to 85% of capacity

  • The live water storage increased to 144.179 BCM, which is 85% of the total live storage capacity of 113 reservoirs monitored by water commission
  • The water storage is around 26.5 BCM higher than the storage available last year in Sept and 24.25 BCM higher than the average of last 10 years

A file photo of Shaktikanta Das, governor RBI (Photo: Mint)
A file photo of Shaktikanta Das, governor RBI (Photo: Mint)

Banks need to take larger haircuts to solve stress in some NBFCs

  • Shaktikanta Das said that the resolution process for the shadow banks will have to be market linked and for this, banks and other lenders will have a major role to play
  • Das said that the Finance Bill has given the RBI powers over NBFCs but it would prefer that the resolution of stress be through market mechanisms

High attrition has negative impact like higher recruitment costs, dissatisfaction among the employees, lower client satisfaction, and lower utilization (Bloomberg file)
High attrition has negative impact like higher recruitment costs, dissatisfaction among the employees, lower client satisfaction, and lower utilization (Bloomberg file)

Infosys confident of taming high attrition rate with skilling, other incentives

  • The attrition rate at Infosys was at 23.4% in April-June, up 3% from 20.4% in the previous quarter
  • This was much higher than competitor Tata Consultancy Services' attrition rate of 11.5% in the quarter ended June

Finance Minister Nirmala Sitharaman (Photo: ANI)
Yes Bank co-founder Rana Kapoor (Bloomberg file)
Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi (Photo: PTI)
Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi (Photo: PTI)

Don't want banks to only recycle loans with existing customers: Sitharaman

  • For every one existing customer who wants a loan, banks will have to bring five fresh customers for loans, the FM told heads of PSU banks at a review meeting on Thursday
  • No stressed MSME would be declared an NPA till March 2020, said Sitharaman

IndiGo continued its market dominance of the Indian skies, carrying nearly one in every two passengers even as its market share fell to 47% from 47.8% in July (Photo: iStock)
IndiGo continued its market dominance of the Indian skies, carrying nearly one in every two passengers even as its market share fell to 47% from 47.8% in July (Photo: iStock)

Air passenger traffic slows for 3rd straight month, IndiGo market share drops

  • Domestic scheduled carriers carried 11.35 million passengers last month, as compared to 11.79 million passengers during the same period of the previous year
  • Air passenger traffic in India grew 3.24% in the first eight months of 2019. Traffic in July had fallen to 11.90 million, as compared to 11.55 million during the year-earlier period

RBI Governor Shaktikanta Das (Photo: PTI)
Sensex fell 470 points to settle at 36,093 (MINT_PRINT)
The US move was directed primarily at the Chinese investors who had earlier invested in several start-up companies in the Silicon Valley area in California (Photo: Reuters)
The US move was directed primarily at the Chinese investors who had earlier invested in several start-up companies in the Silicon Valley area in California (Photo: Reuters)

With eye on China, Trump makes it tougher for foreign firms in high-tech US biz

  • US has further tightened the rules governing entry of foreign investors into American businesses through takeovers and equity participation in sensitive tech and other high-tech areas
  • National security considerations are being cited as the reason for the enhanced scrutiny

Companies such as Coca-Cola, Bisleri, SC Johnson, Reliance Industries, Varun Beverages, Diageo among others have agreed to be part of the entity (Photo: @karosambhav)
Companies such as Coca-Cola, Bisleri, SC Johnson, Reliance Industries, Varun Beverages, Diageo among others have agreed to be part of the entity (Photo: @karosambhav)

Consumer goods companies partner to launch packaging waste management entity

  • The entity called 'Karo Sambhav' has been developed by Packaging Association for Clean Environment, an industry body that counts over 30 companies as its members
  • 'Karo Sambhav' will work towards recycling packaging material, collection of post-consumer packaging

Rohit Gupta, president, Sony Pictures Networks.
Rohit Gupta, president, Sony Pictures Networks.

Rohit Gupta elected as chairman of ASCI

  • Gupta, who was serving as ASCI vice-chairman, takes the top role from D. Shivakumar
  • Gupta says synchronizing ASCI’s efforts in the digital space will be the key focus for the year

While the EPFO board decided to pay 8.65% interest rate to its subscribers for 2018-19 in February 2019, it has not credited this to their account till date
As of quarter ended 30 June, JSW Steel had pledged about half of its 42.27% holding in the company by pledging about 50 crore shares. (Reuters)
As of quarter ended 30 June, JSW Steel had pledged about half of its 42.27% holding in the company by pledging about 50 crore shares. (Reuters)

JSW Steel promoters repay debt, release 1,149 crore pledged shares

  • Debt was repaid by 3 promoter entities—JSW Techno, Sahyog Holdings and Vividh Finvest—that got their pledged shares released
  • Percentage of pledged promoter holdings declined to 2.47% of total promoter holdings in the June quarter

Scientists monitor, as Vikram Lander begins its descent on the south pole of the moon, at Isro office in Bengaluru (File photo: ANI)
Scientists monitor, as Vikram Lander begins its descent on the south pole of the moon, at Isro office in Bengaluru (File photo: ANI)

No contact with Lander Vikram, Orbiter begins experiments on moon : Isro

  • National-level committee consisting of academicians and ISRO experts are analysing the cause of communication loss with lander, says Isro
  • Lander Vikram, with rover Pragyan housed inside it, lost communication with ground station on 7 Sept during its final descent

The new external benchmark-linked loan pricing was introduced after the RBI realized that transmission of policy rates to customers under the MCLR framework had not been satisfactory.
The new external benchmark-linked loan pricing was introduced after the RBI realized that transmission of policy rates to customers under the MCLR framework had not been satisfactory.

RBI may not allow lenders to offer teaser home loans

  • The discussion around teaser loans started after RBI directed banks to link their floating rate retail loans to an external benchmark earlier this month
  • The central bank has not been in favour of these products ever since SBI first introduced them in 2009-10

RBI Governor Shaktikanta Das (Photo: PTI)
Prime Minister Narendra Modi (PTI file)
The railways are planning to replace one of the power cars with LSLRD. (@EasternRailway)
A new Huawei Mate 30 smartphone is pictured at the Convention Center in Munich, Germany September 19, 2019. REUTERS/Michael Dalder (REUTERS)
A new Huawei Mate 30 smartphone is pictured at the Convention Center in Munich, Germany September 19, 2019. REUTERS/Michael Dalder (REUTERS)

Huawei’s new Android phone lacks luster without Google apps

  • The Huawei Mate 30 and Mate 30 Pro mark the brand’s first top-of-the-range device launch since it was forbidden in the spring from trading with American partners
  • In May, the US government blacklisted Huawei

Union Road Transport Minister Nitin Gadkari. (PTI)
So far, Alexa had support for Amazon Music, the company’s own music streaming service and JioSaavn in India. (Reuters)
So far, Alexa had support for Amazon Music, the company’s own music streaming service and JioSaavn in India. (Reuters)

Alexa now supports Apple Music in India

  • Amazon announces support for Apple Music on its platform, meaning users will be able to add the service as a skill through their Alexa app
  • Users will be able to give their speakers voice commands to play their playlists or curated playlists from Apple Music

Air Marshal Rakesh Kumar Singh Bhadauria. Photo: HT