The most recent updates on Business, Finance, and Share Market News as of 10:00 am on June 7, 2024

In today’s latest business news transcript at 10:00 AM on 7 June 2024, several key developments have been highlighted. The Reserve Bank of India (RBI) is considering allowing Security Receipts holders to change the trusteeship of Asset Reconstruction Companies (ARCs). This move would streamline the resolution process for stressed assets held by ARCs, benefiting banks, NBFCs, and FPIs who are holders of SRs.

Additionally, the Securities and Exchange Board of India (Sebi) has introduced a ‘financial disincentives’ framework for stock exchanges and market infrastructure institutions to address lapses in detecting abnormal trading activities. This framework aims to enhance surveillance capabilities and impose penalties for surveillance-related lapses effective July 1.

In a significant environmental initiative, the State Bank of India (SBI) has set a target to deploy 7.5% of its domestic loans in the green energy sector by 2030. This move aligns with the bank’s commitment to environmental, social, and governance (ESG) principles.

Furthermore, the trend of contractual employment has expanded beyond tech-based firms to sectors like consumer durables, e-commerce, and retail. Contract roles are being leveraged to meet short-term market demands and scale operations efficiently.

In another development, lenders to Go First have invited bids to sell a 94.71-acre land parcel in Thane under the SARFAESI Act. The airline, currently under corporate insolvency resolution, owes creditors a substantial amount.

Lastly, Buy Now, Pay Later startup Simpl has announced further layoffs as part of its efforts to achieve profitability by mid-2025. The company is focusing on operational efficiencies to drive financial sustainability.

Overall, these developments reflect the dynamic landscape of the business world and the ongoing efforts to adapt to changing market conditions and environmental priorities.