Kamath panel identifies 26 stressed sectors, outlines rules for recast

The Reserve Bank of India-appointed (RBI-appointed) expert committee on a resolution framework for bank loans stressed on account of the pandemic has outlined parameters to deal with 26 sectors buffeted by Covid-19. The findings of the committee have been accepted by the RBI, which on Monday issued a circular detailing the financial parameters to be followed by lending institutions. Read More

Vodafone, Idea converge into Vi in branding exercise amid telecom war

Two of the country's popular telecom brands Vodafone and Idea ceased to exist on Monday after the two names were converged into 'Vi' in a branding exercise, which marked the final lap of the merger between the two companies. "Vodafone Idea came together as a merged entity two years ago. We have, since then, focused on integrating two large networks, our people and processes. Today, I am delighted to present Vi, a unified brand," Ravinder Takkar, managing director and chief executive officer, Vodafone Idea, said in a virtual press conference. Read More

ED arrests Chanda Kochhar's husband in money laundering case

The Enforcement Directorate (ED) on Monday arrested Deepak Kochhar, husband of ICICI Bank former managing director and chief executive officer (CEO) Chanda Kochhar, in connection with ICICI Bank-Videocon money laundering case. This is the first arrest since the case was registered in February 2019. Read More

India successfully tests hypersonic technology demonstration vehicle

Any contemporary list of cutting-edge military technologies has hypersonic, air-breathing, scramjet vehicles close to the very top. Only three countries — Russia, USA and China — have flown a vehicle in the atmosphere at a hypersonic speed: Six times the speed of sound (Mach 6), or 2 kilometres (km) per second. Read More

Reliance Industries taps Facebook, KKR for investment in retail biz

Reliance Industries (RIL) has started preliminary talks with Facebook and private equity fund KKR, the two entities that bought stake in RIL-run Jio Platforms, to make an investment in its retail business too. The two are among the 13 that have invested over $20 billion in Jio Platforms for over a 30 per cent stake. Read More

Difficult to avail loan restructuring under Kamath panel: Airline execs

Recommendations of the K V Kamath panel for Covid-related stress have failed to enthuse airlines, with industry executives and experts saying the sector doesn’t stand to benefit from the same. The very high parameter set in the resolution framework is a huge challenge, they said. Read More

Personal data protection law likely to see more delay, face another hurdle

The Personal Data Protection Bill 2019 will be delayed further. Pressed for time, with a long list of stakeholders still waiting to depose, and several thorny privacy issues pending resolution, the Joint Parliamentary Committee (JPC) on the Bill will not make the deadline for its final report and is expected to seek a second extension. Read More

Salaried class pours, informal workers pare pension money: PFRDA data

Well-heeled Indians, mainly government employees, contributed considerably more towards old-age security in the months battered by the pandemic, but informal sector workers put in contributions smaller than in the previous year, the data shared by the Pension Fund Regulatory Authority (PFRDA) shows. Read More

Leaving shadows of the past, eye on the future for Ayodhya mosque

As members of the trust tasked with building a mosque to replace the Babri Masjid in Ayodhya deliberated in virtual meetings during the lockdown months, the exigencies of public health in a post-Covid world weren’t lost on them. “With so much news focused on the global medical emergency and shortage of beds, we unanimously felt that we would be having a charitable hospital at least in the mosque complex,” says Athar Hussain, secretary of the Indo-Islamic Cultural Foundation, the trust set up by the Uttar Pradesh Sunni Central Waqf Board. Read More

Despite swelling Covid fears, domestic cruise liners wait for a smooth sail

With the unlock guidelines allowing leisure travel across the country, its anchors aweigh for domestic cruise liners, such as Angriya and Jalesh, albeit with caution. There are enquiries coming in, mainly for sailing in November. The plan is to have our first voyage by the end of November, Captain Nitin Dhond, managing director of Angriya Cruises, told Business Standard. Read More