Top headlines: Plan for 75 digital banks, IPL broadcast rights, and more

Business Standard brings you the top headlines on Wednesday

Govt setting up 75 digital banks this year, says FM Nirmala Sitharaman

India is planning to set up “digital only” banks and non-banking financial companies (NBFCs) to ensure that business continuity in the lending system is not affected even in exceptional times. In her first public appearance before the Atlantic Council think tank, Union Finance Minister Nirmala Sitharaman told a select Washington audience that the government had made efforts to achieve macroeconomic stability by recapitalising banks and increasing foreign exchange reserves. Read more

Oil & gas assets: Centre eyes innovative ways for asset monetisation

Taking a leaf out of the successful asset monetisation in coal and mineral mining, the Centre is exploring innovative ways to monetise assets in oil and gas as well as other sectors in the ongoing fiscal year. The NITI Aayog, in consultation with administrative ministries, is exploring different ways in which oil and gas assets can be monetised and reforms that can be undertaken in the sector to promote private sector participation and ease of doing business as introduced in the mining sector, an official said. Read more

State Bank of India seeks accountability on Future Retail store takeovers

The State Bank of India (SBI), which is among the key lenders of Future Retail (FRL), has asked the latter for accountability on the issue of Reliance taking over around 800 stores without any prior intimation to the creditors. Lenders, including SBI, held a preliminary meeting and have objected to Reliance taking over the stores. Read more

BS Number Wise: Indian states are living dangerously on subsidies

Subsidies were ample in the mercantilist period before the industrial revolution. The British paid bounties to increase corn exports in the late 17th century. During the First World War, the US government subsidised oil producers to drum up production, and in the late 1920s, it subsidised farmers to keep demand and supply in check. Read more

Amazon, Reliance, Sony vying for IPL broadcast rights: Report

Amazon.com Inc., The Walt Disney Co. and billionaire Mukesh Ambani-led Reliance Industries Ltd. are among those that have signaled an intention to bid for the broadcast rights of the Indian Premier League, or IPL, according to people familiar with the matter, setting the stage for an epic showdown for the prized asset in cricket-crazy India. Read more