Top headlines: 1st invIT by govt entity set to open, SC on AGR dues, & more

From Clix Capital set to buy majority stake in Lakhsmi Vilas Bank, RBI proposing 10-yr term for bank promoter-CEOs, here are top headlines on Friday morning

The AION Capital-backed Clix Capital may come to the rescue of cash-strapped Lakshmi Vilas Bank. The Supreme Court has questioned the Centre’s move to ask state-owned firms to pay Rs 2.7 trillion as dues linked to adjusted gross revenue (AGR), calling it “wholly and totally impermissible’’. ICMR, India's top medical institute has ruled out the possibility of community transmission of Covid-19 in the country. In a first, NHAI has filed application with Sebi and is set for govt's first InvIT launch by the end of the month. Here are the top news on Friday morning.

Clix Capital eyes majority stake in cash-starved Lakshmi Vilas Bank

As time runs out for capital-starved Lakshmi Vilas Bank (LVB) to infuse money, AION Capital-backed Clix Capital is in talks to buy a majority stake in the private lender. Highly-placed sources say the private-equity player through its non-banking financial arm Clix Capital may lead the deal as it looks to buy over a 51 per cent stake and a formal letter of intent will be sent to LVB next week. Clix Capital, a digital-lending NBFC focused on retail, consumer, small business, and equipment loans, has assets under management of roughly Rs 5,000 crore. Read More...

Tata group's IHCL to foray into home delivery of food and beverages

With the Covid-19 pandemic hitting the hospitality industry hard, Tata group's Indian Hotels Company Ltd (IHCL) is planning to venture into other areas of revenue generation, including home delivery of food and beverages. "We have had a really nice response to our Hospitality@Home service, where customers can order our products for take away from our hotels across the country. "Very shortly, we will also be announcing our plans to begin delivering our products to customers. All of this is aimed at helping take our hospitality to our customers' homes," IHCL Managing Director and Chief Executive Officer Puneet Chhatwal told PTI on Thursday. Read More...

RBI proposes 10-yr term for bank promoter-CEOs, 15 yrs for non-promoters

A chief executive officer (CEO) or whole-time director (WTD) of a bank could work till she or he turned 70, and any promoter or major shareholder should not continue as CEO for more than 10 years, the Reserve Bank of India (RBI) reiterated on Thursday. But if the CEO or WTD is not a promoter or major shareholder, the person can stay in office for 15 years. The person stands a chance for re-appointment only after three years, the period in which there should be no association with the bank in any capacity. Read More...

SC asks Airtel, Vodafone Idea for road map on payment of AGR dues

The Supreme Court on Thursday questioned the Centre’s move to ask state-owned firms to pay Rs 2.7 trillion as dues linked to adjusted gross revenue (AGR), calling it “wholly and totally impermissible’’. Seeking an explanation from the Department of Telecommunications (DoT) on the matter, a bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah said the court’s AGR verdict of October 2019 was misinterpreted as it was silent on dues to be raised from public sector undertakings (PSUs). In a relief to PSUs including Oil India, GAIL, and Power Grid Corporation, the apex court said the DoT must consider withdrawing its demand. Read More...

Travel firms may make health certificate must amid Covid-19 crisis

Even as states issue conflicting diktats on whether medical certificates are needed for travel, tour companies are devising their own protocols on resuming business. A number of travel firms and tourism boards in India are planning to make medical certificates a must for travellers as they devise protocols to resume business amid the spiralling Covid-19 crisis. Masks, too, would be a must for travellers, they said. Leisure travel has come to a standstill due to the global lockdowns. Until now, there is no clarity when countries will open borders for tourists. Read More...

Covid-19: India does not have community transmission, says ICMR chief

India’s first serological survey to find the presence of Covid-19 antibodies in people has shown prevalence of infection among 0.73 per cent of individuals tested, with slums facing a much higher risk of spread, the Indian Council of Medical Research said. While sharing the findings of the first part of the survey conducted in May, ICMR chief Balram Bhargava said the infection in containment zones was found to be high with significant variations. The second part of the survey to study the spread of the disease in the containment zones in the hotspot districts was still ongoing, he said. Read More...

Irdai issues guidelines for standardisation of indemnity health products

The insurance regulator on Thursday issued guidelines on standardising general terms and clauses in indemnity-based health products. These directions were issued to simplify the buying experience for consumers and ensure uniformity across the industry. In its attempt to simplify the clauses and wording used in health products, the Insurance Regulatory and Development Authority of India said insurers have to make sure they incorporate the same wording prescribed by the regulator. These guidelines will be applicable to all new products filed by insurers from October 1 and existing health products have to adhere to the guidelines by April 1, 2021. Read More...

First InvIT by govt entity set for launch; NHAI files application with Sebi

The first infrastructure investment trust (InvIT) from a government entity is likely to take off by month-end, with the National Highways Authority of India (NHAI) filing an application with the Securities and Exchange Board of India (Sebi). The NHAI plans to offer 19 projects worth Rs 35,000 crore under the InvIT model, of which two-three projects worth Rs 5,000-6,000 crore are expected to be taken up first. Read More...

NSDC prepares a platform to ensure speedy skilling of migrant returnees

The National Skill Development Corporation (NSDC) has prepared a platform to ensure speedy skilling of migrant returnees in 116 most-affected districts, where states are struggling to rehabilitate livelihoods. The list of districts correspond to the ‘Atmanirbhar districts’ planned by the Centre across Uttar Pradesh, Bihar, Madhya Pradesh, Jharkhand, Odisha, and Rajasthan. The government has directed that work under the Mahatma Gandhi National Rural Employment Guarantee Act be fast-tracked in these states, along with more loans for small businesses. Read More...

Amid muted hiring in IT firms, gig economy witnesses a boom 

The pandemic may have put a pause on technology hiring, but the software gig economy is buzzing, where freelance developers on crowdsourced platforms such as Topcoder, Github and HackerEarth work on specific tasks for a fee. These platforms, where clients find independent developers to ideate quickly and work on multiple projects, have gained as customers seek more agile workforces, with their requirements changing at short notice. Top Indian IT companies have already indicated that hiring will remain muted over the first and second quarters of this financial year, while contract hiring might rise as companies try to reduce long-term cost commitments. Topcoder, a community of 1.6 million freelance software developers, reported higher community activity, order bookings and overall fulfilment since the pandemic struck, Livemint reported.