Top 10 biz headlines: NBFC cash crunch, G20 meet outcomes & more

From IT ministry's Rs 1500 cr outlay to India's efforts at G20 meet to counter tax avoidance, Business Standard brings you top stories that made news on Saturday

RBI to beef up supervision of NBFCs to maintain financial stability: Das

The Reserve Bank of India (RBI) was keeping a close vigil on non-banking financial companies (NBFC) and would not hesitate to step in with more measures if needed, Governor Shaktikanta Das said on Saturday. Read more here

NBFC cash crunch worsens; bond issuances at 7-month low of Rs 880 cr in May

The liquidity crunch at non-banking financial companies (NBFCs) is worsening, with the money raised by these firms through bond issuances in the domestic market falling to a seven-month low of Rs 880 crore in May. Banking system liquidity, though, remains in surplus — the Reserve Bank of India (RBI) absorbed Rs 87,553 crore of excess liquidity from the banking system on Thursday. Read more here

IBM bets on open source in telecom, prepares for global 5G deployment

The recent consolidation in the telecommunication space in India is a big opportunity for global tech giant IBM, and the company will look to leverage its acquisition of Red Hat to build more open source systems that are more efficient and can handle vast amounts of data as the world prepares for 5G rollouts, a senior executive said. Read more here 
 

Air travel set to get costlier after govt hikes aviation security fee

Starting July 1, a passenger will be charged aviation security fee of Rs 150 or $4.85 for domestic and international flights, respectively. Read more here 
 

G20 agrees to close gaps used by global tech giants to cut corporate taxes

Group of 20 finance ministers agreed on Saturday to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes, a copy of the bloc's draft communique obtained by Reuters showed.  Read more here 

IT ministry to set up software product council with outlay of Rs 1,500 cr

Indian product companies like InMobi, Freshdesk, Tally and others may have a reason to rejoice if the government’s ongoing efforts to implement a software product policy come to fruition. Read more here 
 

States, schemes and disaster management bear cost of fiscal discipline

The union government maintained the fiscal deficit to 3.4 per cent of the gross domestic product (GDP) in 2018-19 by rolling over food subsidies and squeezing expenditure on certain schemes or transfers, data released by Controller General of Accounts (CGA) shows. Read more here 
 

Fuel price hike forces UP power plants to improve efficiency for viability

The hike in prices of energy commodities, including oil and coal, over the past few quarters has compelled state-run thermal power plants in Uttar Pradesh to improve efficiency in order to ensure commercial viability and sustainability.  Read more here https://mybs.in/2X6kuuc

Sitharaman highlights India's efforts to counter tax avoidance at G20 meet

Finance Minister Nirmala Sitharaman Saturday highlighted the ongoing efforts of India to counter tax avoidance and evasion. She was speaking at the Ministerial Symposium on International Taxation on Globally Fair, Sustainable and Modern International Taxation System organised during the meeting of G-20 Finance Ministers at Fukuoka in Japan.  Read more here 
 

Google India spruces up operations to tap into cloud opportunities

Global public cloud provider Google Cloud has introduced a host of new strategies to tap into the cloud opportunity in India, with a stronger sales team topping the agenda. Read more here