Bad loans of PSU banks 'unacceptable': Arun Jaitley
Source: PTI Bad loans of public sector banks have reached an "unacceptable" level and an all-out effort has been launched to 'correct' their health, Finance Minister Arun Jaitley said on Friday. “NPAs, which have reached to the present level are unacceptable. They reached this level partly because of indiscretion, partly because of inaction and partly because of challenges in some sectors of the economy, which were evident through the high NPA levels in these sectors," he said. Public sector banks are saddled with huge amounts of bad debt and their gross Non Performing Assets (NPAs) stood at Rs.2.67 lakh crore at the end of last fiscal ended March 31. This accounted for over 86% of the gross NPAs for the entire ...
Indian firms likely to invest $6 bn in Mozambique ONG sector
Sai Nikesh | The Dollar Business Indian oil companies are likely to make an investment of around $ 6 billion in Mozambique’s oil and gas exploration sector. A statement to this effect was made by Dharmendra Pradhan, Indian Minister of State (Independent Charge) for Petroleum and Natural Gas, on Monday, say the reports. The Minister was said to have informed that the State-run Oil & Natural Gas Corporation (ONGC), Oil India Limited (OIL) and Bharat Petroleum Corporation Limited (BPCL), will be investing around $ 6 billion for development of a giant gas field off the Mozambique coast, over the next four years. Besides the development of the gas field, the investments are also focused at converting the fuel into ...
