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IN BRIEF
RBI advisory will not affect our
biz: Manappuram Fin MD & CEO
The Reserve Bank of India’s (RBI's) advisory to non-banking finance
companies (NBFCs), asking them not to disburse gold loans in cash
exceeding ~20,000, will not hamper business, said V P
Nandakumar, managing director and chief executive officer of
Manappuram Finance. The RBI recently advised NBFCs extending
gold loans not to lend in cash exceeding ~20,000, citing the Income
Tax Act. According to Nandakumar, online gold loans, which form
50 per cent of their gold loan portfolio, follow a fully paperless
process for application and disbursement.“Even for the loans
originating at branches, most of our customers prefer direct
transfers. Moreover, our employees are trained to convince
customers about the same as it promotes smooth operations,”
Nandakumar said. AATHIRA VARIER

RBI repurchases bonds

worth ~10,512 crore
The Reserve Bank of India (RBI) repurchased ~10,512 crore worth of
government bonds on Thursday, against the notified amount of
~40,000 crore. The central bank received bids worth ~53,333 crore at
the auction. Market participants said that the RBI accepted bids only
at Financial Benchmarks India Private Limited (FBIL) levels. FBIL is an
organisation responsible for administering and publishing financial
benchmarks, including interest rate benchmarks. These
benchmarks are used as reference rates for financial products such
as loans, bonds, and derivatives. ANJALI KUMARI

Biggest power shortfall in

14 years projected in June
India is projecting its biggest power shortfall in 14 years in June after
a slump in hydropower generation, the government told Reuters,
and is racing to avoid outages by deferring planned plant
maintenance and re-opening idled units. The deficit also follows
delays, a government source said, in the commissioning of 3.6
gigawatts (Gw) of new coal-fired plants which had been targeted to
be operational before March. A peak shortage of 14 Gw is forecast in
June during night-time hours, when solar capacity is offline, the
Central Electricity Authority, the planning body for the power sector,
told Reuters in a statement. REUTERS

Corruption and lawlessness

plague Jharkhand: Sitharaman
Union Finance Minister Nirmala Sitharaman on
Thursday alleged that monumental corruption
plagued Jharkhand which was bearing the brunt
of migration and lawlessness, and a change in
governance was the need of the hour in the state.
Speaking at an event in Ranchi, Sitharaman said
allegations of step-motherly treatment
towards Jharkhand were baseless.
Eastern India can become the engine of
growth for the country with the
restoration of industries, she said. PTI

Canada hasn’t shared evidence

on Nijjar killing case: India
India on Thursday said Canada has informed it about the arrest of
three Indian citizens in the case of killing of Khalistani separatist
Hardeep Singh Nijjar but it has not provided any “specific” evidence
or information in the matter yet. “Let me first make it clear that no
specific or relevant evidence or information has been shared by the
Canadian authorities till date,” external affairs ministry
spokesperson Randhir Jaiswal said. PTI

Reports on study about Muslim

population misleading: PFI
Amidst media coverage regarding the growth of the Muslim
population, the Population Foundation of India (PFI) has raised its
concerns against what it deems as "misleading" and "inaccurate"
reporting. Poonam Muttreja, Executive Director, PFI said, “The
study’s focus on changes in the share of majority and minority
religious groups globally over a 65-year period should not be used
to incite fear or discrimination against any community. The media’s
selective portrayal of data to highlight the increase in the Muslim
population is an example of misrepresentation that ignores broader
demographic trends.” BS REPORTER