Morning Buzz: RBI to change wilful defaulter norms, borrowing conditions for big firms eased, and more
Here are the top business headlines this morning, to get your day started
(File Photo)People walk past the Reserve Bank of India (RBI) building in New Delhi, India. Picture taken March 2, 2016. Image: REUTERS/Anindito Mukherjee
RBI to change wilful defaulter norms
The Reserve Bank of India (RBI) has issued a draft paper proposing that lenders classify wilful defaulters within 6 months of an account turning a non-performing asset. The RBI has proposed that all accounts above Rs 25 lakh be monitored for wilful defaults. The classification will happen after the borrower has been provided an opportunity to be heard.
(Economic Times, Business Standard, Business Line)
Borrowing conditions for big firms eased
The Securities and Exchange Board of India (Sebi) said it would allow for more flexibility for companies to access the bond markets as well as move penalties for companies that were unable to meet the mandatory bond market borrowing quota. There will now be no penalty for failing to raise the mandatory 25 percent of incremental borrowings for the fiscal year through bond markets.
(Business Standard, Financial Express, Business Line)
Nirma to buy 75 percent of Glenmark Life Sciences
Nirma plans to acquire 75 percent of listed entity Glenmark Life Sciences at Rs 615 per share for a total consideration of Rs 5,651 crore. This marks the biggest bet of the detergent-to-cement conglomerate in the pharmaceutical space. Glenmark’s stake will drop to 7.84 percent.
