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Today Sector News – 14.06.2018

Today Sector News – 14.06.2018


* AVIATION: The government is considering listing of Air India after the proposal for 76% strategic stake sale failed to attract any bidders.

* BANKING: The Reserve Bank of India, along with ReBIT and market participants, is working on seamless flow of data across financial regulators, based on an application programming interface, General Manager Chandan Kumar said.
 -With increasing exposure of non-banking finance companies to large corporate entities, Reserve Bank of India Chief General Manager (department of non-banking supervision) P. Vijaya Kumar suggested that such entities should focus on lending more to micro, medium and small scale industries.
 -The biggest union of state-run banks has filed a writ petition in the Delhi High Court challenging the RBI's controversial Feb 12 circular that bankruptcy proceedings will kick in 180 days after a borrower misses a payment without allowing even a day's extension.

* INFORMATION TECHNOLOGY: The Board of Directors of Cognizant Technology Solutions has appointed Francisco D'Souza as vice-chairman of the board in addition to his current role as chief executive officer.

* INSURANCE: The Pradhan Mantri Fasal Bima Yojana may have faltered after a promising start, but insurance companies seem to renew their interest in the government's flagship crop insurance scheme.

* OIL AND GAS: India and China are mulling a strategy, including joint procurement, to buy crude oil and getting more of US crude to Asia, in a bid to counter the dominance of the Organization of the Petroleum Exporting Countries and to deal with the issue of 'Asian premium'.

* TELECOMMUNICATION: Telecom Regulatory Authority of India has reduced the reporting requirement for operators in terms of submitting quarterly financial and usage details.