Top 10 biz headlines: EPFO hikes interest rate, Jet rescue plan, and more

Here are the top 10 business stories that made news on Thursday

1. RBI takes close look at 'standstill agreements', plans to tighten norms

The Reserve Bank of India (RBI) has taken a serious view of the recent cases of ‘standstill agreements’ by companies with lenders to delay selling pledged shares. Click here to read on.

2. Reliance Capital invites Nippon Life to buy 43% stake in its MF business

Anil Ambani’s Reliance Group has decided to put on the block its stake in Reliance Nippon Life Asset Management, a prized asset operating in the Rs 24-trillion domestic mutual fund (MF) industry. Read on...

3. Lower growth capital remains a key challenge for banks under PCA

In a move to take some more public sector banks (PSBs) out of the Reserve Bank of India’s (RBI’s) prompt corrective action (PCA) framework, over 59 per cent of the approved Rs 48,239-crore capital infusion was allocated to a few PCA banks by the government on Wednesday. Read more here.

4. Small savings investment hits a new high to fund power projects

The National Small Savings Fund (NSSF) is investing Rs 1.2 trillion this financial year in government agencies that fund rural electrification and power, railway and highway projects among others. Click here to read more.

5. EPFO hikes interest rate to 8.65%, move to benefit 170 mn subscribers

The Employees’ Provident Fund Organisation (EPFO) on Thursday approved of an increase in the interest rate on PF deposits to 8.65 per cent for 2018-19 from 8.55 per cent in the previous financial year. This is the first time in three years that it has announced a hike in the interest rate for its subscribers. Read on...

6. Another Kingfisher? Lessors doubt Jet rescue plan, pull out more planes

International lessors have grounded more Jet Airways planes prior to potentially moving them out of India, as scepticism builds whether a state-led bailout of the carrier can clear their dues on time, sources familiar with the matter said. Read more here.

7. Ruias turn down Arcelor's buyout bid for port, power assets in Gujarat

The Ruias have turned down a proposal by ArcelorMittal to buy out its port and power assets in Hazira in Gujarat, both of which have long-term supply agreements with Essar Steel. Read on...

8. Oyo Rooms may join the food fight with FreshMenu stake

Oyo Rooms (Oravel Stays Pvt. Ltd), India’s third most valuable startup, is in advanced talks to buy a significant stake in cloud-kitchen startup FreshMenu, according to two people directly familiar with the matter. If the negotiations are successful, Oyo will add the online food delivery business to its portfolio, says a report by the Livemint.

9. How desi tech lobby is giving Silicon Valley giants a run for its money 

In the last 12 months, Indian technology lobby supported key policy changes: stringent rules on storing financial data within India, a proposal to make technology intermediaries more accountable for content posted on them, and a protectionist foreign investment rules in Indian e-commerce. The Indian technology lobby has never had it this good,  reports the Economic Times.

10. Digital wallet players backed into a corner as February 28 KYC deadline approaches

In what could hamper the Centre’s efforts to encourage digital payments, mobile wallets in the country are likely to witness a nearly 80 per cent decline in their user base post the February 28 deadline set by the RBI to meet KYC requirements, reports The Hindu BusinessLine.