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Topic: ILFS

An under-construction building (Representational image) | Commons

Srei quits infrastructure funding blaming ‘socialist’ India, says it’s govt’s job

Srei will focus solely on financing purchases & leasing of equipment. Govt should fund infrastructure as India is a socialist economy, it says.
Workers sort onions at the Agriculture Produce Market Committee wholesale market in Lasalgaon, Maharashtra | Dhiraj Singh/Bloomberg

It’s not inflation but economic stagnation that poses a bigger worry for India

Risk of economic stagnation combined with high inflation has risen, though former remains the dominant force. RBI shouldn’t get nervous and worsen it.
An under-construction building (Representational image) | Commons

Dewan case is a big test for India’s bankruptcy law and NBFC crisis

Bankruptcy law is set up for non-financial firms. Using it to put a financier like Dewan out of its misery has some advantages but many shortcomings.

S&P warns of increased contagion risk in India’s financial sector

S&P said if an Indian bank got into trouble, the contagion could spread to other banks “perceived to be struggling” with the same problems as failing banks.
Raj Thackeray

Raj Thackeray, Manohar Joshi’s son summoned by ED in connection with IL&FS probe

Raj Thackeray & Unmesh Joshi jointly bid for assets in a company called Kohinoor CTNL, after creating a consortium but later the MNS chief quit.
Finance Minister Nirmala Sitharaman presenting the 2019 Budget. | ANI

Credit guarantee to banks, more powers to RBI as Modi govt moves to nip NBFC crisis in bud

In her first Budget, Nirmala Sitharaman nudges state-run banks to purchase assets of non-banking finance firms to help tide over liquidity crisis.
Residential apartment buildings

Troubled lender Dewan seeks $217 million in fresh loans a month

Dewan Housing has about Rs 800 billion of obligations and will submit the resolution plan on 10 July to a consortium of lenders led by state-run UBI.
Former Pakistan president Asif Ali Zardari being arrested

Mehmal Sarfraz on an ‘arresting week’ in Pakistan & Shailaja Chandra on the role of IAS officers

The best of the day’s opinion, chosen and curated by ThePrint’s top editors.

Company directors will have to clear appointment exams as Modi cracks down on corruption

Modi govt is working on overhauling India’s corporate governance system after a series of frauds in its first term.
SEBI Bhavan

SEBI’s new focus on rating agencies is the first step towards bond market reform

The IL&FS crisis laid bare the problems facing India’s bond markets. Now, there is a need to build deep and liquid markets via regulatory reform.

On Camera

Representational image | Pixabay

Scuba divers are turning plastic waste in the oceans into Covid face masks

Diving organisation PADI has teamed up with a watersports clothing company to recycle bottles recovered from the ocean to make a range of face coverings.

Refining industry enters ‘age of consolidation’ with ‘catastrophic’ margins

A refinery thrives on the price difference between crude oil and fuels like gasoline, earning a profit that’s known in the industry as a cracking margin.

Defence

File image of Indian soldiers in Ladakh | By special arrangement

No de-escalation in Ladakh yet, but some forward movement could be expected this week

India and China have agreed on an initial de-escalation plan and a 72-hour observation window to make sure steps agreed upon have been taken on the ground.
Illustration by Soham Sen | ThePrint

It’s time for China, Pakistan, even India to rethink the fantasy Modi called expansionism

India, China and Pakistan all want territory from another. But it’s a pursuit doomed to fail as they can’t get it without annihilating the other.