RBI releases draft liquidity framework guidelines for distressed NBFCs. New direct tax code likely to replace the Income Tax Act by July-end. 1.37 crore formal sector jobs were created in FY19, as per CSO. Huawei plans to launch its own operating system this year. Facebook plans to launch 'GlobalCoin' cryptocurrency in 2020. Removes more than 3 billion fake accounts in six months.
Moving on to the top Business news of the day.
RBI releases draft liquidity framework guidelines for distressed NBFCs.
Agents of Shield: In an attempt to protect lenders and depositors of non-banking financial companies (NBFCs), the RBI has released draft guidelines on liquidity risk management framework for NBFCs and core investment companies (CICs).
The guidelines come on the back of increasing need for a stronger asset liability management framework amidst the rating downgrades and debt defaults in the NBFC sector following the IL&FS crisis.
Breaking it Down:
Read the original Press Release here.