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QBiz: New Consumer Protection Bill Approved; Action Against BoI

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1. Cabinet Approves New Consumer Protection Bill

The Cabinet on Wednesday approved a new Consumer Protection Bill that seeks to establish an authority to safeguard consumers' rights and has provisions for penalty and jail terms in case of adulteration and misleading ads by companies.

Celebrities endorsing misleading ads are also liable for fine and ban of up to three years. According to sources, the Cabinet has approved introduction of the Consumer Protection Bill, 2017, which will result in withdrawal of a bill brought in 2015.

In August 2015, the Centre had introduced the Consumer Protection Bill in the Lok Sabha to repeal the 30-year-old Consumer Protection Act, 1986.

A Parliamentary Standing Committee had also submitted its recommendations in April last year.

(Source: PTI)

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2. Varun Beverages to Acquire PepsiCo's Franchised Sub-Territory in Jharkhand

Varun Beverages, a non-alcoholic beverages maker, on Wednesday said its board has approved a proposal to sign an agreement to acquire PepsiCo India's previously franchised sub-territory in Jharkhand along with manufacturing facilities and franchise rights for Chhattisgarh.

The board of the company in a meeting held on Wednesday approved "its intent to enter into a binding agreement to acquire Pepsico India's previously franchised sub territory in the state of Jharkhand (20 districts) along with manufacturing facilities and franchise rights for the state of Chhattisgarh".

However, it also added that it would be "subject to the satisfactory completion of due diligence and final approval of Pepsico".

Upon completion of this acquisition, Varun Beverages will be a franchise for PepsiCo products across 20 states and 2 union territories of India.

(Source: PTI)

3. Bitcoins Not Posing Systemic Threat But Can’t Be Ignored: SEBI Chief

Securities and Exchange Board of India Chairman Ajay Tyagi on Wednesday said virtual currency Bitcoin has not posed any systemic threat so far, but it cannot be ignored and a government panel is looking into its issuance.

Currently, Bitcoins and any such cryptocurrencies, are not approved by the Reserve Bank of India or any other regulator.

“The government is in consultation with the RBI and Sebi on the issue of Bitcoins. The panel, also consisting of finance and information technology ministries, is looking for what can be done,” Tyagi said at the financial markets summit organised by the industry lobby Confederation of Indian Industry.

(Read full story on BloombergQuint)

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4. RBI Initiates Prompt Corrective Action Against Bank Of India

Shares of Bank of India Ltd tumbled as much as 5 percent after the Reserve Bank of India (RBI) initiated prompt corrective action against the state-owned lender.

RBI's action was on account of Bank of India's high net non performing assets (NPAs), insufficient capital and a negative return on asset for two consecutive years, according to a stock exchange filing. The action will contribute to the "overall improvement in risk management, asset quality, profitability, efficiency" of the bank, the filing added.

Bank of India had reported a net NPA ratio of 6.47 percent of the total advances for the quarter ended September. It’s gross NPA ratio was at 12.6 percent. It’s capital adequacy ratio stood at 12.23 percent.

(Read full story on BloombergQuint)

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5. RBI Governor Flagged Concern Over Rising Oil Prices at MPC Meet

RBI Governor Urjit Patel flagged concerns over rising global oil prices and uncertainties on fiscal and external fronts in the meeting of Monetary Policy Committee (MPC) that left key policy rates unchanged earlier this month.

Two other members in the panel, Deputy Governor Viral Acharya and Executive Director Michael Debabrata Patra, flagged the issue of inflation in petroleum products, according to the minutes of the MPC meeting held on 5 and 6 December released by the RBI on Wednesday.

In its December monetary policy review, the RBI had kept the interest rate unchanged at 6 percent on concerns of a possible price rise but left the door ajar for a rate cut in future.

The MPC decides on the key lending rate or repo rate.

(Source: PTI)

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6. Govt Clears Rs 1,300-Cr Skill Development Scheme for Textile Sector

The Union Cabinet on Wednesday approved a new skill development scheme having an outlay of Rs 1,300 crore with an aim to create jobs in the organised textile and related sectors.

The decision was taken at a meeting of the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi.

The scheme will cover the entire value chain of textiles, excluding spinning and weaving in the organised sector.

Around 10 lakh people are expected to be skilled and certified in various segments of the textile sector through the scheme, out of which 1 lakh will be in traditional sectors, an official statement said.

(Source: PTI)

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7. 5,350 Startups Eligible for Startup India Initiative Benefits

The commerce and industry ministry on Wednesday said a total of 5,350 startups have been recognised by the Department of Industrial Policy and Promotion (DIPP) for availing benefits under the Startup India initiative.

Under the Fund of Funds for Startups, 75 startups have received funding to the tune of Rs 337.02 crore.

Further, 74 startups have been recognised to avail tax exemption under the Income Tax Act, it added. "Under DIPP-recognised 5,350 startups at least 40,000 people have been employed," the ministry said.

It further said that Startup India Hub has been established as a single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding.

(Source: PTI)

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8. 153 IPOs Hit Indian Market, $11.6 Bn Raised in 2017

As many as 153 initial public offers hit the Indian stock market this year, raising USD 11.6 billion, according to an EY report that says activity "looks good" for 2018 as well.

According to the report released today, the fourth quarter (October-December) of this year saw 22 IPOs hitting the market, an increase of 47 percent quarter-on-quarter (Q- O-Q) in terms of number of deals.

"India's BSE, NSE and junior markets recorded a 74 percent increase in deal numbers in 2017 compared with 2016, with 153 IPOs raising USD 11.6 billion," the report said.

In Europe, the Middle East, India and Africa region (EMEIA), BSE and SME exchanges recorded the highest proceeds worth USD 5.5 billion through 17 IPOs, the EY Global IPO Trends: 2017 (Q4) report added.

The largest IPO by proceeds was General Insurance Corp of India worth USD 1.7 billion in the region.

(Source: PTI)

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9. HDFC Bank Lines Up Rs 24,000 Crore In Equity Fund Raising

The board of directors of HDFC Bank Ltd has approved a proposal to raise Rs 24,000 crore through a mix of instruments, including a preferential allotment to parent HDFC Ltd.

The fund-raising plan – the largest by an Indian company – comes against the backdrop of strong growth in the bank’s balance-sheet over the last two years and an expectation that credit demand will revive as the economy stabilises.

Detailing its fund raising plan, HDFC Bank said that of the Rs 24,000 crore, Rs 8,500 crore will be through an issue of shares to HDFC Ltd. The remaining funds will be raised through issuance of equity shares, convertible securities or depository receipts under a qualified institutional placement, American Depository Receipts or Global Depository receipt programme, the statement said.

(Read full story on BloombergQuint)

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