The RBI on Thursday increased loan exposure limit of banks to a single NBFC (excluding gold loan companies) from 15 per cent to 20 per cent of its capital base, a move that will help increase credit supply to the crisis-ridden shadow banking sector.

According to the extant ‘Large Exposures Framework (LEF)’, banks’ exposure to a single non-banking financial company (NBFC) is restricted to 15 per cent of their available eligible capital base, while general single counter-party exposure limit is 20 per cent, which can be extended to 25 per cent by banks’ boards under exceptional circumstances.

The All India Online Vendors Association (AIOVA) claims that Amazon India has implemented a new ‘regional visibility programme’ that restricts products to regional zone visibility. Simply put, a Mumbai-based seller will not be able to sell products to customers in New Delhi unless they stock up inventory at Amazon’s fulfilment centres in New Delhi, an AIOVA spokesperson said.

In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19.

Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai).

Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here.

In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted.

Key states have expressed reservations on a cut in the goods and services tax (GST) rate for the auto sector because of the grim revenue situation, after the fitment panel refrained from recommending any such reduction.

Facing a deepening slowdown, the auto sector is pinning hopes on the GST Council meeting on September 20 for a rate cut from 28 per cent to 18 per cent.

A scheme to augment the availability of export credit — at affordable terms and in sufficient volume — will soon be unveiled, said Commerce and Industry Minister Piyush Goyal. This scheme will include forex credit.

The scheme, which aims to ease availability of export credit especially for small businesses, will likely lead to rates dropping to the sub-4 per cent category, said Goyal.

State-owned lender State Bank of India (SBI) has successfully divested 4.5 per cent stake in SBI Life Insurance Company. The share sale will fetch SBI nearly Rs 3,500 crore which will help the state-owned institution augment its capital base.

The offer for sale (OFS) on Thursday saw nearly two times more demand than the shares on offer.

Gold and silver prices in India continue to be under pressure, tracking a weak global trend and a stronger rupee. On MCX, October gold futures prices were down 0.2% to ₹37,877 per 10 grams. Gold prices are now down about ₹2,000 from last week's high of ₹39,885. Tracking a similar weak trend, silver prices continue to fall. Silver futures prices on MCX were today down 0.60% to ₹47,518. Silver rates are now down about ₹4,000 from their last week's high of ₹51,489.

MUMBAI : Public sector lender Bank of Baroda (BoB) has decided to sell the head office of erstwhile Dena Bank in Bandra Kurla Complex for at least ₹530 crore, according to a document seeking bids. The e-auction will be conducted on 18 October.

This follows the merger of Bank of Baroda with Dena Bank and Vijaya Bank in April.

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