1. CBI Files Case Against YES Bank’s Rana Kapoor and Gautam Thapar
The CBI on Friday booked YES Bank co-founder Rana Kapoor, his wife Bindu Kapoor and Avantha Group promoter Gautam Thapar, besides Bliss Abode Pvt Ltd, among others, in a fresh case of criminal conspiracy, cheating, and “illegal gratification in lieu of favours extended in connection with official work".
The case relates to the sale of a bungalow at Amrita Shergill Marg in Delhi, which was owned by Avantha Reality Ltd, but was later obtained allegedly through illegal gratification by Kapoor at a cheap rate to settle a loan taken by Avantha Reality from YES Bank.
(Source: Livemint)
2. 4% Hike in Dearness Allowance for 48 Lakh Central Government Employees
The Union Cabinet headed by Prime Minister Narendra Modi on Friday approved increasing dearness allowance for central government employees to 21 percent of basic pay from 17 percent of basic pay with effect from 1 January 2020, Union Minister Prakash Javadekar told reporters in New Delhi.
The move is likely to benefit 48 lakh employees and 65 lakh pensioners, Mr Javadekar said. The move will be beneficial for 1.13 crore families, he said.
(Source: NDTV Profit)
3. Air India Cancels Overseas Flights Amid Travel Curbs on Foreigners
National carrier Air India Ltd has cancelled several flights to major international destinations after the government placed a temporary ban on the entry of foreigners.
The airline has cancelled several flights to Madrid, Paris, Frankfurt, Tel Aviv, Rome, Milan, Incheon, Kuwait and Colombo, according to an official of the airline, who requested anonymity.
(Source: Livemint)
4. ICICI Bank, Axis Bank, HDFC and Kotak Mahindra Bank to Invest Total Rs 3,100cr in Yes Bank
Four private sector entities – ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC – will infuse Rs 3,100 crore in total via equity into the crisis-hit YES Bank.
ICICI Bank and HDFC will invest Rs 1,000 crore each while Axis Bank and Kotak Mahindra Bank will invest Rs 600 crore and Rs 500 crore, respectively.
(Source: Moneycontrol)
5. RBI Issues Guidelines for Ind AS Implementation by NBFCs, ARCS
The Reserve Bank on Friday came out with regulatory guidelines for implementation of Indian Accounting Standards (Ind AS) by non-banking financial companies (NBFCs) and asset reconstruction companies (ARCs) while preparing their financial results.
The guidelines, which are aimed at promoting high quality and consistent implementation of Ind AS as well as facilitate comparison and better supervision, will be applicable to NBFCs and ARCs for preparations of their financial results from FY20 onwards, RBI said in a notification.
(Source: Moneycontrol)
6. Petrol, Diesel Rates Cut Today to Lowest in Many Months
Petrol and diesel prices were lowered today as global oil prices continued to remain soft. In top metros, petrol prices were cut about 13 paise to 15 paise today as rates fell to nine-month low. In Delhi, petrol today retailed at 70 a litre while in Kolkata ₹72.7 a litre, in Mumbai ₹75.7 a litre and in Chennai ₹72.71 litre. Diesel prices were also cut by a similar margin today.
Diesel today retailed at ₹62.74 a litre in Delhi, the lowest price in about 15 months. Diesel was today sold at ₹65.07 in Kolkata, ₹65.68 in Mumbai and ₹66.19 in Chennai.
(Source: Livemint)
7. Coronavirus: Govt Makes Sanitizers, Masks Essential Commodities to Ensure Supplies
Hand sanitizers and masks will be treated as essential commodities till 30 June, according to a government notification on Friday. The Centre’s move is part of its efforts to contain the spread of the deadly coronavirus that has so far claimed more than 5,000 lives the world over including one in India. More than 80 are affected in the country.
The move comes as panic buying by people resulted in stocks of masks and sanitizers disappearing from the markets. They are being sold at exorbitant prices in areas where the supplies exist.
(Source: Livemint)
8. Crude Oil Market Set for Record Surplus Amid Coronavirus-Led Demand Slump: Goldman Sachs
Goldman Sachs said the oil market could see a record surplus of about 6 million barrels per day by April, considering a bigger-than-expected surge in low-cost output, while a slump in demand was "increasingly broad" triggered by the coronavirus outbreak.
Brent was set for its biggest weekly loss since 2008 as oil prices plummeted this week after top producer Saudi Arabia slashed its selling prices amid a price war with Russia and pledged to unleash more supply onto a market already reeling from falling demand due to the virus.
(Source: NDTV Profit)
9. 2.87 Lakh Posts Vacant in Railways: Govt
As many as 2.87 lakh of the 15 lakh sanctioned positions are lying vacant in the railways, the government told Parliament on Friday.
In a written reply to a question in the Rajya Sabha, Railway Minister Piyush Goyal said three centralised employment notifications (CENs) for around 1.41 lakh vacancies for various Group 'C' posts (including Level-1) were issued in 2018.
(Source: Moneycontrol)
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