In an interim report, the committee has proposed allowing non-resident Indians (NRIs) to hold a non-controlling stake in foreign funds. Read more here
RBI to conduct special audit of IL&FS over loan defaults worth Rs 10 billion
The Reserve Bank of India (RBI) has decided to conduct a special audit of Infrastructure Leasing & Financial Services (IL&FS) after it defaulted on Rs 10 billion worth of inter-corporate deposits raised from Small Industries Development Bank of India (Sidbi). The RBI will likely investigate why the investment company did not inform it beforehand about its financial position.
A source said when a core investment company defaults, it is a standard procedure for the RBI to conduct a special audit. Another source, however, said the audit is being done after Sidbi requested the banking regulator to do so. Read more here
Spike in fuel prices likely to make commodities, services costlier
With the rise in global crude oil prices and the resulting hike in home diesel and petrol costs, various products and services such as transport, food, medical equipment and imported goods are likely to become more expensive.
Petrol and diesel prices affect five per cent and three per cent of the wholesale price index and consumer price index, respectively,” said Madan Sabnavis, chief economist at CARE Ratings. “The indirect impact is roughly 50 per cent of the direct impact on prices of derived products and services. This includes transport services and goods such as petrochemicals, paints, fertiliser and plastic products.” Read more here
HDFC Life's Amitabh Chaudhry appointed as CEO & MD of Axis Bank
Amitabh Chaudhry has been appointed managing director and chief executive of Axis Bank for a three-year term. He will take charge on January 1, 2019.
Chaudhry, 54, will succeed the current MD & CEO Shikha Sharma, whose term ends on December 31. Chaudhry, who’s MD & CEO at HDFC Life Insurance, has resigned from the post. Read more here
Placement upswing: IT companies open purse strings to tap best talent
At Chennai’s SRM University, Microsoft recently made a “super dream offer’’ at Rs 3.9 million, bettering last year’s Rs 2.15 million by PayPal, an over 80 per cent jump. That’s not a one of example, indicating an upswing in the placement mood this season at top and mid-rung engineering colleges. Consider this: Vellore Institute of Technology (VIT University) got 14 offers at Rs 3.9 million each, again from Microsoft. VIT also saw Deloitte hire 199 students from the campus with average packages of Rs 650,000 and above, compared to 121 students last year. Similarly, Wipro has picked up 160 students this year against 139 last year.
Indeed, early trends are upbeat with IT and consulting firms including marquee names such as Microsoft, Infosys, Tata Consultancy Services (TCS) and Deloitte showing a significant jump in both the number of offers and the salary packages. Read more here