Centre considers easing RBI’s inflation target to help growth: Report

India’s government is considering recommending a looser inflation target for the central bank, allowing it to focus more on economic growth despite price pressures, according to people familiar with the matter.

A consumer-price inflation band tracked by the may be relaxed further from the current 2%-6% range, said the people, who asked not to be identified citing rules. The government still needs to hold consultations with the central bank before finalizing a new framework sometime next year.

The current mandate, set in 2016, requires the RBI to keep headline inflation at the 4% midpoint of its target range. The band — a broad range of 400 basis points within which the central bank has sanction to operate — is the widest in Asia, and only matched by Turkey and surpassed by Argentina.

The Finance ministry is of the view that the RBI can’t be saddled with a rigid inflation targeting framework, especially in situations when growth needs to be pushed, the people said.

A spokesperson for the Finance Ministry declined to comment, while the RBI didn’t immediately respond to an email seeking comment.

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Blanket interest waiver to cost Rs 6 trillion, Centre informs Supreme Court

Interest waiver on all loans during the six-month loan moratorium period will cost over Rs 6 trillion. This may render most banks unviable, the government told the on Tuesday.

The court will continue to hear the matter on Wednesday.

A Bench of Justices Ashok Bhushan, R S Reddy, and M R Shah was informed by Solicitor General Tushar Mehta that this was one of the main reasons why interest waiver was not contemplated and only the payment of instalments was deferred.

The apex court was hearing a batch of pleas from various bodies, including real estate and power, seeking sectorwise relief in view of the Covid-19 pandemic.

Mehta said in the case of State Bank of India (SBI) alone, waiver of six months’ interest would completely wipe out over half the lender’s net worth it has accumulated over 65 years of its existence.

Referring to the affidavit filed by the Indian Banks’ Association on September 25, he said SBI has stated that the interest amount from borrowers during the six-month moratorium works out to be Rs 88,078 crore (approximately), whereas the interest payable

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DHFL resolution: Kapil Wadhawan writes to SEBI, RBI against 63 Moons

Jailed erstwhile promoter of crisis-hit Kapil Wadhawan has written to the Reserve Bank and Sebi alleging that Technologies is hampering the company’s insolvency resolution process.

While lenders are looking to auction assets to recover Rs 83,000 crore of unpaid loans, Jignesh Shah-founded Technologies has filed a writ petition in the Madras High Court seeking attachment of assets to recover its dues of Rs 200 crore.

In a letter to RBI Governor Shaktikanta Das and Sebi Chairman Ajay Tyagi, with copies marked to the Prime Minister’s Office, Wadhwan has alleged that is seeking to give precedence to the recovery of its dues over the Rs 80,000 crore of outstanding that other creditors would get to settle in the insolvency process.

When reached for comments, a 63 Moons spokesperson, in a statement, expressed surprise at Wadhawan being able to write the letter from Taloja Prison (New Mumbai) and said, while it would not like to comment on the contents of the letter, the company was “committed to recovering its money”.

While the spokesperon did not state what its outstanding due

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French Prosecutors Seek Prison Term For Sarkozy In Graft Trial

Prosecutors in the landmark corruption trial of French ex-president Nicolas Sarkozy on Tuesday called for him to be sentenced to a prison term of four years of which he should serve two.

The 65-year-old rightwinger, the country’s first modern head of state to appear in the dock, is accused of trying to bribe a judge with a plum retirement job in exchange for inside information on an inquiry into his campaign finances.

Prosecutors asked for the same punishment for Sarkozy’s lawyer and co-defendant, Thierry Herzog, as well as for the judge, Gilbert Azibert.

Prosecutors say Sarkozy should get a four-year prison term and serve two of them

They also said Herzog should also be disbarred for five years.

“The facts would not have occurred if a former president, as well as a lawyer, had kept in mind the magnitude, the responsibility, and the duties of his office,” prosecutor Jean-Luc Blachon told the court.

He said the “devastating effects of this affair strikes at the values of the Republic,” adding that it had “damaged” the judicial institution, the legal profession and the image of the presidency.

Sarkozy, who led France from 2007 to 2012, had told the

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