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RBI to Stick to its Deadline for Digital Wallet Interoperability et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Mar 5, 2018 11:34 AM 1 min read
Editorial

End of Day Wrap-up (Monday / March 05, 2018) #NCLT #NiravModi #MehulChoksi #PSBs #CanaraBank #IVRCL #CA #ICAI #Essar #IBC #RBI #Paytm #Hike #Freecharge #Mobikwik #Transfin

Editor's comment: NCLT refuses to allow Nirav Modi, Mehul Choksi and related corporate entities from liquidating their assets till further notice. Refusal owing to ongoing injunction in place. NCLT to follow up via a hearing scheduled on March 26 when the concerned entities have been summoned.

 

5 PSBs including PNB, Canara Bank and Union Bank of India on threshold of being inclued in RBI's prompt corrective action (PCA) plan. Inclusion in PCA would trigger call of AT1 bonds amounting to INR15,700cr.

 

Hyderabad-based IVRCL, one of India's largest engineering and construction companies may be broken into separate businesses pre sale as part of its ongoing INR12kcr debt resolution. Insolvency process initiated by State Bank of India.

 

New Regulator for Chartered Accountants to be independent of CA Industry body ICAI and to replace the National Advisory Committee on Accounting Standards (NACAS). NACAS is presently an extension of the ICAI.

 

Numetal may revise its bid for Essar Steel by excluding the Ruias to comply with IBC requirements. Numetal is backed by VTB Capital. The consortium is currently competing with ArcelorMittal for the acquisition.

 

RBI likely to stick to April 2018 deadline for achieving digital wallet interoperability. Interoperability implies e.g. a user of Paytm would be able to transact with a user of MobiKwik or Freecharge.