Top Headlines: 'Bad bank' plan, pay hike for ICICI Bank employees, and more

Here are the top business headlines on Wednesday morning

Centre may tell IBA to set up 'bad bank'

The Centre is likely to tell the Indian Banks’ Association (IBA) to set up its proposed “bad bank” with financial support from banks, instead of asking the government to become a promoter. “If the banks want, they can set it up through their own funds,” a senior finance ministry official said. Read More

Govt begins asset sale process for BSNL and MTNL

The Union government has started the process of monetising landholdings of state-owned telcos Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL). In a definite first step, the Department of Investment and Public Asset Management (DIPAM) has appointed consultancy firms CBRE, JLL, and Knight Frank to look at the feasibility of such a sale during the pandemic. Read More

Jio Platforms gets Rs 43,574 crore from Facebook

Jio Platforms, the parent firm Reliance Jio, has received Rs 43,574 crore investment from Facebook for a 9.99 per cent stake in the company, Reliance Industries said in a regulatory filing on Tuesday. Read More

ICICI Bank to give 80k employees up to 8% pay hike

The country's second largest private sector lender ICICI Bank has decided to reward over 80,000 of its frontline employees with a salary hike of up to 8 per cent, sources said on Tuesday. Read More

Capgemini bucks trend, rolls out wage hikes, promotions

At a time when most private sector companies in India have withheld salary hikes and effected paycuts — with many going for layoffs — information technology (IT) services company Capgemini has rolled out wage hikes and promotions for all its employees in India. Read More

RBI steps up intervention in forwards, rupee weakens on heavy dollar demand

Higher demand for the dollar in view of defence spending weakened the rupee on Tuesday, even as the Reserve Bank of India (RBI) continued to mop up the greenback, which kept coming in thanks to Reliance Jio’s stake sales. Read More

Low interest rate regime critical for survival of banks: K V Kamath

Eminent banker and former president of New Development Bank K V Kamath on Tuesday pitched for a low interest regime, saying it is critical for survival of banks at this juncture. Read More

FM asks PSUs to spend 50% of budgeted expenditure by H1

With spending by the central public sector enterprises (CPSEs) slowing, Finance Minister Nirmala Sitharaman on Tuesday asked secretaries concerned to ensure that half of the budgeted expenditure is incurred by the second quarter of the current financial year to help the economy recover. Read More

Sebi considers allowing futures trading in petrol, diesel: Official

Markets regulator Sebi is looking at permitting futures trading in petrol and diesel, an official said emphasising that there has been no disruption in commodities derivatives trading during the Covid-19 crisis. Read More

Many countries may need debt restructuring after Covid-19 fallout: IMF

Many countries may need debt restructuring in the aftermath of the global coronavirus pandemic and its economic fallout, the International Monetary Fund's chief economist said on Tuesday. Read More