On November 12, 2021, the Reserve Bank of India (RBI) decided to ring in uniformity in asset classification and income recognition across all lending institutions. Shadow banks, or non-banking financial companies (NBFCs), like commercial banks, are to test non-performing assets (NPAs) on a daily basis and upgrade them to "standard assets" only when interest and principal arrears are settled by borrowers. This is going to create all manner of headaches for shadow banks and their clientele. Says Y S Chakravarti, managing director and chief executive officer (CEO), Shriram City Union Finance: "NPA levels will go up, especially of small borrowers.
Prime Minister Narendra Modi and chief ministers of states may soon have an in-person interaction on a common platform for the first time since 2019. The seventh meeting of the Governing Council of NITI Aayog is likely to be held in late June or early July, Business Standard has learnt from sources in the Centre and a state. While the date and other details are yet to be finalised, it is learnt that there will be a conclave of chief secretaries of states and Union Territories in Dharamshala, Himachal Pradesh, on June 14 and 15, which will decide the agenda of the Council meeting to be held at a later date.
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
The review petition, filed through Dr Babar Awan and Azhar Siddique, named the Pakistan Peoples Party, Pakistan Muslim League-Nawaz, Supreme Court Bar Association, Sindh High Court Bar Association and the Sindh Bar Council as respondents.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
New Everton boss Sean Dyche's reign began with a shock 1-0 victory over English Premier League leaders Arsenal.
Will Annamalai's attacks on the DMK revert the anti-BJP feeling in Tamil Nadu, asks N Sathiya Moorthy.
Low oil prices also means effectively transfer of wealth from the producing nations to the consuming nations
A high-powered probe committee set up by Lieutenant Governor Manoj Sinha visited the site and appealed to the general public to share videos, statements or any other evidence about the incident.
IMAGES from the T20 World Cup match played between India and Bangladesh in Adelaide on Wednesday.
Night curfew will continue but from 11 pm instead of 10 pm.
The women's ODI World Cup begins March 4 across six different venues in New Zealand
Defending champion Stefanos Tsitsipas came out on top from a thrilling quarter-final clash with Diego Schwartzman, prevailing 6-2, 6-7(3), 6-4 on Friday to set up a meeting with Alexander Zverev at the Monte Carlo Masters.
Is the worst over for Indian banks? The past two years saw them ride on treasury trades as deposits soared and credit growth dipped sharply. Gross and net non-performing assets (NPAs) moved south, and the provision coverage ratio (PCR), capital buffers, and profitability indicators are back at pre-pandemic levels. So, what's the plot ahead?
It is a mistake to believe that children are unaware when parental battles happen behind closed doors.
Rupee, bonds may see knee-jerk reaction, as Urjit Patel is considered an inflation warrior
Michael Dalvi, who played first class cricket for Delhi, Tamil Nadu and Bengal, once hit a century against a fiery Malcolm Marshall and the West Indies. At 77, he has a razor sharp memory, a ready wit and is a rare cricketing treasure.
Uttar Pradesh Chief Minister Yogi Adityanath on Thursday directed officials to speed up setting up of a commando training centre in Rampur and also form a skilled team of women commandos.
Nishita Suratkal explains how amla, methi and bhringaraj can help arrest hairfall and improve overall hair health.
HR Guru Mayank Rautela offers practical advice.
Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains "a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines."
Has the Modi government ensured that the MEA keeps abreast of the times, asks Ambassador Vivek Katju.
If General Asim Munir, Pakistan's new army chief, wants to help defuse the current polarised atmosphere and shepherd civilian politicians towards negotiations on an acceptable date for elections, he may need to distance himself from any perception of needless hostility to Imran Khan, explains Rana Banerji, who headed the Pakistan desk at RA&W, India's external intelligence agency.
The Mumbai police said prohibitory orders under Criminal Procedure Code Section 144 will be imposed in the city from December 16 to December 31, a period covering Christmas and New Year eve, banning large gatherings as part of measures to prevent the spread of coronavirus.
Russia has almost completed the delivery of major components of the second regiment of the weapon systems.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
The industry may account for just 0.05 per cent of the total volume of single-use plastics in the country. And the product it uses is just one among the 22 - including spoons, forks, plates, knives and trays - that will be banned across the country from July 1 by government order. Yet, it is the plastic straw that is at the centre of public focus as fast-moving consumer goods (FMCG) companies make a last-ditch effort to get the government to extend the deadline.
Leading stock exchanges BSE and NSE have put out comprehensive guidelines for handling technical glitches at members' end in order to prevent disruptions. Under the new framework, members will have to pay Rs 20,000 per day in case of failure to report the incident to the exchanges within the required timeline, BSE and NSE said in separate circulars. The guidelines outline technology infrastructure and system requirements that a member should put in place to prevent any incident of business disruption resulting from technical glitches.
Updates from around the different clubs in the English Premier League
As he completed one year in office on Thursday, the Chief Minister also gave a hundred out of hundred score for his government's performance.
With the flood situation in Assam remaining critical on Monday and affecting a population of nearly 43 lakh in 33 of its 35 districts, Chief Minister Himanta Biswa Sarma directed air dropping of food and other relief materials in areas where there is heavy inundation, officials said.
Companies that do not know why they are doing good also do not know why they are failing when they are on a downward slide, notes Baqar Iftikhar Naqvi, founder and CEO, Upriver, a sales accelerator firm.
In a massive setback for the country, world football governing body FIFA on Tuesday suspended India for "undue influence from third parties" and said the Under-17 Women's World Cup "cannot currently be held in India as planned."
Take a look at top picks of all 10 IPL teams
Recently, South Korean Foreign Minister, Chung Eui-yong, dialled his Indian counterpart, S Jaishankar, in New Delhi. His government, he said, "regretted the offence caused to the people of India". A day earlier, India had summoned the South Korean ambassador to express its "strong displeasure" over "an unacceptable social media post".
The 30th edition of the New Delhi World Book Fair, which was scheduled to be held at Pragati Maidan from January 8 to 16, has been postponed in view of the latest DDMA guidelines imposed following the surge in COVID cases driven by the fast-spreading Omicron variant, said the organisers in a statement.
'In some quarters it has been suggested that there will be an 'official candidate' backed by the leadership but on the contrary, it has been repeatedly stressed by Congress president Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra in my conversations with them over the last two weeks that the Nehru-Gandhi family welcomes these elections'
The Centre on Saturday strongly advised 12 states and Union Territories reporting a surge in coronavirus cases to significantly increase testing and ensure people follow COVID-appropriate behaviour, noting that one infected person could spread infection to an average of 406 individuals in a 30-day window without restrictions.
Bankrupt Infrastructure Leasing & Financial Services (IL&FS) has sold the entire stake in the waste management arm IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management (EverEnviro), an arm of the PE major Everstone Group, the companies said in separate statements. Though the value of the deal was not specifically disclosed, the crippled IL&FS -- which is under bankruptcy proceedings in NCLT -- said the sale will reduce its overall debt by Rs 1,200 crore, which is the combined debt of entities under the group's environment businesses. IL&FS Environmental Infrastructure & Services (IEISL) is one of the leading integrated waste management companies that is into municipal solid waste management apart from presence across various segments including construction and demolition, collection and transportation and waste to energy and currently manages over 8,400 tonnes per day solid municipal waste.
The states and Union territories were also urged not to store, reserve, conserve or create a buffer stock of the COVID-19 vaccines, the Union health ministry said in a statement, a day after the start of the second phase of India's inoculation drive in which the coverage has been expanded to include everyone above 60 and those over 45 with specified co-morbidities.
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