# News highlights of the day: ArcelorMittal, Numetal bids for Essar Steel recommended for rejection

> The Indian government's Cabinet approved opening coal mining to private firms for commercial sale, ending state-owned Coal India's monopoly. A committee led by Y H Malegam was set up to examine asset classification and rising frauds, and the RBI said it had cautioned banks about SWIFT misuse. Bids for Essar Steel from ArcelorMittal and Numetal were recommended for rejection.

- Date: 2018-02-20 · published 2018-02-20T12:00:00.000Z
- Category: policy · region India · magnitude low
- Page: https://feedsoft.ai/events/66782-news-highlights-of-the-day-arcelormittal-numetal-bids-for-essar-steel
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

The coal reform is aimed at raising domestic output and cutting imports, which has limited direct relevance to feed grain or protein prices. The banking measures may affect trade finance conditions.

## Sources

- moneycontrol.com: https://www.moneycontrol.com/news/business/news-highlights-of-the-day-rbi-states-it-cautioned-banks-on-misuse-of-swift-earlier-2511487.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.