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Indian Railway Catering and Tourism Corporation (IRCTC), a subsidiary of Indian Railways that handles its ticketing and catering operations, may launch its initial public offering (IPO) on September 30.

The company is expected to release the price band for its IPO on September 25, the report said . This stake sale is likely to bring down the government's share in the state-run entity by around 12.5 percent from almost 100 percent at present.

The stake sale is expected to help the government raise between Rs 500 crore and Rs 600 crore, The Financial Express. The government hopes to offload around two crore shares in the public sector undertaking (PSU) via this IPO. The report added that IDBI Capital, SBI Capital Markets and Yes Securities will be merchant bankers to this issue.

The development comes at a time when the country's stock market has rebounded following the Finance Minister's lowering of corporate tax and other fiscal steps taken recently. The Sensex has gained nearly 3,000 points since the corporate tax rate cut announcement on September 20.

In July, Finance Minister Nirmala Sitharaman had set a disinvestment target of Rs 1.05 lakh crore for FY20, up from Piyush Goyal's interim Budget target of Rs 90,000 crore. The IRCTC IPO is part of the same disinvestment programme.

In April, another railway entity Rail Vikas Nigam (RVNL) was listed. The government had raised about Rs 480 crore via the 12.2 percent stake sale in RVNL.

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The Reserve Bank of India (RBI) has expressed disagreement over the Securities and Exchange Board of India’s (Sebi) proposed framework enabling credit rating agencies (CRAs) to legally access borrower database, helping them in timely recognition of default.

A panel of financial regulators, including the Pension Fund Regulatory and Development Authority and the Insurance Regulatory and Development Authority of India as well as the RBI and Sebi, met last month and discussed a proposal to give CRAs limited access to the RBI’s Central Repository of Information on Large Credits (CRILC).

The CRILC is a borrower-level data set focusing on systemically important credit exposures. Banks report to the CRILC credit information on all their borrowers having aggregate fund-based and non-fund-based exposure of Rs 50 million and above.

Sources said the central bank had cited sensitivity and confidentially issues for allowing third-party access to large credit data information. The RBI had also assured that it would ask lenders to improve the information sharing under the current mechanism of Credit Information Company (CIC).

Currently, the rating agencies can access the CIC that is an independent, third-party institution collecting financial data regarding loans, credit cards, and more about individuals and shares it with its members. Banks and non-banking financial institutions usually take data from the CIC.

Sebi argued rating agencies cannot decide ratings based on the CIC, as it is not rapid, clean and accurate. It also said the CIC did not provide the updated data about the history of borrowers, repayment dues and so on.

The market regulator said there was a substantial difference in the default data disclosed by rating agencies and the one available with the CRILC. Even the central bank has raised this concern over divergence in default rates identified by the CRAs and the CRILC.

“Banks are mandated to provide all updates about borrowers to the RBI’s repository. But, the lenders have been reluctant on sharing the same with CRAs due to their confidentiality clause with the said borrower,” said the source cited above.

To address this, Sebi recently amended its regulations on rating agencies by adding a clause in the agreement between an issuer and a rater to provide an “explicit consent” from the issuer to obtain information related to loans, repayment, delay, etc. from banks or other lending institutions.

Sources said banks are miffed with this amendment as giving individual borrower data is a tedious job which would increase their workload. The RBI, too, is not willing to allow banks to give individual credit account information.

Amid surging cases of debt defaults including in IL&FS, the role of rating agencies have come under the regulatory glare. The market regulator has been making constant changes in the CRA rules for better monitoring and improving performance.

CRAs have been complaining they are dependent on the information provided by the borrowers as banks never disclose borrowing and lending information.

In 2017, Sebi had proposed it make it mandatory for listed companies to make disclosure of their loan defaults to the stock exchanges if they fail to make repayment of dues and interest within 24 hours. However, the proposal was then turned down by the government, as the central bank was of view that banks would need another Rs 26,000 crore capital if the measure was implemented.

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The U.S. dollar remained broadly supported on Tuesday after U.S. Treasury Secretary Steven Mnuchin confirmed U.S.-China trade talks will resume next month, but concerns about slowing global growth continued to weigh on market sentiment.

Against a basket of currencies the dollar edged up to 98.28 by 2:37 AM ET (6:37GMT).

"The U.S. dollar is rising by default rather than anything U.S.-specific," said Michael McCarthy, chief market strategist at CMC Markets in Sydney, adding that volumes were low as traders mostly kept to the sidelines waiting for news.

"Trade is never far from the markets' radar, but I think currency markets are increasingly expecting (U.S-China tensions) to be protracted, I think optimism has dissipated."

Mnuchin said Monday that trade discussions were scheduled in two weeks and that he and U.S. Trade Representative Robert Lighthizer would meet Chinese Vice Premier Liu He.

The dollar was little changed against the yen at 107.53, while the euro was trading at 1.0992, not far from a 28-month low of 1.0926 touched earlier this month.

The single currency fell 0.2% on Monday after data showing that a German manufacturing recession deepened unexpectedly in September and growth in the service sector lost momentum, adding to worries over the outlook for the wider Eurozone.

The British pound was hovering near one-week lows at 1.2435 ahead of a U.K. Supreme Court ruling on whether Prime Minister Boris Johnson acted unlawfully when he suspended parliament just weeks before Brexit.

The outcome of the case could have implications for Johnson’s plans to pull the U.K. out of the European Union on Oct. 31.

The Australian and New Zealand dollars were steady ahead of a speech by Reserve Bank of Australia Governor Phil Lowe, with the market expecting a dovish tone after weak jobs data last week underlined expectations for a rate cut.

Both currencies sat near three-week lows, with the Aussie at 0.6774 and the kiwi at 0.6295.

"We think Lowe will provide a strong signal that the RBA is ready to cut rates again, endorsing our view for a 25bp cut in October," said Tapas Strickland, a director of economics and markets at National Australia Bank in Sydney.

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The Election Commission of India (EC) on September 24 announced that bypoll to the Satara Lok Sabha seat will be held on October 21.

Voting will happen along with the Maharashtra Legislative Assembly election.

The decision to hold the bypoll was taken after the Bombay High Court decided on an election petition on Satara Lok Sabha elections. The order reached the Commission on September 23.

The bypoll was necessitated after Member of Parliament (MP) from the Nationalist Congress Party (NCP), Udayanraje Bhosale, recently joined the Bharatiya Janata Party (BJP) after resigning from Lok Sabha.

Counting of votes will happen on October 24 when the Assembly election votes are counted.

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The euro nursed losses on Tuesday after weak readings on German manufacturing rattled confidence, while the dollar found broad support as investors looked for signs of progress from Sino-U.S. trade negotiations.

The single currency (EUR=) shed 0.2% overnight after a survey showed European business activity stalling, and in fact going backwards in powerhouse Germany where a manufacturing recession deepened.

It held around $1.0990 in Asian hours, while the dollar edged higher against the Japanese yen to buy 107.58 yen and held its ground on the Australian and New Zealand dollars.

Against a basket of currencies (DXY), the dollar edged higher to 98.621.

"The U.S. dollar is rising by default rather than anything U.S.-specific," said Michael McCarthy, chief market strategist at CMC Markets in Sydney, adding that volumes were low as traders mostly kept to the sidelines waiting for news.

"Trade is never far from the markets' radar, but I think currency markets are increasingly expecting (U.S-China tensions) to be protracted, I think optimism has dissipated."

The British pound wallowed at $1.2431, near a one-week low, ahead of a UK Supreme Court ruling due around 0930 GMT.

The court will rule on whether Prime Minister Boris Johnson acted unlawfully when he suspended parliament just weeks before Brexit, with the case's outcome potentially complicating his plans to lead his country out of the European Union next month.

The Australian and New Zealand dollars were steady ahead of a speech by Reserve Bank of Australia Governor Phil Lowe at 1005 GMT, with the market expecting a dovish tone after weak jobs data last week lifted expectations of an imminent rate cut.

Both currencies sat near three-week lows, with the Aussie buying $0.6772 and the kiwi $0.6290.

"We think Lowe will provide a strong signal that the RBA is ready to cut rates again, endorsing our view for a 25bp cut in October," said Tapas Strickland, a director of economics and markets at National Australia Bank in Sydney.

"Any comments on the scope for unconventional policy will also be critical for the market."

The Bank of Japan's governor Haruhiko Kuroda is also due to speak today, around 0530 GMT.

Meanwhile a delicate upbeat mood broadly held, with Chinese importers' decision to buy 10 boatloads of U.S. soybeans seen as a positive sign leading in to trade negotiations next month.

China's yuan strengthened very slightly to 7.1056 in offshore trade.

U.S. Treasury Secretary Steven Mnuchin told Fox Business that discussions were scheduled in two weeks and that he and U.S. Trade Representative Robert Lighthizer would meet Chinese Vice Premier Liu He.

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