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Supreme Court gets four new judges

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Supreme Court of India

New Delhi, Nov 2: Justice Hemant Gupta, Justice R. Subhash Reddy, Justice Mukesh Kumar Rasikbhai Shah and Justice Ajay Rastogi on Friday sworn in as judges of the Supreme Court.

The new judges were administered the oath by Chief Justice Ranjan Gogoi.

With the addition, the strength of the top court judges has reached to 28 — only three short of the sanctioned strength of 31.

Justice Gupta, Justice Reddy, Justice Shah and Justice Rastogi were the Chief Justices of Madhya Pradesh, Gujarat, Patna and Tripura High Courts, respectively before their elevation.

On October 29, the Supreme Court collegium had recommended their elevation and it was officially made public on October 30.

The central government cleared the recommendation for their elevation to apex court within two days.

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RBI to come up with guidelines for dividend distribution by NBFCs

RBI has decided to carry out consultation with stakeholders before finalising the revised regulatory framework.

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Reserve Bank of India RBI

Mumbai: The Reserve Bank of India (RBI) has decided to come out with guidelines for dividend distribution by NBFCs.

Unlike banks, currently there are no guidelines in place with regard to distribution of dividend by NBFCs.

RBI Governor Shaktikanta Das on Friday announced that keeping in view the increasing significance of NBFCs in the financial system and their interlinkages with different segments, it has been decided to formulate guidelines on dividend distribution by NBFCs.

Different categories of NBFCs would be allowed to declare dividend as per a matrix of parameters, subject to a set of generic conditions.

A draft circular in this regard will be issued shortly for public comments.

He further said that the contribution of NBFCs as a supplemental channel of credit intermediation alongside banks is well recognised.

Regulatory regime governing the NBFC sector is built on the principle of proportionality such that adequate operational flexibility is available to the sector through calibrated regulatory measures.

However, there are rapid developments in the last few years, which have led to significant increase in size and interconnectedness of the NBFC sector.

“There is, therefore, a need to review the regulatory framework in line with the changing risk profile of NBFCs. It is felt that a scale-based regulatory approach linked to the systemic risk contribution of NBFCs could be the way forward,” said the RBI’s statement on developmental and regulatory policies.

RBI has decided to carry out consultation with stakeholders before finalising the revised regulatory framework.

A discussion paper in this regard will be issued before January 15, 2021 for public comments.

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Modi chairing all-party meeting to discuss corona situation, vaccine

Earlier also, Modi had convened all-party meetings on coronavirus and the India-China border tensions in eastern Ladakh.

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Narendra Modi

New Delhi: Prime Minister Narendra Modi was chairing an all-party meeting with ministerial colleagues and select opposition leaders on Friday to discuss the ongoing battle against coronavirus pandemic and potential availability of coronavirus vaccine in the near future and its distribution in India.

The virtual meeting began at 10.45 am, in which Defence Minister Rajnath Singh, Union Home Minister Amit Shah and Health Minister Dr Harsh Vardhan, apart from Health Ministry Secretary, were also present.

The leaders of opposition parties will be taken into confidence on the measures taken by the central government so far to prevent more coronavirus cases in the country etc.

Only leaders of those parties which have four to five MPs have been invited to the meeting.

Once the meeting is over, an official statement will be issued on behalf of the Prime Minister’s Office to inform the public about its outcomes.

Earlier also, Modi had convened all-party meetings on coronavirus and the India-China border tensions in eastern Ladakh.

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Business

RBI allows settlement files of payment systems on all days of year

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Shaktikanta Das

Mumbai: The RBI has proposed to allow settlement files of payment systems viz., AePS, IMPS, NETC, NFS, RuPay, UPI to be posted to the apex bank on all days of the year.

The measure will reduce build-up of settlement and default risks and enable better management of funds by member banks.

It will also enhance overall efficiency of the payments ecosystem.

Presently, the facility of posting settlement files of payment systems, operated by authorised payment system operators, to the Reserve Bank is available only on RTGS working days.

With round the clock availability of eKuber (core banking system of RBI) and RTGS (to be operationalised soon), it is proposed to allow settlement files of payment systems on all days of the year, the RBI said in a statement.

Instructions in this regard will be issued by the pax bank shortly.

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