No objection to release of engines to lessors: Crisis-hit Go First to NCLT

Go First got a final 60-day extension from the National Company Law Tribunal (NCLT) on June 12 to complete its corporate insolvency resolution process (CIRP)

Bankrupt airline Go First on Thursday told the National Company Law Tribunal (NCLT) that it has no objection to the release of four engines in its possession to the owner, Engine Lease Finance BV.

The Resolution Professional's (RP) counsel, Advocate Diwakar Maheshwari, told the tribunal that they had already started the process of returning one engine.

The Reserve Bank of India’s decision to appoint an additional director to the Bandhan Bank board is a prudent measure and will ensure the proper functioning of the lender, broking firm Macquarie said in a latest note.

On Monday, the regulator inducted an additional director on the board of Bandhan Bank – Arun Kumar Singh, former chief general manager of RBI, weeks before the current managing director and chief executive officer Chandra Shekhar Ghosh’s retirement.

 

The Reserve Bank of India (RBI) is using “vast computing power” and alternative data sources for analysis and economic insights, said Governor Shaktikanta Das on Friday.

“We are conscious that we are moving from an era of data scarcity to data abundance. The volume of digital data stored as well as the storage capacity are growing at an exponential pace, bringing forth new challenges along with new opportunities,” he said in Mumbai at the 18th Statistics Day Conference organised by the Department of Statistics and Information Management.

Given the uncertain economic environment and inflation hovering around five per cent, it is premature to consider discussing an interest rate cut, Reserve Bank of India Governor Shaktikanta Das said on Thursday.

“The overall economic environment globally and in India is so uncertain to talk about interest rate cuts. Second thing is CPI headline inflation continues to be close to 5 per cent and according to surveys done it is expected to be close to 5 per cent [for June]; I think it is too early to talk about an interest rate cut,” he said in an interview with CNBC TV18. “I would rather not give any kind of forward guidance which may lead the market players, stakeholders and others to board the wrong train," he added.

Two of the six members of the RBI's monetary policy committee voted last month to cut the policy repo rate, arguing that an overly tight policy might hinder economic growth.

The domestic rate-setting panel has kept the repo rate unchanged at 6.50 per cent for more than a year now.

Das further stated that India’s rating upgrade should have happened earlier; however, it should follow through now. India is currently rated BBB-.

“The government has announced a fiscal consolidation path. And the interim budget gave a fiscal deficit of 5.1 per cent. And next year, 2025-2026, it is supposed to be 4.5 per cent, according to the roadmap which the government has given. Things appear to be moving in that direction. So, I think a rating upgrade should happen. It should have happened earlier. But it should happen,” he said.

He also said that the RBI will release the neutral rate after completing the current analysis within 1-2 months. The neutral rate or the real rate of interest is the repo rate minus inflation.