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India's central bank will hold separate meetings with the executive of state-run and private banks late next month to discuss supervision, ethics and governance issues, five banking sources said on Thursday. Reserve Bank of India (RBI) officials, including Governor Shaktikanta Das, will meet with executives at state-run banks on May 22 and with private banks' executives on May 29, the sources said. "The RBI has been regularly gathering inputs from banks about the status of supervisory methods, risk management and stress testing," said a senior banker at a private sector lender. "The RBI is probably looking to discuss the feedback with banks' management on a broader and individual level." RBI Governor Shaktikanta Das will address the chairpersons and directors of state-run banks on these topics, including the role of the board of directors on a bank's "assurance functionalities", one of the sources said. The meetings will also include t...

Nampak CEO Erik Smuts has resigned with effect from Thursday, with the debt-laden packaging company saying his decision reflects the fact the role is changing as a disposal programme makes the group smaller. from News24 Top Stories https://ift.tt/xAu0iPg

The president of the United Arab Emirates and ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, and his family landed in the Eastern Cape on Wednesday on a R20-million runway he built with his own money. from News24 Top Stories https://ift.tt/CbHN3K8

Indian buyers have opted to cancel 75,000 tonnes of palm oil purchases for the first time in many years and switch to rival soft oils, such as sunflower oil and soyoil, five industry officials told Reuters. Palm oil usually trades at a discount to soft oils, but import restrictions by top producer Indonesia have helped to push palm oil to a premium, making sun oil and soyoil more attractive to buyers. This has prompted some Indian buyers to reduce purchases of palm oil for May shipments and increase soft oil imports. They can do this via mutual agreements with importers to cancel the sales - a process known locally as a "wash out". This allows a buyer to sell back a product to the seller based on a pricing formula that includes the prevailing market price. Lower palm oil imports by India, the world's biggest buyer of vegetable oils, could weigh on Malaysian palm oil prices, but support soyoil and sunflower oil prices. A few buyers decided to opt for a wash out becaus...

Business conglomerate Tata Group has sought the competition regulator's approval for a merger between its Air India airline and Vistara, the company's joint venture with Singapore Airlines (SIA). The merger, announced in November, will create a stronger rival to India's dominant carrier IndiGo and help SIA solidify its foothold in one of the world's fastest-growing aviation markets. Tata will hold 51% of the total issued and paid-up equity share capital of the merged entity while SIA will own a 25.1% minority stake, according to a filing on the Competition Commission of India's website on Wednesday. Air India, founded by JRD Tata in 1932 and nationalised in 1953, was returned to the control of the Tatas in January last year. Once known for its lavishly decorated planes and stellar service, Air India's reputation declined in the mid-2000s as financial troubles mounted. Tata Group Chairman N Chandrasekaran said in November that the merger was an important mile...

India's income tax department on Tuesday denied that there was a proposal to increase capital gains tax for top earners after Bloomberg News reported the country was reworking its direct tax laws. The report said increase in capital gains tax was at the heart of the rework that was aimed at helping reduce widening income inequality. The income tax department later tweeted that there was "no such proposal before the government on capital gains tax". (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) from NDTV Profit-Latest https://ift.tt/qwgWRSZ India's income tax department on Tuesday denied that there was a proposal to increase capital gains tax for top earners after Bloomberg News reported the country was reworking its direct tax laws. The report said increase in capital gains tax was at the heart of the rework that was aimed at helping reduce widening income inequality. The income tax department...

Traders are now fully pricing in a quarter-point increase in the repo rate, with a chance of a bigger 50-basis point move on May 25. from News24 Top Stories https://ift.tt/jdCg73u