Wednesday, January 31, 2018

Banking, Finance and Economy Current Affairs - 1Feb.2018

The Central Government yesterday gave the details of its Rs 800 billion recapitalisation bonds for banks through 6 maturities, and they will not disturb the market dynamics of the fixed-income paper,  experts said. The Rs 800-billion recapitalisation bonds would have a tenure of 10-15 years and would carry a coupon rate in the range of 7.35-7.68%, the finance ministry said in a notification.
-Business Standard 

IDBI Bank's Q3 standalone loss narrowed down to Rs 1,524.31 crore against Rs 2,255 crore in the corresponding quarter last fiscal. It had reported a net loss of Rs 197.84 crore in the Q2FY18. Gross bad loans  as a percentage of total loans stood at 24.72% at end-Dec compared with 24.98% in the previous quarter and 15.16% a year ago.
-Economic Times 

ICICI Bank today posted 32.42% year-on-year fall in standalone net profit at Rs 1,650.24 crore for the quarter ended Dec 31, 2017. It had posted profit of Rs 2,441.82 crore in the corresponding quarter last year. Provisions and contingencies figures increased by 31.59% YoY to Rs 3,569.56 crore for the quarter ended Dec 31, 2017.
-Economic Times 

Bank of India has recovered Rs 3,000 crore in the last month by invoking standby letter of credit, or SBLC, and guarantees of defaulters, said its chief executive. "Since the time RBI has imposed PCA, we have recovered Rs 3,000 crore by invoking SBLC,'' said Bank of India chief executive Dinabandhu Mohapatra.
-Economic Times 

The net profit of Karur Vysya Bank for the third quarter ended December 2017 slipped to Rs 71 crore compared to Rs 116 crore during the corresponding quarter of the earlier fiscal. Operating profit on the other hand was up 25%  at Rs 421 crore (Rs 335 crore).
-Business Line 

Private equity fund  ChrysCapital is in advanced negotiations to invest about Rs 400 crore to acquire a 26% stake in Fedbank Financial Services, a wholly-owned unit of Federal Bank, a development which signals a continuation of last year's trend of private equity deluge into financial services companies in the country. The transaction is expected to conclude within a few weeks and the proceeds will be used for the expansion of Fedbank Financial Services. 
-Economic Times 

Syndicate Bank said it plans to raise Rs 3,990 crore for expanding its business and meeting regulatory capital requirements.The bank said its Board of Directors will meet on February 2 "for approving the revised capital plan of the Bank from Rs 3,500 crore earlier (of which Rs 1,150.80 crore has been raised by way of Qualified Institutional Placement (QIP)) to Rs 3,999 crore for FY 2017-18."
-Moneycontrol.com

The Government today revised FY17 GDP  growth upwards to 7.1% from 6.6% earlier, underlining a relatively lesser impact demonetisation has had on the economy than predicted. The government had first released the provisional data last May. The revised numbers take into account a wider range of data. The nominal GDP for the year has been revised to 10.8% from 11% estimated earlier.
-Economic Times 

India has slipped to 42nd place on the Economist Intelligence Unit's annual Global Democracy Index amid the "rise of conservative religious ideologies" and increase in vigilantism and violence against minorities as well as other dissenting voices. While Norway has again topped the list, followed by Iceland and Sweden, India has moved down from 32nd place last year and remains classified among "flawed democracies".
-Economic Times 

Banking, Finance and Economy Current Affairs Jan.31 2018

SBI is planning to sell credit cards to farmers on easier terms, Chairman  Rajnish Kumar said today. The Bank has tied up with its credit card issuing subsidiary  SBICard to make it happen. This is perhaps the first time that a bank is offering credit card product to farmers to purchase goods on credit. Till now, small farmers have access to bank credit by way of Kisan Credit Cards, which are typically linked with bank accounts and offer cash credit facility to account holders.
-Economic Times

SBI has raised interest rates offered on bulk deposits by 50 to 140 basis points, signaling a turn in the interest rates cycle. The bank has sharply raised rates for 46 days to 210 days by 140 basis points from 4.85% from 6.25%.
-Economic Times 

Banks are expected to hike deposit rates in the near term as incremental credit has outpaced deposits over the last quarter, which has pushed up the credit /deposit ratio of the banking system, according to credit rating agency ICRA.
-Business Line 

LIC has put almost Rs 60,000 Cr in disinvestment opportunities offered by the government so far this fiscal. A senior LIC official said the LIC has booked Rs 20,000 Cr as profit from the equity market. “Compared to last year, when we had booked around Rs 19,000 crore as profit from the equity market. This year, driven by the buoyancy in the markets, we have crossed Rs 20,000 crore,” he said.
-Moneycontrol.com

In a first for an Indian, NITI Aayog  Member Vinod
Paul has been chosen to receive WHO's prestigious IhsanDogramaci Family Health Foundation Prize for his services in the field of family health, official sources said today.
-Economic Times 

The Centre today notified a nearly  200% hike in the salary of Supreme Court  and  High Court judges. The new salary of the Chief Justice of India will now be Rs 2.8 lakh per month, up from the present Rs one lakh. Similarly, judges of the Supreme Court and chief justices of high courts will draw a monthly salary of Rs 2.50 lakh, up from the current Rs 90,000, according to the Act notified by the law ministry.
-Economic Times 

🍒 Central Bank of India Ltd to announce third quarter results on Feb 9, 2018 : A Meeting of the Board of Directors of Central Bank of India Ltd will be held on Friday, 9th February 2018, to consider and take on record unaudited financial results of the Bank for the third quarter and nine months ended 31st December 2017. Shares of CENTRAL BANK OF INDIA was last trading in BSE at Rs.74.05 as compared to the previous close of Rs. 74.25. The total number of shares traded during the day was 1621784 in over 929 trades. The stock hit an intraday high of Rs. 75.7 and intraday low of 73.55. The net turnover during the day was Rs. 121662995. - Equitybull.com

🍒 Leadership changes likely in some public sector banks : The government is considering a comprehensive reshuffle of top executives at state-run lenders, days after it unveiled a reform agenda linked to its recapitalisation plan. A senior finance ministry official confirmed that managing directors and chief executives of about four public sector banks (PSBs) may be moved as their performance has not been up to scratch. This is meant to send a signal to others.  "Their performance is under review. Most of these lenders are already under the RBI's prompt corrective action (PCA) plan and if required we will make some leadership changes," he said.  - Economic Times

🍒 Less scope for RBI to cut rate: Arvind Subramanian : Chief Economic Adviser Arvind Subramanian today indicated that the scope for RBI to lower interest rate may be limited with growth picking up and inflation hardening. RBI, which is slated to announce the next monetary policy review on February 7, has maintained status quo on interest rate since August last year. "By definition if growth is picking up and inflation is rising, there is less scope of monetary easing. By definition that's true," he told PTI when asked about possibility of rate cut by by the central bank. He added however that it would be inappropriate for him to comment on rate cut as it is the domain of the Reserve Bank of India. RBI had last cut interest rate by 25 basis points to 6 per cent on August 2, 2017.  - Economic Times

🍒 Banks seen increasing deposit rates in near term: Icra : With banks' credit outpacing deposits in the last few months, pushing up the credit-deposit ratio, lenders are likely raise deposit rates in the near-term, says a report.  The incremental credit in the current financial year (till January 5) stood at Rs 2.02 lakh crore, far outpacing the additional deposits of Rs 1.27 lakh crore. Rating agency Icra in a report today said the recent capital allocation of Rs 88,139 crore into state-run lenders by the government under the recapitalisation programme will improve the ability of public sector banks to pursue credit growth in the coming months.  - Economic Times

🍒 Oriental Bank of Commerce reports standalone net loss of Rs 1985.42 crore in the December 2017 quarter : Total Operating Income decline 3.99% to Rs 4262.08 crore Net Loss of Oriental Bank of Commerce reported to Rs 1985.42 crore in the quarter ended December 2017 as against net loss of Rs 130.01 crore during the previous quarter ended December 2016. Total Operating Income declined 3.99% to Rs 4262.08 crore in the quarter ended December 2017 as against Rs 4439.02 crore during the previous quarter ended December 2016. ParticularsQuarter EndedDec. 2017Dec. 2016% Var.Total Operating Income4262.084439.02 -4 OPM %19.6652.55 -PBDT-1969.10-47.01 -4089 PBT-1969.10-47.01 -4089 NP-1985.42-130.01 -1427. - Business Standard

🍒 Board of United Bank of India approves preferential issue of shares up to Rs 3000 cr : At meeting held on 30 January 2018 The Board of United Bank of India has approved the proposal for issuance and allotment of equity shares of face value of Rs 10 each to the President of India acting on behalf of the Government of India and to such other person, group of persons or institutions as may be participating in the issue, aggregating up to Rs 3000 crore by Preferential Allotment under Chapter VII of the SEBI ICDR Regulations 2009. - Business Standard

🍒 Indian Overseas Bank plans to increase multi functional cash recyclers by 176% : Indian Overseas Bank (IOB), one of the leading public sector banks in Southern India, has planned to set-up 704 more multi-functional machines like currency recyclers, instead of plain cash dispensing automatic teller machines (ATM) by March 2018 from its existing 400 across India before the financial year 2017-18 ends. The total number of recyclers will now stand at 1104, which is an increase of 176% across the country at places where the customer demand is mainly for cash withdrawals. Cash recyclers are a recycling machine which accepts cash deposits from customers and also dispenses cash. With this increase in the number of cash recyclers, the customers including small business man, vendors and traders can now deposit or dispense cash round the clock, without much concerned about banking hours. These machine enabled cash recyclers are driven by high end technology which can control the frauds and eliminate human errors. - myiris.com

🍒 PSU bank recapitalisation: Govt to issue bonds of 6 maturities : The government today issued a circular detailing the outlines of recapitalisation of public sector banks bond issue. The bonds have been issued in six lots with maturities of 10, 11, 12, 13, 14 and 15-year. Finance Minister Arun Jaitley announced on January 24, 2018 that the government will infuse Rs 88,139 crore into 20 public sector banks through recapitalisation bonds and budgetary support in the current financial year. These recap bonds can be part of held-to-maturity (HTM) portfolio without any limit but are non-transferable and cannot be converted into any other securities. As these are HTM bonds, banks don’t have to take mark-to-market (MTM) profit and loss with the rise and fall in their prices. The current Reserve Bank of India rule stipulates that banks keep aside only 19.5 percent of their deposits in HTM bonds. - Moneycontrol.com

🍒 Bharat Financial Inclusion-IndusInd Bank merger may take another 6 months to formalise :  Microfinance company Bharat Financial Inclusion said that it has received clearance from Competition Commission of India for its merger with IndusInd Bank while approvals from Reserve Bank of India and other statutory bodies are still under process.  The merger may take another six months to formalise, the company said, after announcing 14% rise in third quarter net profit. The merger was announced on October 14, last year. The country's largest microfinance company reported a net profit of Rs 162.6 crore for the quarter to December, compared with Rs 142.8 crore in the year ago period. Its gross loan portfolio grew 34% year on year to Rs 11,466 crore.  - Economic Times

🍒 SBI to offer credit cards to farmer : State Bank of India is planning to sell credit cards to farmers on easier terms, chairman Rajnish Kumar said Tuesday.  The country's largest lender has tied up with its credit card issuing subsidiary SBI Card to make it happen. This is perhaps the first time that a bank is offering credit card product to farmers, who are the backbone of India's agrarian economy, to purchase goods on credit. Till now, small farmers have access to bank credit by way of Kisan Credit Cards, which are typically linked with bank accounts and offer cash credit facility to account holders. Kumar said in Kolkata that farmers would be allowed to spend 20% of the credit limit on consumer goods, and the balance  on buying agricultural inputs. He said the penal clauses for non-repayment of credit card balance after 40 days would be lenient for farmers.  - Economic Times

🍒 SBI raises interest rates on bulk deposits : Country's largest bank, State Bank of India has raised interest rates offered on bulk deposits by 50 to 140 basis points, signaling a turn in the interest rates cycle. The bank has sharply raised rates for 46 days to 210 days by 140 basis points from 4.85% from 6.25%.  The hike in deposit rates comes a couple of days before the finance minister is set to announce the union budget for 2018-19 and a week before the Reserve Bank of India is set to announce its monetary policy. SBI on Tuesday said that it would offer 6.25% on bulk deposits for one year, up 100 basis points, with immediate effect. The bulk deposits are deposits that are in the range of Rs 1 crore to Rs 10 crore. There has been no change in interest rates offered to retail depositors.  - Economic Times

🍒  Resolution will happen in most accounts under NCLT, says SBI’s deputy MD Sunil Srivastava : Banks are expecting a write-back in provisions for some of the large 11 accounts referred to the National Company Law Tribunal (NCLT), State Bank of India deputy MD (corporate accounts group) Sunil Srivastava tells Shamik Paul. He expects competitive bidding for these assets and, going forward, sees a decline in the rate of growth of non-performing assets. - Financial Express

🍒 AU Small Bank posts 5% drop in Q3 profit : Our Bureau A big jump in operating expenses and provisions and contingencies impacted the bottomline of AU Small Finance Bank (AU SFB) in the third quarter ended December 31, 2017. The Jaipur-headquartered bank’s net profit declined 5 per cent to ₹79 crore, against ₹83 crore in the year-ago period. The bank’s net interest income (interest earned less interest expended) was up 24 per cent year-on-year at ₹250 crore. Other income soared to ₹106 crore (₹27 crore). Operating expenses, comprising employees cost and other operating expenses, shot up by 146 per cent to ₹204 crore (₹83 crore). Provisions (other than tax) and contingencies jumped to ₹33 crore (₹18 crore). As on December-end 2017, gross non-performing assets edged up to 2.83 per cent of gross advances against 2.75 per cent as on December-end 2016. - Business Standard

🍒 Lakshmi Vilas Bank slips into red, posts Q3 loss of ₹39 crore : Lakshmi Vilas Bank (LVB)slipped into the red during the third quarter of this fiscal. For the quarter ended December 31, 2017, the bank has reported a net loss of ₹39 crore, compared with a net profit of ₹78 crore in the same period of the previous year on the back of lower operating profit. There was a significant drop in other income and higher provisions made for contingencies. Operating profit of the bank fell significantly to ₹46 crore from ₹171 crore. Other income fell to ₹27 crore, compared with ₹150 crore in Q3 of the previous fiscal. Provisions and contingencies were higher at ₹85 crore, compared with ₹48 crore in the year-ago period. The total income of the bank was lower at ₹ 818 crore, against ₹879 crore in Q3 of the previous fiscal. Gross NPA as a percentage of gross advances increased to 5.66 per cent in Q3 of this fiscal from 2.78 per cent in Q3 of the previous fiscal and 5.50 per cent in the preceding quarter of this fiscal. Net NPA also rose to 4.27 per cent as of December 31, 2017 from 1.82 per cent in the year-ago quarter. But it was marginally lower when compared with 4.33 per cent in Q2 of this fiscal. - Business Line

🍒 GIC Housing Q3 net up 24% : GIC Housing Finance reported a 24 per cent year-on-year (yoy) increase in third quarter net profit at ₹42 crore. Revenue from operations was up 11 per cent y-o-y to ₹281 crore. Total expenditure increased 8.5 per cent to ₹217 crore. The company’s shares closed at ₹434.90 apeice, down 2.75 per cent over the previous close on the BSE on Tuesday. - Business Line

🍒 Sundaram BNP Paribas Home Finance Q3 net profit flat at Rs 39 cr : Sundaram BNP Paribas Home Finance has clocked net profits of Rs 39.42 crore for the third quarter ending December 31, 2017. The city-based company recorded net profits of Rs 39.39 crore in the corresponding period of the previous year. Disbursements for the October-December 31, 2017 period surged 106 per cent to Rs 744 crore from Rs 361 crore registered during the year ago period, a company statement said. - Business Line 

Monday, January 29, 2018

Banking Current Affairs -- Big Loan Default and Other.


🍒 'BHIM app is playing a major role in promoting digital transactions': President Kovind : President Ram Nath Kovind, in his address to the joint sitting of both the Houses, said that the BHIM application launched by the government is promoting digital transactions across the country. Currently, digital payments are being carried out in more than 400 schemes of the government, the President said as part of his address.  "BHIM app is playing a major role in promoting digital transactions. The recently launched 'Umang App' has also made more than 100 public services available on mobile phones," he said. - Times of India

🍒 Big loan default: Claims worth Rs 3.13 lakh crore under insolvency proceedings : Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking the extension or have already been granted additional time. In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law. Of these, Era Infra Engineering has not yet been admitted to the CIRP. As per the Survey, claims admitted under the insolvency proceedings in the case of Bhushan Steel, Essar Steel, and Lanco Infratech stand at Rs 55,989 crore, Rs 50,778 crore and Rs 51,505 crore respectively. Proceedings under the Insolvency and Bankruptcy Code are initiated after receiving the approval from the National Company Law Tribunal (NCLT). - Financial Express

🍒 Banks reluctant to lend to realty sector on rising NPA: Survey : The share of bank lending to real estate sector has fallen sharply to 17 per cent in 2016 from over 68 per cent in 2013 as banks are reluctant to provide credit to this industry due to rising NPAs and lower profit in property business, according to the Economic Survey.  The survey also expressed concern over rising non- performing assets (NPAs) of individual housing loan portfolios of public sector banks (PSBs) and housing finance companies (HFCs). "Rising NPAs, higher risk provisioning assigned to real estate sector and dwindling profits in the real estate sector, have made banks reluctant to lend to the sector. "As a result, share of bank lending for organized funding to real estate sector has dropped significantly from over 68 per cent in 2013, to 17 per cent in 2016," the survey said. - Economic Times

🍒 HDFC Q3 net profit jumps over two-fold at Rs 6,677 cr : Mortgage lender HDFC Ltd today reported an over two-fold jump in its consolidated net profit at Rs 6,677.06 crore for the third quarter ended December 2017. The company’s consolidated net profit in the corresponding quarter of the previous fiscal stood at Rs 2,728.66 crore. Total income (consolidated) rose to Rs 16,846.77 crore during the period under review, as against Rs 14,988.87 crore in the same period of 2016-17, the company said in a regulatory filing. Housing Development and Finance Corporation (HDFC) reported a 7.8 per cent rise in income from operations at Rs 9,673.05 crore. Premium income from its insurance increased by 18.5 per cent to Rs 6,182.24 crore during October-December quarter of 2017-18. The provisions were raised to Rs 164.54 crore for the quarter as against Rs 153.13 crore in the same period a year ago. - Business Line

🍒 IBC mechanism used actively to resolve NPA problem: Survey : An ecosystem for the new insolvency and bankruptcy process that took shape in 2017-18 is being used actively to resolve the bad loan problem in the banking sector, Economic Survey said.  "A major factor behind the effectiveness of the new Code has been the adjudication by the Judiciary. The Code prescribes strict time limits for various procedures under it," said the Economic Survey 2017-18, tabled in Parliament by Finance Minister Arun Jaitley. The new Insolvency and Bankruptcy Code (IBC) has provided a resolution framework that will help corporates clean up their balance sheets and reduce debts. The Twin Balance Sheet (TBS) actions, noteworthy for cracking the long-standing 'exit' problem, need complementary reforms to shrink unviable banks and allow greater private sector participation, the pre-budget Survey said. - Economic Times

🍒 Banks see liquidity stress on cards as digital payment subsidy kicks in : The government's decision to subsidise digital payments below Rs 2,000 is cumulating problems for banks in the merchant-acquiring business. With the subsidy amount expected to be released after three months and the charges for issuing banks and card schemes to be paid monthly, acquiring banks are trying to find out ways to reduce the liquidity stress that they will have to face.  While various suggestions are doing the rounds, bankers say that if issuing banks could push the billing for digital transactions by three months, then acquiring banks could release the payment at the same time as they received the subsidy amount, thereby reducing challenges. "There is a need to figure out a solution to this issue else there will be a major stress on the merchant acquiring business for banks as well as for payment companies who are acquiring merchants independently," said a seniorbanker with a private sector bank. Merchant discount rate, or MDR, is the charge that a merchant needs to shell out against every digital transaction. - Economic Times

🍒 Resolution plans under IBC may need approval of fewer lenders : The government is debating whether to lower the approval threshold for resolution plans under the Insolvency and Bankruptcy Code (IBC) in a move aimed at preventing too many insolvent companies from going into liquidation. More than 75% of creditors currently have to agree to a resolution plan, implying that just over 26% can reject it and force a company into liquidation. The government feels liquidation should be the last resort and is considering whether such plans can be approved by a two-thirds majority or even a simple majority. "There is a need to relook at the current majority requirement. Just 26% members cannot take a company to liquidation," said a senior government official, who didn't want to be named. "We are seeing it as an issue." Many companies that have gone into liquidation could have continued to function under a less rigorous regime, some in the government feel. - Economic Times

🍒 ‘Aadhaar, digital boost open new biz options :  Citi India is seeing new opportunities in Aadhaar and digitisation following reforms by the government and regulator, even as Asia is turning out to be integral to the multinational bank's global growth strategy. The lender seeks to grow its market share across its cards and wealth management business in retail. On the corporate side it sees opportunities across foreign investment and market flows, and cash-and-trade business.  "For some time now, we have had a strong view that India is in the crosshairs of global capital flows. This has manifested in significant increases in foreign direct investment to India at a time when world FDI is shrinking and this is evidenced by foreign portfolio investment flows from multiple sources," Pramit Jhaveri, CEO, Citi India, told TOI in an exclusive interview. - Economic Times

🍒 Western Union opens technology centre in Pune; to employ 1000 people : Western Union said it had opened a technology centre in Pune to work on robotics, machine learning, predictive learning and biometrics. The new centre, which is 125,000 square feet, will employ 1000 skilled people and will serve as the remittance payment company's innovation and engineering hub in the region, it said in a statement. - Economic Times

🍒 Axis Bank launches 4th edition of “Evolve” : Private sector Axis Bank today launched the fourth edition of ‘Evolve’, an annual multi-city knowledge series for Bank’s SME customers here. The current edition of evolve, titled “Transform your Family Business into your dream company”, will empower the SMEs understand the winning strategies and best practises that have helped some of the leading family businesses in India grow into reputable enterprise. This edition will span across 30 cities including Nagpur, Surat, Rajkot, Pune, Vishakhapatnam, Trichy, Kanpur, Ludhiana and Jamshedpur, a bank release said here. The series aims to equip the participating SMEs with new-age strategies, live case studies, operational know-how, regulatory and Government related knowledge skills, president and head, SME, Axis Bank, J P Singh said. - Financial Express

🍒 Fresh capital, budget proposals to fuel economy: Federal Bank chief Shyam Srinivasan : Private lender Federal Bank has been growing at more than 20% in the last few quarters. Shyam Srinivasan, MD and CEO, said he believed reforms in the last 4-5 years are expected to bear fruit in 2018 and growth momentum will pick up with capital infusion in public sector banks and budgetary proposals in the upcoming Budget.- Economic Times

🍒 Rupee trading weak at 63.56 : The rupee was trading a tad weak at 63.56 owing to month-end dollar demand from banks and importers. However, record inflows into the domestic equity market capped the rupee’s fall.

🍒 Gold falls to Rs 31,120; silver drops by Rs 200/kg : Gold prices declined by Rs 80 to Rs 31,120 per 10 grams at the bullion market today due to a weak global trend and slackened demand from local jewellers. Silver also dropped by Rs 200 to Rs 40,450 per kg due to reduced offtake by industrial units and coin makers.

Sunday, January 28, 2018

Jobs Creation Annually ? - Economy and Finance Current affairs

Seven Million Formal Jobs Created Annually? The Misplaced Debate on EPFO Data and Employment --

A recent study by Ghosh and Ghosh adds a useful dimension, but by deviating from its pure academic purpose to making bold claims on net job creation its original intent and objective  has been lost.--- Read full artical---https://thewire.in/218664/seven-million-formal-jobs-created-annually-misplaced-debate-epfo-data-employment/


Exim Bank has raised $1 billion through overseas bonds that will get listed at London Stock Exchange’s international securities market (ISM).
-Business Line

Investments in domestic capital markets through participatory notes (P-notes) surged to a six-month high of over Rs 1.5 lakh crore at December-end despite stringent norms put in place by SEBI to check their misuse. P-notes are issued by registered foreign portfolio investors to overseas investors who wish to be part of Indian stock markets without registering themselves directly.
-Moneycontrol.com 

Sri P Chidambaram today slammed the government for its "wild" claims of job creation and said that if selling 'pakodas' is a job then begging should also be recognised as an employment option. The former finance minister, in a series of tweets, said that the government is "clueless" on creating  jobs.
-Economic Times