A look at the headlines in the sector right now:

  1. Tax collections after demonetisation were lower than expected, says Kotak: The government believed more citizens would disclose their hidden incomes and pay taxes on them after the note ban.
  2. There has been a drop in circulation of Rs 2,000 notes: Bankers speculate that this could be a deliberate strategy to limit the supply of the notes.
  3. Tata Group has informally asked Centre for details on Air India sale, says government official: The conglomerate has sought information on the airline’s debt, subsidiaries and the disinvestment process, according to the unnamed functionary.
  4. Sensex ends flat, Nifty falls below 9,900: Axis Bank, ONGC, Mahindra & Mahindra and HDFC Bank were the major gainers on both indices.
  5. Indian banks need to set aside Rs 2.40 lakh crore to write off 60% of bad loans: Credit rating agency Crisil said 50 stressed companies together have loans amounting to Rs 4 lakh crore.
  6. Junior pilots asked to accept 30-50% pay cut by Jet Airways: The move, to be implemented from August 1, is likely to impact up to 400 pilots, said the two sources, who asked not to be named.
  7. ICICI Bank launches facility for instant disbursal of personal loans through ATMs: On completion of a transaction for balance enquiry or cash withdrawal at an ATM, the customer will be shown the option of availing the loan, ICICI Bank said.