Monday, June 21, 2021

The man who was not my father - An Essay by Nicole Johnson

 My birthday, along with so many other details of my life, had gotten caught up and swallowed by his addiction.

I pull up to a spot by the door. A few cars dot the parking lot, a man and woman follow a child through the double-glass doors into the coffee shop. The one I imagine is the father, places a protective hand on the little girl’s back and an arm around the woman’s waist. They are normal. They are happy. I can barely stand to watch them.

I sit and wait. Unsure of what he’ll look like now, 32 years later, I recall his overgrown, dirty-blonde hair and the half-smile, hoping perhaps to hide crooked, neglected teeth. Maybe it was the drugs or the malnourishment that goes along with addiction. He was poor, too; his mother left them. She abandoned all five of her children, leaving them in the care of her husband, while she went off and married another man, and had his children. Having four children of my own, I let the gravity of that weigh on me while I continue to wait, to think of her disappearing, simply standing up one day and leaving. Did she pack things, or simply walk out into the bright sun of the afternoon in the middle of vacuuming the carpets? Perhaps she waited until she heard the laboured snoring of a man she no longer loved and slipped out in a shroud of darkness? I heard a rumour somewhere, though I no longer recall what it was. My brother kept in touch with my father’s side of the family, even after he left. I had a pair of pink corduroys, and a white shirt with pastel-coloured silk bows. The one birthday present he ever bought for me. The silk was a synthetic fabric, not real. My father was broke, all his money went to drugs and to support his wife, the new one, the one who looked like my mother. I wonder if she was an addict, too, as I look at the time on my phone. He’s late, not alarmingly so, but after all this time I thought he would be punctual, as if such a thing might make up for the last time when he left us.

“Never trust him,” I hear my grandmother say, though she’s been dead for a year now. It is the one reason I am meeting him, the only reason I messaged Jim.

“Dad’s on Facebook,” my brother, who lives two states away, says and then he waits. “He lives one town over from you with his wife and our half-sister.”

I let it sink in.

***

“Do you know who that man is?” my foster mother whispers as I stand outside the church after receiving my first holy communion. My mother, the biological one, has been dead for less than a month. Her cremated remains were shipped halfway across the country on a Delta flight. An epileptic seizure brought on by continuous and extensive drug use, a drug overdose I wouldn’t find out about for more than a decade. Instead, my grandparents tried to protect me from my addiction-ridden lineage by easing the blow with a less insidious cause of death. My mother, they said, drowned in the shower.

“I think that’s my father,” I say, flipping the belt of my white dress with eyelet cutouts. My foster mother nods. Across the courtyard, just next to the Blessed Virgin, holding baby Jesus, my grandmother shakes hands with the priest, and glances over at Jim. Her face hardens. She stands between him and us, our watchdog, our protector. They exchange words. Finally making it past her, his one obstacle, my father is hugging us, me and my brother, and crying, because he missed us, because his ex-wife, the one who left him like his mother once did, is dead, because he wishes he had never abandoned us. At least those were the reasons I imagined a grown man would cry. I could have been wrong. I was seven.

“So I already messaged him. We might meet up. You know, to talk,” my brother pauses.

“I don’t know if I’ll talk to him. I mean it’s been a long time,” I quickly do the math in my head, realising that at various points in my life I could recall the number of years since my father left us, for the second time, without thought. I tracked his absence on an internal calendar by milestones missed, birthdays and holidays without cards, gifts, or him.

“Thirty-two years,” my brother spits out faster than I can calculate. I was never very good at math.

Damn, the DJ on the radio announces the time. Now, my father is alarmingly late.

I watch the couple inside with their daughter. I get out of my car and walk the length of the coffee shop. An older man smiles, but he is not my father. He is too tall. His teeth too perfect. He has never been a drug addict, he has never left his family. I think about him on the ride home and make up a history for him: wife, child, long career helping people as a teacher or a detective. I think of him so I don’t have to think of my father.

“He didn’t show,” I say to my husband, feeling ashamed of a sin that isn’t mine. My father owns this transgression, and a myriad of others.

“I’m sorry,” he says.

I’m used to it,” I respond, sorry I told my children I was going to meet their grandfather, sorry I allowed him to ease back in, even if only for a moment.

***

“I’ll never leave you again,” his eyes, hazel, are my own, staring back at me like a mirror. “I promise.” We are sitting at my grandparents’ house, where I’ve lived since he left us the first time. I am tucked under a top sheet, the warm breeze of a July night enters through an open bedroom window, pushing white lace curtains into the air like a ghost. My father won’t call tomorrow or the next day. I will not hear from him again until I reach out on Facebook 32 years later.

The message comes in while I’m on the computer. “I waited at the coffee shop from 6:30 to 7:30 and now I’m home,” I respond. I was there. He was there. Just a mistake, two people, a father and daughter, who missed each other because it had been 32 years since they last met. I forgive him, again. It is a pattern. It is a sickness.

Weeks later, we meet up finally. I ask him about his life. It was more miserable than I’d imagined. We talk daily on Facebook. He likes to write, like me. My father went back to college after getting clean, met his wife, had a kid, and did his best to stay sober. He loved my mother, he tells me, but they were dumb, they were addicts, they weren’t strong enough to love each other through it all.

*** The box arrives in the afternoon while the kids are riding their bikes in the driveway. I see from the return address that it is from my father. Inside, there are gifts for all of us. Shirts for the boys, jewellery, delicate strings of gold, for the girls, and for me, a necklace, for my birthday. The date he couldn’t remember until he asked me about it on Facebook messenger. I often wondered if he thought of me each May on the day I was born. I know now that he didn’t, because he’d forgotten my birthday. Like so many of the details of my life, it got caught up and swallowed by his addiction.

“I’m sorry I forgot your birthday,” he messages me as he has been doing several times a day since we’ve fallen back into each other’s lives. “I wanted to get you something, though I can never make up for all those I’ve missed. In my family we never got gifts.”

And now I am ready, after having received the second birthday gift from my father. The thin chain, barely gold and of nominal value, is proof of his transformation from a wayward recovering addict to a doting and loving father. People change. Jim’s changed. Of this, I am certain. My children, I say, it would be okay for you to meet them, but only if you can promise that you won’t leave. You have to stick this time, or you can’t see them. I make these demands of him as my grandmother once did. He is sober now and has been for decades. He promises. I believe him. I always believe my father.

Kyle takes to him immediately. Young and trusting, she is a replica of me. He is equally smitten. Watching the two of them together heals some hurt I didn’t know I still held onto. My father throws a ball to her, as he would have to me if he’d stayed like all my friends’ parents did. She hits it back, happy to show off skills learned in T-ball. The day has a natural and easy flow, so unlike the other times. This is going to work. He is different. The man I have always called Jim is finally my father. “Dad,” I whisper forcing it from my mouth, practicing, while imagining him babysitting the kids, or joining me at the park to keep us all company during the sometimes long and lonely days of motherhood. He does not hear me.


“Nicole,” my grandmother calls me into her bedroom, the one right next to mine. It is a Saturday. In her hands, she holds a piece of paper. “Your father wrote you a letter. Well, you and your brother.” I am both stunned and numb. It has been seven years since he left. Seven birthdays, seven Christmases, seven Father’s Days, without him. I have grown used to his absence, grown to trust it more than the brief periods when he was present.

“Okay,” I say, sitting on the bedspread that she will smooth wrinkles out of when I stand up. “Should I read it?” I ask the woman who helps me make all my decisions.

“I have no idea.” My grandmother cleans out a junk drawer, the one bit of disorganisation she allows in an ordered life, and hands me the letter. “Do what you want with it. If you don’t take it, I’ll just throw it away.”

“I’ll see,” I say, doing my best to appear unmoved. I feel as though the letter is somehow my fault.

“Honey,” she says, pausing from her cleaning and softening for a moment, “your father is in rehab. This is one of the steps.”

Steps toward what? I wonder.

“He has to make amends to those people he’s hurt while using drugs. That’s why he’s writing this.” My grandmother turns away from me and back to organising. Our discussion is over.

***

I prepare for the party while my husband runs out to get beer, wine, and soda for the people who don’t drink, like my father. He shows up at the properly designated time, and there are awkward introductions because so many people know our history.

“I thought your father died,” one friend whispers, while filling her glass with sangria.

“No, we’ve been estranged,” I say, unable to offer a better explanation.

I meet my sister, she is young, 18, heading off to college in the fall. I imagine her getting to know my children, while they attach themselves to her as if they know there is some sort of bond connecting their lives to hers.





Sunday, June 20, 2021

पेरू में वामपंथी राष्ट्रपति उम्मीदवार की जीत के बाद तनाव का माहौल

Rival protests in Peru as tensions rise over presidential vote

Pedro Castillo’s supporters want election results upheld, while Keiko Fujimori’s backers want the vote annulled.

Supporters of socialist Pedro Castillo and conservative Keiko Fujimori took to the streets by the thousands in Peru on Saturday, as tensions rose over the result of a June 6 presidential election.

https://www.aljazeera.com/news/2021/6/20/rival-protests-in-peru-as-tensions-rise-over-presidential-vote

हमारी नई पार्टी का चुनावी घोषणा पत्र

देश के हालात और दुर्दशा से चिंतित होकर हमने एक नई राजनैतिक पार्टी बनाने का निर्णय किया है।  उसके लिए हमने बहुत सोच विचार कर एक घोषणा पत्र तैयार किया है जो आपके सामने प्रस्तुत है। वैसे तो मोदी सरकार ने आखरी छह महीनो में कुछ तेजी दिखाई है और योगी जी ने भी उसमे सहयोग दिया है, लेकिन संत समाज और महा राष्ट्रवादी लोग उससे संतुष्ट नहीं हैं। इसलिए हमने इस काम को जरूरी समझा। हमारे घोषणा पत्र के मुख्य बिंदु निम्न प्रकार से हैं।
१. हमारी पार्टी का नाम " राष्ट्रवादी सनातनवादी पुरातनवादी आर्यवर्तीय पार्टी " होगा।
२. हम हर महीने कम से कम पांच जगहों का नाम बदलेंगे।
३. हम हर प्रदेश में विश्व की सबसे ऊँची प्रतिमा स्थापित करेंगे। इसकी घोषणा प्रदेश अनुसार चुनावों के समय       की जाएगी।
४. बहुमत की आस्था के अनुसार काम को संविधान के दिशा निर्देशक सिद्धांतों में शामिल किया जायेगा।
५. हमने महसूस किया है की पिछले पांच साल में किये गए सभी प्रयासों के बावजूद कुछ संस्थाओं में एकाध           दुष्ट आत्माएँ  अभी भी मौजूद हैं जो समय समय पर सरकार के कामकाज में टांग अड़ाती हैं। इसलिए सभी       ऐसी संस्थाओं जैसे, चुनाव आयोग, रिज़र्व बैंक, मानवाधिकार आयोग, सुचना आयोग इत्यादि का                     संवैधानिक दर्जा समाप्त कर दिया जायेगा।
६. सुप्रीम कोर्ट व हाई कोर्ट के जजों की नियुक्ति करने वाले कोलेजियम में कोई जज नहीं होगा।
७.  इज आफ डूइंग बिजनेस को बढ़ावा देने के लिए सभी सरकारी स्कूलों और हस्पतालों को बंद कर दिया               जायेगा ताकि नए बिजनेस के अवसर खुल सकें।
८. सरकारी नौकरियों पर पूर्णतया पाबंदी लगाई जाएगी ताकि प्रतिमाओं और धार्मिक आयोजनों के लिए धन        उपलब्ध  हो सके।
९. अगली दिवाली पर अयोध्या में तीन करोड़ दीप जलाए जायेंगे और उसके लिए धन GST पर नया सेस                 लगाकर उगाहा जायेगा।
१०. एक सीमा से ज्यादा पढ़ने लिखने को देशद्रोह घोषित किया जायेगा।
११. भारत रत्न सहित सभी पदम् पुरस्कारों की घोषणा करने वाली समिति में केवल तीन सदस्य होंगे जो संघ,        अखिल भारतीय अखाडा परिषद और गीता प्रेस द्वारा नामित किये जायेंगे।
१२. डार्विन इत्यादि के सिद्धांतों को सेलेबस से हटाया जायेगा।  ये हमारी भावनाओं को आहत करते हैं।
१३. महिलाओं का प्रवेश केवल मंदिरों से ही नहीं, बल्कि संसद और विधानसभाओं में भी प्रतिबंधित किया                 जायेगा।
१४. सभी कृषि विश्वविद्यालयों को गौशालाओं में परिवर्तित किया जायेगा।
१५. सभी सरकारी पदों पर नियुक्तियां वर्ण व्यवस्था के हिसाब से की जाएँगी। 

सभी राष्ट्रवादी नागरिकों से सहयोग की अपील है।



Saturday, August 25, 2018

क्या अब उद्योगपति धमकाएंगे विपक्ष को ?

कल 27 अगस्त को RBI द्वारा तय समय सीमा खत्म होने के साथ ही अन्य कई कम्पनियों के साथ अनिल अम्बानी की रिलायंस नेवल भी दिवालिया घोषित होने की कार्यवाही के दायरे में आ जाएगी। अनिल अम्बानी ने इससे एक दिन पहले , यानी आज इसके डॉयरेक्टर के पद से इस्तीफा दे दिया। इस्तीफे के लिए उसने कंपनी अधिनियम की उस धारा का हवाला दिया जो 2013 से लागू है।
         इससे दो दिन पहले उसकी दूसरी कंपनी रिलायंस इंफ़्रा ली अपने NCD का भुगतान नहीं कर पाई और डिफ़ॉल्ट कर गयी।
         राफेल के सवाल पर कांग्रेस द्वारा सरकार से ये सवाल पूछने पर की उसने राफेल डील के अंतर्गत मेंटिनेंस इत्यादि का कॉन्ट्रैक्ट हिंदुस्तान ऐरोनॉटिक्स से हटाकर केवल 15 दिन पहले बनी अनिल अम्बानी की उस कम्पनी को किस आधार पर दिलवा दिया जिसके पास इस तरह का कोई अनुभव ही नहीं है , तो इसका जवाब सरकार द्वारा देने के बजाय अनिल अम्बानी ने कांग्रेस पर 5000 करोड़ की मानहानी का मुकदमा दायर कर दिया।
           यानी अब सरकार के फैसलों पर और अपने मित्र उद्योगपतियों को गलत तरीके लाभ पहुंचाने पर अगर कोई सवाल उठाया जायेगा तो उसका जवाब सरकार द्वारा देने के बजाय अब उद्योगपतियों द्वारा विपक्ष को क़ानूनी कार्यवाही की धमकियाँ दी जाएँगी ? देश की जनता इसे स्वीकार नहीं करेगी और सरकार और कॉरपोरेट के नेक्सस को ये बात ध्यान से समझ लेनी चाहिए।


Saturday, April 7, 2018

Will America Accept Its Defeat in Syria? Challenge Russia and China?

Russia introduced China to Syria during the war when the Chinese navy arrived in the Mediterranean and reached the shores of Tartous and Lattakia to send a message to America and its allies that the monolithic dominance of the world was over.
There are thousands of Chinese jihadists who fought with ISIS and al-Qaeda and Beijing was concerned, willing to see all these killed in Syria. Cooperation between the Chinese and the Syrian intelligence services was established. Damascus has a unique and a very rich bank of information about foreign fighters many countries in the world would like to have access to, since over 80 nationalities of foreign fighters were allowed into Syria in a failed attempt to topple the regime and establish an Islamic State.
But Washington is still trying to protect its position, refusing to give up on the crown of world domination it has enjoyed for over a decade and it is ready to fight against the “axis opposing the US” using other means outside Syria. The US establishment and its allies are expelling Russian diplomats and imposing sanctions on China and Iran. The US defeat in Syria is obviously very painful.
What Washington is pretending to ignore is that the world no longer believes in the US’s military muscles and that there are two potential countries, less arrogant and willing to create alliances rather than bullying weaker countries: Russia and China. These are gathering more allies against the US axis.
The US is still living in the era of 1991 when the Soviet Union collapsed. Its strong decline continued until the arrival of President Vladimir Putin to power in 2000. Washington realised there is a new person at the Kremlin in the castle of the Tsars with a determined intention to restore the lost glory. Russia had only nuclear weapons at that time and nothing else but the will was strong for the Russian bear to wakeup from its hibernation.
Putin did not declare war on America but extended his hand and tried to build friendship or at least not enmity. But Washington saw in Moscow the potentiality to recover in a couple of decades and worked on slowing down the process or interrupting it if possible. This is why the US started to pull to its side many countries of the ex-Soviet Union which have declared independence and include these in NATO and in the European Union surrounding Russia.
China, which includes cheap labor and can clone any commercial or military technology, like Russia has perceived America’s fear of its rapid economic development and wealth. Thus, the Chinese-Russian rapprochement was mainly created by the aggressive US policy towards the two countries, and this mainly because the American concentrate exclusively on military muscle when dealing with the World.
Washington has focused its naval control over the South China Sea and the Straits of Malacca, bringing back memories of its military presence during the Second World War with the attempt to tighten its pressure on Beijing. The US is aware of their naval superiority and know that China needs the sea for its commerce and for its supply of energy.
sco-2011
China started to protect itself by setting up the Eurasian political and economic Shanghai Cooperation Organisation in June 2001 with the goal also to focus on economic initiatives, increase military and counter terrorism cooperation with intelligence sharing. This Cooperation includes about half of the World’s total population and the states (including five nuclear states) of China, Russia, Kazakhstan, Tajikistan, Uzbekistan, Kyrgyzstan, Mongolia, Iran, India and Pakistan – and rejected Washington’s and Tokyo’s request to be observers only.
China has gone to the countries affected by US policy to establish a rapprochement. Further, it established the “string of Pearls” of states and islands for marine protection and encircled India, Japan and other American allies. The Indian Ocean sees the passage of 60% of the trade in oil from the Middle East, making the Straits of Malacca indispensable for China to protect. Therefore Beijing established relationships with Malaysia, Singapore, Myanmar, Coco islands, Bangladesh, Sri Lanka, Pakistan, and a presence in the African coast in Sudan and Kenya.
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Moreover, China revived the world’s oldest overland trade route of the Han Dynasty called “the Silk Road”. The modern Chinese Silk Road will provided a link to Beijing with the world for trade expected worth one trillion dollars (for 900 separate projects). The Silk Road reaches 11 cities in Europe and others in Africa by railway and pipeline and is expected to bring together seven Asian countries under the slogan “One Belt, One Way”. It will offer gas and trade to China and will cover 70% of the planet’s population.
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China is also part of the BRICS Group, which was established in 2009 and includes Brazil, Russia, India, China and South Africa, which account for about 40 percent of world production.
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And last but not least, in 2013, China presented the Asian World Bank (AIIB) that was set up to strike America at the core and bring together 57 countries – including several European states – but excluding the United States and Japan, its staunch ally.
Aiip-image
The Asian International Bank – with $100 billion – aims to get rid of American financial control over the world’s economy. Washington considered this move as provocative, aiming at finding alternatives to its control of the world’s economy and financial that the United States has controlled for decades without any rival.
With its superficial but continuous sanctions, Washington believes it is capable of preventing the Eurasia Union (which begins from the Atlantic Ocean to the Indian Ocean, including six large states containing 3/4 of the world’s energy), to trouble Russia and to bother China.
Moreover, the US was thinking of creating a “Middle Eastern NATO” to counter the “Shiite crescent” and the “Iranian threat”. This idea was destroyed following the Saudi Arabia disastrous war on Yemen  and because Middle Eastern countries are unable to unite politically, economically or militarily.
While the US is fighting and losing in Syria, most countries that rejected American hegemony are gathering together in one way or another. There is cooperation between these countries – as we saw above –  to get rid of Washington’s dominance, arrogance and destructive foreign policy.
The US believes in changing regimes and directly – or through proxies – to occupy or control countries and impose a heavy protection fee to avoid toppling Middle Eastern monarchies (like Saudi Arabia as Donald Trump said himself). The US establishment is also manipulating youth and exploiting it under the title “Freedom activists” to guide them towards failing states, allowing extremists (Libya and both Syria and Iraq) to just get away with it).
America is deploying missiles everywhere where its military bases are deployed all over the world and has never thought of using its energy and power to support the economy and peace. It is only focused  on controlling states and the sources of energy regardless of the consequences, because there is no accountability for its doing.
Failure is everywhere: Washington’s plan failed- as General Wesley Clark, retired 4-star U.S. Army general, Supreme Allied Commander of NATO during the 1999 War on Yugoslavia said – to occupy seven countries (Iran, Iraq, Syria, Lebanon, Libya, Somalia and Sudan), and its failure in Afghanistan, Iraq and Syria because it underestimated the reaction to its foreign policy.
However, it has largely succeeded in planting hate among the Muslim population, turning the objective of al-Qaeda (its goal to target the far enemy, i.e. the US) and replaced it with ISIS (the goal is to target the near enemy, i.e. minorities and other Muslims), reviving an animosity between Muslims that is 1400 years old. Today the majority of the western population believes the war in the Middle East is “between Muslims. Let them kill each other…who cares?”.
While the United States is selling for $110 billions weapons to Saudi Arabia to kill more Yemenis and threaten its neighbours (Qatar, Syria and Iran),  Russia has signed 10 year contracts with China worth 600 billion dollars, and with Iran worth 400 billion dollars. Also, China has signed contracts with Iran worth 400 billion dollars. These contracts are aimed at economic cooperation, energy exchange; they promise an advanced economic future for these countries away from US dominance.
The US believes it can corner Russia, China and Iran: Russia has a 7,000 kilometre border with China, Iran is not Iraq and Syria is not Afghanistan. In Syria, the destiny of a world to be ruled by unilateralism is over. The world is heading toward pluralism.
The question remains: Is Washington prepared to accept its defeat and acknowledge that it has lost control of the world and pull out of Syria?
Elijah J. Magnier is a Senior Political Risk Analyst with over 32 years’ experience covering Europe & the Middle East. Acquiring in-depth experience, robust contacts and political knowledge in Iran, Iraq, Lebanon, Libya, Sudan and Syria. Specialized in political assessments, strategic planning and thorough insight in political networks.
Proof read by: Maurice Brasher

Thursday, March 29, 2018

Why petro-yuan may become biggest game-changer of all time in capital markets

The historic launch of the long-awaited trading of Chinese crude futures this week has stirred up a heated debate among analysts as to whether the new commodity product will prosper or flop.
Some market analysts expressed doubts over the success of the petro-yuan, citing Beijing’s yearning for total control over trading as one of the key reasons for a potential bust. “The government has been eager to encourage liquidity and paper trading, but of course the issue with paper trading is speculative trading that the government wants to keep at bay,” Michal Meidan, an analyst at energy market consultancy Energy Aspects, told Bloomberg prior to the launch.
Meanwhile, the high costs of oil storage for delivery into the Shanghai Futures Exchange may scare potential investors away from the new contracts, according to industry analysts. “Storage plays a crucial role in linking cash and futures markets. Many speculators, such as proprietary traders and hedge funds, may be scared away,” said Jian Yang, a research director at the JP Morgan Center for Commodities in the University of Colorado Denver, as quoted by the agency.
However, China's yuan-backed oil futures managed to make a strong debut on Monday with overnight trade volumes initially outstripping transactions of internationally recognized benchmark Brent. Some 62,500 contracts reportedly changed hands during the first session, as domestic and international oil investors joined the trading.
The impressive start gives deeper cause for optimism about the newcomer with some analysts qualifying oil futures denominated in China’s currency as a game-changer in the world of financial trading. “This is the single biggest change in capital markets, maybe of all time,” said Hayden Briscoe, APAC head of fixed income at UBS Asset Management, as quoted by Reuters.
According to the analyst, the move to trade oil in yuan will diminish the role of the greenback in global financial markets. If market participants, including US corporations, opt to trade yuan-backed contracts, this could easily strengthen the Chinese currency and, at the same time, weaken the dollar.
“This helps cement the exchange’s viability and challenges the petro-dollar system, in which oil deals are executed in dollars. This would decrease demand for the greenback and boost US inflation,” Briscoe said.
With crude oil becoming a great chunk of modern international commerce, the potential impact of the new product on oil market dynamics and on global monetary and financial systems could be correspondingly great.
copy from RT

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 

Saturday, January 27, 2018

Banking, Finance and Economy Current Affairs - GST and Insolvency and Bankruptcy Code (IBC)

Finance Minister Arun Jaitley today said the GST has stabilised in a very short time that provides an opportunity  to widen its base and further rationalise the rates in the future.
-NDTV Profit 

The Govt is considering a proposal to extend the time limit for the  bankruptcy  resolution process by up to 60 days following recent changes in the Insolvency and Bankruptcy Code (IBC) that have led to a reset in the process in many cases, said officials aware of the matter. This could mean more time for the 12 big cases undergoing resolution that were on the first list sent by the RBI to banks in June, calling on them to be referred to the NCLT. These companies account for about 25% of all NPAs.
-Economic Times 

A district consumer forum has held the SBI guilty of deficiency in service for debiting money from a bank account despite a failed ATM withdrawal and awarded a compensation of Rs 3,000 to the account holder. Besides awarding the compensation, the consumer forum in Akola district also directed the bank to refund the wrongly debited amount of Rs 5,000 and pay Rs 2,000 towards the legal cost to the account holder.
-Moneycontrol.com 

Foreign exchange reserves continued rallying for the fourth week with a new high of USD 414.784 billion USD in the week to January 19, attributable to a rise in foreign currency assets. As per data issued by the RBI, reserves saw a spike of USD 959.1 million during the aforementioned time period.
-Deccan Chronicle 

The size  New India Assurance Co has the largest capital and surplus in the general insurance industry in the country, the Co said citing AM Best's credit ratin, in a regulatory filing in BSE.
-Economic Times 

Idea Cellular has approached the Govt for raising FDI level in the Co to 100%. "Application made to  Department of Industrial Policy and Promotion for 100% FDI in Idea," the Co said in an investor presentation.
-Business Today 

The government should have been vigilant to the spike in demand for bitcoins post the note ban, Swadeshi Jagran Manch co-convener Ashwani Mahajan said today, expressing dismay over lack of estimates about the "size and quantum" of black money till date. He also said that there exists conflict of interest at various institutions, including regulators such as FSSAI. Besides, Mahajan said, the Govt should have looked into the way technology was used to launder black money outside India.
-Moneycontrol.com

Constitution and Politics - Best tutorial conversation

This Republic Day - From NDTV, Ravish Kumar and Faizan Mustfa tell about Constitution. This is very useful program for every citizen as well as competitive exam aspirants.

  1. link -
 https://khabar.ndtv.com/video/show/prime-time/where-is-the-place-of-constitution-in-our-social-values-477521

 2. link - https://khabar.ndtv.com/video/show/prime-time/how-much-do-we-respect-the-supremacy-of-the-constitution-477429

Friday, January 26, 2018

Banking, finance and Economy Current Affairs - Payment Banks and Crisil Rating etc.

Payments Banks and Small  Finance Banks are now allowed to sell Atal Pension Yojana. In a statement the finance ministry said that given the strength, expertise and reach of these new age banks, they can play a pivotal role in outreach of subscribers under APY. At present there are 11 Payment Banks and 10 Small Finance Banks.
-Economic Times 

Rating agency Crisil today revised upwards the outlook on 18 PSBs to ‘stable’ from ‘negative’ and also reaffirmed their ratings following the Rs 88,139-crore capital infusion by government.The outlook on Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, Canara Bank, Central Bank, Corporation Bank, Dena Bank,  IDBI Bank, Indian Overseas Bank,  Oriental Bank, Punjab & Sind Bank, Punjab National Bank, Syndicate Bank, Uco Bank, Union Bank and United Bank have been revised upwards to stable now. The report, however is silent on SBI.
-Business Line

Honest borrowers will find it easier to get loans from PSBs following the reforms being undertaken, Financial Services Secretary Rajiv Kumar has said, asserting that there would be a premium on integrity.
-Indian Express 

Finance Ministry has asked PSBs to consider asset swaps, including exchange of their corporate portfolios and branches, to optimise nation-wide operations even as consolidation emerges as an option to revive the financial performance of the lending system. Banks may also swap same rated loans — both in corporate and retail segments — to obtain a more cohesive portfolio, a senior Finance Ministry  official said. The move is part of the reforms agenda — Enhanced Access and Service Excellence (EASE) — that seeks to limit the corporate exposure of PSBs at 25% of total risk-weighted assets.
-Economic Times 

SBI has decided to invoke personal and corporate guarantees of defaulting firms even when they face bankruptcy proceedings. Officials of the bank said that letters have been issued to all officers in charge of credit that they must immediately invoke the personal and corporate guarantees.
-Economic Times 

In what could be the biggest management buyout ever in India, a group of employees of Tata Teleservices Ltd (TTSL), led by Chief Ethics Officer, Tata Sons, has pitched for buying out the Tatas from the Co. The bid, understood to be a little over $1 billion, is backed by a consortium of PE investors led by bulge-bracket PE firm, TPG Capital, and includes a major pension fund, according to sources in TTSL who wished to remain anonymous. It is understood that fears of job losses prompted senior, long-serving employees of TTSL to band together to spearhead the offer.
-Business Line 

The labour ministry will begin a drive in April to register over 47 crore unorganised sector workers and provide them with Unorganised Worker Index Number or UWIN Card, bringing them under the social security net, according to an official source.
-The Statesman 

Employees union at Bajaj Auto's Chakan plant has threatened to go on an indefinite hunger strike  from Monday over the non-revision of wages. The Bajaj Auto management was to revise the 3-year wage agreement with its over 1,000 permanent employees at the Chakan plant in 2016 but it has still not moved on the issue, a union leader said today.
-Economic Times