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Firstsource Solution, Granules India, Kalpataru Power, Neuland Labs, Alembic, Huhtamaki India and Dishman Carbogen Amcis are among companies that will announce their March quarter results today.
HFCL: The domestic telecom gear maker posted a multifold jump in its consolidated net profit to Rs 86.47 crore in the quarter ended March 31, 2021. The company had posted a net profit of Rs 8.7 crore in the corresponding period of the previous year.
Indian Overseas Bank: State-owned lender said its board will meet next week to issue preference shares to the government for Rs 4,100 crore capital infusion. A meeting of the board of directors for the issue of equity share capital would be held on Monday, May 17, 2021, to issue and allot shares to the government on a preferential basis for the capital infusion of Rs 4,100 crore,
The Reserve Bank on Monday came out with modified guidelines that allow sound private sector banks to undertake government business, whether at the Centre or in states. According to the modified norms, scheduled private sector banks, which are not under the Prompt Corrective Action (PCA) framework of the RBI, can undertake government business after executing an agreement with the central bank. Scheduled private sector banks, not having agency banking agreement with RBI, but intend to handle government agency business, may be appointed as agents of RBI upon execution of an agreement with RBI. This will be subject to the condition that the concerned bank is not under PCA framework or moratorium at the time of making the application or signing of the agreement with RBI, the central bank said in a notification.
Performance of Banks on Govt schemes to be monitored for continuation as Agency Banks
May 10, 2021
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Scheduled private sector banks (PvSBs) intending to handle government agency business as agency banks of the Reserve Bank of India (RBI) can do so upon execution of an agreement with the latter.
This will be subject to the condition that the concerned bank is not under Prompt Corrective Action (PCA) framework or moratorium at the time of making the application or signing of the agreement with RBI.
Revised guidelines
The central bank on Monday issued “revised guidelines/ framework for authorising Scheduled PvSBs as agency banks of RBI for conduct of government business attracting agency commission” following lifting of the embargo put in place from September 2012 by Department of Financial Services (DFS), Ministry of Finance (MoF) on further allocation of Government business to private sector banks.