Search Result for : Npa

The Dollar Business Bureau After the release of a SEBI order that bars Vijay Mallya from holding the position of directorship in any listed enterprise, he was asked to resign from non-executive chairmanship of United Breweries (UB) by the board of directors. The board unanimously asked the controversial business magnate to step down on February 8, 2017. The board's request was conveyed to Vijay Mallya via email, stating that in the absence of a stay or vacation of the SEBI order, he would have to step down with immediate effect. Also, until a stay of the order is obtained by Mallya, the board has decided not to share with him any privileged information such as the agenda of board meetings. On counts of misappropriation of funds, violation of listing agreement and fraud, six other former United Spirits ...

The Dollar Business Bureau The various initiatives of Indian government and the newly introduced Insolvency and Bankruptcy Code, 2016 are boosting the country’s corporate bond market, said CRISIL in a report. According to it, lesser profitability of public sector banks (PSBs) has reduced their capability in accruing capital. Weak performance, particularly due to the rise in non-performing assets (NPAs), has created a challenging environment for the PSBs in raising money from the capital market. Higher provisioning is another factor that has weakened the ability of PSBs in offering better interest rates. Along with the rise in credit demand, capital requirement would also increase. There are also several other imperatives of growth, the report states. India will require Rs.43 lakh crore (approximately $650 billion) for ...

Deepak Kumar | The Dollar Business    Indian banking is undergoing through huge upheaval, State Bank of India (SBI) Chairman Arundhati Bhattacharya said, adding that there is a need to simplify banking procedure with the use of technology, especially when India is being looked as the world’ next big thing. Speaking at the ASSOCHAM Foundation Day in New Delhi on Tuesday, Bhattacharya said, “Banking has got completely transformed in India in the last fifteen years, thanks to technology and increased adoption of new methodologies. During the last two-three years, use of technology has become integral to banking operations and technology is used for data analysis, understanding of credit needs of customers and customer interaction. Thus, banking and technology are now inseparable.” Underscoring ...

The Dollar Business Bureau The overall industrial growth is seen at 7.5-7.8% during the financial year 2016, while the services should expand over 9%, with agriculture and allied picking up to 2.8- 3%   India is very likely to achieve a 7.8- 8% GDP growth rate in the current financial year, according to the Associated Chamber of Commerce and Industry (Assocham) Mid Year review. “The review made quite an optimistic forecast of 9% and above growth in the next financial year of 2016-17 if the government and the Congress come together and clear the Goods and Services Constitutional Amendment Bill in parliament and the roll out of the major tax reforms takes place from April 2016,” Assocham said in a statement. ...

Deepak Kumar | The Dollar Business Bureau    As part of efforts to push domestic manufacturing from the special economic zones (SEZs) in India, industry analysts held a meeting with the government last week and proposed steps to revive stalled SEZs to increase exports from the sector. “We have told them that a project, such as an SEZ, where once the land is identified, it takes 7-8 years after getting the approval, to set up and start production at the venue. Because apart from the central government regulations, there are state government approvals, building plan approvals and environment clearances,” P C Nambiar, Chairman, Export Promotion Council for EOUs (export oriented units) & SEZs told the Dollar Business. “Therefore, any project of ...

Source: PTI Finance Minister Arun Jaitley said the health of PSBs is a key issue, as the carried over problem of the past continues to persist and relates to unacceptable level of NPAs and impaired assets   Concerned over “unacceptable” NPA levels, Finance Minister Arun Jaitley on Monday discussed with PSU bank chiefs the issue of wilful defaulters and said that the lenders have all the powers and autonomy to deal with them. In the second quarterly performance review in six months, Jaitley brainstormed with SBI Chairperson Arundhati Bhattacharya and other PSU bank heads as well as RBI officials over the rising bad loans in different sectors including steel, credit offtake, health of the lenders, and status of social security schemes. ...

Source: PTI Wooing foreign investors with the promise of easier conditions for doing business, Finance Minister Arun Jaitley on Monday said continuing reforms will push India's economic growth higher than last year's 7.3% despite adverse global winds. India has the potential to be the bright spot in the gloomy world economic scenario, he said, adding fiscal deficit is coming down and inflation is very much under control. Showcasing the India growth story to international investors with collective asset under management of $10 trillion, Jaitley asked them to invest in infrastructure, manufacturing and other sectors that have funding needs. On the last day of his four-day visit to Singapore and Hong Kong, Jaitley said he thinks India has the potential to be ...

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 ...