Banks’ loan exposure limit to NBFC hiked

The RBI has increased the loan exposure limit of banks to a single NBFC (excluding gold loan companies) from 15 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, banks’ exposure to a single 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 government has also been taking steps to increase liquidity in the NBFC sector, which was hit after default by IL&FS Group. The liquidity crunch in the NBFC sector has hit the retail loan segment, leading to a slowdown in consumer sector lending.

SC to hear review plea of SC/ST Act verdict

The Supreme Court has referred to its three-judge bench the Centre’s plea seeking review of the March 2018 verdict which had virtually diluted provisions of arrest under the SC/ST Act. The SC had on May 1 reserved the judgment on the Centre’s review plea while observing that laws should be caste neutral and uniform. The Centre had contended that the verdict was “problematic” and it should be reviewed. The verdict had led to a massive outcry and protests by different SC/ST organisations. Some of the parties supporting the verdict had said that the Centre’s review has become infructuous as Parliament has already passed the SC/ST (Prevention of Atrocities) Amendment Act, 2018 to neutralise the effects of the judgment. They sought a stay of the Act till the apex court gives the verdict on the Centre’s review plea.

Odd-even vehicle scheme returns to Delhi

Delhi Chief Minister Arvind Kejriwal said the odd-even road rationing scheme will be implemented in the state from November 4 to 15. Kejriwal said the move was aimed at combating high levels of air pollution in winters when crop burning takes place in neighbouring states. The chief minister announced his seven-point action plan to tackle pollution due to crop burning, which includes distribution of masks, mechanised sweeping of roads, tree plantation, and special plans for 12 pollution hot spots in the city. Under the scheme, odd and even numbered vehicles ply on alternate days.

Sikh foreign nationals removed from blacklist

The Union government has removed from its blacklist the names of 312 Sikh foreign nationals involved in anti-India activities and only two persons figure on the list now, a home ministry official said. The decision has been taken after a review carried out by different security agencies on the Adverse List or blacklist containing the names of Sikh foreign nationals. “The government of India has reviewed the Adverse List containing 314 foreign nationals belonging to Sikh community and brought it down to just two,” the official said. Those removed from the list are now eligible to avail visa services to visit family in India and reconnect with their roots.

India develops catchment treatment plan

In order to fulfil its commitment to create an additional 2.5-3 billion tonnes of carbon sink by 2030, India has developed its first catchment treatment plan for the Ganga. The commitment to increase an additional 2.5-3 billion tonnes carbon sink was made by India at the Paris Agreement in 2015 to fight climate change. Siddhanta Das, DG of Forests, Ministry of Environment, said farmers must be encouraged to grow trees outside forest areas, which will help accelerate the carbon sequestration process. The strategy to meet this goal necessitates landscape-based catchment treatment of major river systems and extending tree cover outside forests. The first such plan has been developed by the Forest Research Institute, and plans are being developed for nine major river systems.

India and Africa review progress of projects

India and Africa reviewed projects of cooperation in maritime security, climate change, connectivity and counter-terrorism among others during a mid-term review meeting. The review meeting of the Strategic Cooperation Framework of Africa-India Forum Summit (IAFS) III was attended by representatives from the Ministry of External Affairs and a delegation from the African Union, and representatives of the African diplomatic corps. The two sides discussed new areas of cooperation such as solar energy, digital technology, traditional medicine among others. According to a joint statement by India and the African Union, both sides discussed cooperation in priority areas of AU Agenda 2063 such as projects at continental level, cooperation in the health sector, maritime security, connectivity and climate change.

New Delhi killer superbug hits Tuscany

Authorities in Tuscany, home to some of Italy’s most visited tourist attractions, have stepped up hospital controls after a deadly outbreak of the New Delhi superbug. The antibiotic-resistant killer has shown “significant diffusion in Tuscany” since November 2018, infecting at least 75 people, officials said. The bacterial disease is believed to have killed at least 31 people in 17 hospitals since then, Italian media reported. Superbug NDM-1 (New Delhi metallo-beta-lactamase 1) sparked a global panic when it was found in New Delhi in 2010 and showed resistance even to carbapenems, a group of antibiotics often reserved as a last line of defence. The European Centre for Disease Prevention and Control in June issued a rapid risk assessment after an outbreak of the superbug in Tuscany.