Headlines at a Glance – 5th January 2022
SBI, ICICI, HDFC Bank continue to remain D-SIBs: RBI
The RBI on Tuesday said state-owned SBI, along with private sector lenders ICICI Bank and HDFC Bank continue to be Domestic Systemically Important Banks (D-SIBs) or institutions which are ‘too big to fail’. SIBs are perceived as banks that are ‘too big to fail (TBTF)’. This perception of TBTF creates an expectation of government support for these banks in times of distress. Due to this perception, these lenders enjoy certain advantages in the funding markets. Based on data collected from banks as on March 31, 2017, HDFC Bank was also classified as a D-SIB. The current update is based on data collected from banks as on March 31, 2021. The framework for dealing with D-SIBs was issued in July 2014.
SOURCE: The Hindu
Sri Lanka Cabinet clears Trincomalee oil tank farm deal with India
Sri Lanka’s Cabinet on Tuesday approved a milestone deal to modernise most of its strategic petroleum storehouses jointly with India.The Cabinet also cleared a bid by Ashok Leyland for 500 new buses and a Mahindra and Mahindra offer to supply 750 jeeps to its police force. The Trincomalee oil tank farm consisting of 100 oil storage tanks will involve three agreements. In one lease pertaining to modernising 61 British-era tanks, Indian Oil Corporation will hold a minority stake of 49 per cent with the rest for Ceylon Petroleum Corporation (CPC), which will also operate the remaining tanks.India has coveted the Trincomalee farm tanks as it was averse to a foreign company operating them in the vicinity of its shoreline.
SOURCE: The Hindu
Power Minister dedicates Automatic Generation control to the Nation
Power and new and renewable energy minister Raj Kumar Singh on Tuesday dedicated Automatic Generation Control (AGC) to the nation. The AGC sends signals to power plants every four seconds to maintain frequency and thereby reliability of India’s power system. This is expected to facilitate achieving the government’s ambitious target of 500 GW non-fossil fuel-based generation capacity by 2030. The AGC is being operated by Power System Operation Corporation (POSOCO) through the National Load Despatch Centre. Through AGC, POSOCO sends signals to power plants every 4 seconds to maintain frequency and reliability of the Power System.
SOURCE: Livemint
RBI notifies market making scheme to promote retail participation in G-Secs
The Reserve Bank of India (RBI) on Tuesday notified the market making scheme to promote retail participation in government securities by providing prices/quotes to retail direct gilt (RDG) account holders enabling them to buy and sell securities under the RBI Retail Direct Scheme. Prime Minister Narendra Modi had launched the RBI Retail Direct Scheme launched on November 12, 2021, to provide one-stop access to facilitate investment in government securities by retail investors. In this connection, to provide liquidity in the secondary market, a market making arrangement, wherein the primary dealers shall be present on the NDS-OM platform (odd-lot and Request for Quotes segments) throughout market hours and respond to buy/sell requests from Retail Direct Gilt Account Holders (RDGAHs) has been notified.
SOURCE: Business Standard
.png)
