Finance Minister Nirmala Sitharaman announced the government is setting up India Debt Resolution company, in which PSU banks will hold a 49 percent stake. The government has kept a timeline of three weeks to complete the process of opening the financial bids for Air India, sources told CNBC-TV18 on Thursday. Indian cricket captain Virat Kohli has decided to lessen his workload and thus step down as the T20 captain after the upcoming World Cup. For all these stories and everything in between, here are some top news of the day

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ECONOMY

Inflation in India likely to ease only gradually: RBI Deputy Governor

Inflation in India is likely to ease only gradually, Reserve Bank of India Deputy Governor Michael Patra said on Thursday, adding that the outlook on growth and inflation will help determine the future course of monetary policy. Read more

Govt sets up India Debt Resolution company; PSU banks to hold 49% stake

Hours after the Union Cabinet cleared the government guarantee for National Asset Reconstruction Company Limited (NARCL), Finance Minister Nirmala Sitharaman announced the government is also setting up India Debt Resolution company, in which PSU banks will hold a 49 percent stake. Read more

Air India divestment: Govt likely to set 3-week timeline for opening financial bids

The government has kept a timeline of three weeks to complete the process of opening the financial bids for Air India, sources told CNBC-TV18 on Thursday. However, it expects to complete the process within two weeks. Read more

MARKET

Sensex scales 59,000 as market scales new high; Nifty Bank hits record high

Sensex breached mount 59,000 and Nifty surged over 17,600 for the first time ever as index heavyweights like Reliance, ITC, and ICICI Bank pushed the benchmarks higher. Nifty Bank also surged to a record closing high of 37,669, having scaled an all-time high of 37,711 during the session. Read more

Peak margin norms assures things won’t go wrong; T+1 settlement in interest of all: Sebi Chairman

Sebi chairman Ajay Tyagi on Thursday said that peak margin norms give peace of mind that things would not go wrong in the market, and the interest of small investors will be protected. The fourth and final phase of the regulator's peak margin norms came into effect from September 1, 2021. Read more

ITC's 8% upswing a delight to market; biggest intraday jump since May 2020

The share price of ITC surged as high as 8 percent Thursday, much to investors delight. It was the stock's biggest intraday jump since May 2020. The stock surged to a seven-month high of Rs 233.30 during the session. Read more

YOU & I

SBI announces festive offers, home loans now available at 6.70% irrespective of amount

State Bank of India (SBI) has launched a bouquet of festive offers for prospective home loan customers to make loans more affordable in the festive season, the bank said in a statement on Thursday. Read more

Types of KYC frauds and how to avoid them

INDIA

Virat Kohli to step down as India T20 captain after upcoming World Cup

Indian cricket captin Virat Kohli has decided to lessen his workload and thus step down as the T20 captain after the upcoming World Cup. He has conveyed his decision to BCCI Secretary Jay Shah and BCCI President Saurav Ganguly.