Top headlines: RBI extends restrictions on PMC, Franklin moves SAT, & more

Business Standard brings you the top news of the evening

RBI extends restrictions on beleaguered PMC Bank till December 31

The Reserve Bank of India (RBI) has extended the restrictions placed on Punjab and Maharashtra Cooperative (PMC) Bank till December 31. RBI had, on June 18, granted “in-principle” approval to Centrum Financial Services Ltd (CFSL) to take over beleaguered PMC Bank via small finance bank (SFB) route. It had given Centrum 120 days to commence operations. READ MORE...

RBI holds back selling 10-year bond indicating advent of new benchmark paper

The Reserve Bank of India (RBI) did not sell any of its planned Rs 14,000 crore of the benchmark 10-year bond on Friday’s auction, which may indicate its discomfort in breaching the limit outstanding in the bond, and that a new 10-year bond could be coming any time soon, may be in the next auction itself. READ MORE...

IT Minister says Twitter blocked his account in violation of IT rule

Union minister for electronics and information technology Ravi Shankar Prasad said on Friday that Twitter blocked his account temporarily, and was in violation of the new IT Rules notified by his ministry. READ MORE...

PharmEasy to pick up 66.1% stake in Thyrocare for Rs 4,546 crore

Online medicine delivery firm PharmEasy on Friday announced that its parent API Holdings Ltd (API) will acquire 66.1 per cent stake in Thyrocare for Rs 4,546 crore from Dr AVelumani and affiliates. READ MORE...

In relief to taxpayers, govt announces extension of compliance deadlines

In a relief to taxpayers in the country, the union government on Friday announced extension of several tax compliance deadlines including time to invest in residential house for tax deduction, payments under dispute resolution scheme. READ MORE...

Fiscal health of Indian state govts to worsen due to Covid-19: S&P

The Covid-19 pandemic could worsen structural deficits and indebtedness of state governments in India. This is despite a likely rebound in the economy over the next 12-24 months, according to rating agency Standard and Poor's (S&P). READ MORE...

Franklin MF moves SAT seeking stay on Sebi's Rs 5 crore penalty order

Franklin Templeton Mutual Fund (FT MF) on Friday moved the Securities Appellate Tribunal (SAT) against a Sebi’s order dated June 7, which imposed a penalty of Rs 5 crore on the fund house and directed it to disgorge more than Rs 500 crore. READ MORE...