PRE-MARKET INDIA STOCK NEWS: The Indian government is likely to approach the RBI seeking relaxation in the PCA framework which stops loss-making banks from lending. (ET)

IL&FS (ILFS IS) – The RBI has expressed concern in the company, citing that three years ago the net-owned funds had been wiped out and that it was over leveraged. (ET)

Yes Bank (YES IS) – Co. is said to be seeking an extension for CEO Kapoor until September 2019. (Newswires)

Videocon (VCLF IS) – Blackstone, Goldman Sachs and Chinese company Haier are amongst the suitors considering making an offer to buy Videocon’s electronic business valued close to USD 2bln, according to people familiar with the matter. (ET)

OTHER NEWS

– Indian lenders are said to be seeking clarity on solar duties. (Newswires)

-India is reportedly to set targets to cut imports due to the decline INR. (Newswires)

– India is said to allow state refineries to import 35% of oil cargoes on a CIF basis, more than double the previous limit. (Newswires)

– India’s Commerce Secretary Wadhawan said India is considering promoting Rupee payment mechanism with Russia, other countries for oil and other big imports. (Newswires)

– The Indian government is likely to approach the RBI seeking relaxation in the PCA framework which stops loss-making banks from lending. (ET)

(Newswires)