RBI supersedes Reliance Capital board; to start insolvency proceedings

The RBI on Monday superseded the board of Reliance Capital Ltd (RCL), promoted by Anil Ambani's Reliance Group, in view of the defaults in meeting payment obligations.

The RBI said the board has been superseded “in view of the defaults by RCL in meeting the various payment obligations to its creditors and serious governance concerns which the Board has not been able to address effectively”. Read more

After Lok Sabha, Rajya Sabha also passes bill to repeal three farm laws

Parliament on Monday passed The Farm Laws Repeal Bill, to repeal the three contentious agri laws against which farmers have been protesting for over a year, with its passage in Rajya Sabha.

Earlier in the day, Lok Sabha also passed The Farm Laws Repeal Bill, 2021 within minutes of its introduction in the lower House. Read more

Omicron poses ‘very high' global risk, countries must prepare, warns WHO

The Omicron coronavirus variant is likely to spread internationally, posing a “very high” global risk of infection surges that could have “severe consequences” some areas, the World Health Organisation (WHO) said on Monday.

The U.N. agency urged its 194 member states to accelerate vaccination of high-priority groups and, in anticipation of increased case numbers, to “ensure mitigation plans are in place” to maintain essential health services. Read more

RBI wants digital currency included under definition of ‘bank note': FinMin

The Ministry of finance informed the Lok Sabha on Monday that it has received a proposal from Reserve Bank of India in October for an amendment to the RBI Act, 1934 to enhance the scope of the definition of ‘bank note' to include currency in digital form.

RBI is working out a phased implementation strategy for introduction of central bank Digital Currency with little or no disruption, said Pankaj Chaudhary, Minister of State in the Ministry of Finance, in a written reply. Read more