The Delhi High Court Tuesday directed the Centre to respond to a plea by LGBTQ couples who are seeking live streaming of proceedings on a batch of petitions to recognise same-sex marriages under the special, Hindu and foreign marriage laws on the ground that the matter is of great national and Constitutional importance.
The Indian financial system's asset quality improved despite the pandemic, but it could be due to special dispensations by the regulator, and banks would likely see increased stress on their books once the schemes expire. According to the annual trend and progress report of the Reserve Bank of India (RBI) released on Tuesday, the data available for this financial year so far indicate that banks' bad debts have moderated while provision coverage ratios (PCRs), capital buffers as well as profitability indicators have improved relative to pre-pandemic levels.
It also said that judicial interference will cause "complete havoc with the delicate balance of personal laws".
The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman last month.
Although such alerts are not compulsory for the banks, this may become the norm now if payments are missed even for a day.
The asset quality of non-banking financial companies (NBFCs) deteriorated in April-September 2021 (H1FY22) owing to the second wave of the pandemic. Their gross non-performing assets (NPAs) rose to 6.8 per cent in September 2021 from 6 per cent in March 2021. The Reserve Bank of India's (RBI's) annual Trend and Progress report (FY21) said the sector might have to grapple with higher delinquencies as and when policy measures unwound. The pandemic posed significant challenges to NBFCs during the first wave (2020) also.
The finance minister chaired a meeting through video conference with major private banks and NBFCs to ensure effective rollout of ECLGS and uninterrupted liquidity to Indian MSMEs in this difficult time.
Finance Minister Nirmala Sitharaman on Tuesday held a review meeting on credit guarantee scheme with heads of public sector banks, and asked them to expedite loan disbursement under the Rs 3-lakh crore ECLGS for MSME sector, hit hard by coronavirus-induced lockdown. The meeting on Emergency Credit Line Guarantee Scheme (ECLGS) was held through video conference, and the minister appreciated the efforts of banks in execution of the scheme.
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.
The net NPA ratio declined to 3.7 per cent in September 2019 from just below 4 per cent in March 2019, reflecting increased provisioning.
Rating agency ICRA on Wednesday revised down its credit growth outlook for banks to 2-3 per cent for the current fiscal, and said the coronavirus pandemic-driven stress may leave 3.1-3.7 per cent of assets into bad loan list by March.
RBI said the improvement in asset quality was driven by state-run lenders which saw a drop both in both GNPA and in the net NPA ratios.
The amount of loans that carry a high risk of slippage into the NPA category over the next few quarters is about Rs 2.8 trillion.
The Union Cabinet on Wednesday approved additional funding of up to Rs 3 lakh crore at a concessional rate of 9.25 per cent through the Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector hit hard by the coronavirus crisis. The ECLGS was the second-biggest component of Rs 21 lakh crore comprehensive package announced by Finance Minister Nirmala Sitharaman last week.
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
Mumbai-born Veena Sahajwalla has developed a microfactory in Australia to upcycle electronic waste.
'We do not know when we will get to the business-as-usual mode.' 'Many borrowers may not be able to pay up.' 'The incidence of cheque bouncing has doubled or even trebled, some lenders say,' says Tamal Bandyopadhyay.
Gross bad loans of banks may rise from 6.9 per cent in September 2021 to 8.1-9.5 per cent by September 2022 if the Omicron variant strikes the economy hard, as per the financial stability report of the Reserve Bank released on Wednesday. The report also said that the rising stress level in the retail loan portfolio of banks -- the mainstay of bank credit for many years now -- was led by home loans, which grew in double-digits so far this fiscal. While asset quality improved, with gross non-performing assets (GNPA) and net NPA (NNPA) ratios declining to 6.9 and 2.3 per cent, respectively, in September 2021, the slippage ratio inched up during the same period as private sector banks showed a higher rate of deterioration in asset quality, as per the report.
Banks given 180-day time for NPA resolution, matter to be referred to Insolvency Board within 15 days.
The funny thing is that the government has the money - but it is going into subsidies that Mr Jaitley has chosen to leave untouched.
Petitioner Abhijit Iyer Mitra and three others have contended in the petition that marriages between same sex couples are not possible despite the Supreme Court decriminalising consensual homosexual acts.
'Fear psychosis has gripped the entire world.' 'Nobody is going to enter shops freely in the next 5, 6 months.' 'Secondly, the priority has changed.' 'Now that they have seen the bottom of the economy, people will prefer to save for tomorrow.'
The auction ahead of the seventh edition of Indian Premier League involved a lot of profligacy. Check out the smart picks.
Nestle's acquisition of Pfizer's infant nutrition business has an India angle to it. While Pfizer does not have its infant nutrition brands such as SMA Gold, Promil Gold, Progress Gold and Promise Gold in India yet, the threat that it could launch these products in the country was always there, thanks to its strong presence in neighbouring countries such as China, Indonesia and the Philippines.
Is your weakness overshadowing your strengths? Shivani Manchandra, Career Consultant and Director of Career Track, suggests four easy ways to convert your weaknesses into your strengths.
They say that a stimulus package may not be necessary because, unlike last year's total lockdown, public transport, including the railways and airlines, is running and the restrictions on movement are localised and, in some cases, are partial rather than total.
Banks, through the Indian Banks' Association, have urged RBI and credit information companies to maintain a database of wilful defaulters.
Share prices of Indian companies listed on LSE continue to outperform both the AIM All-Share and the FTSE 100, according to India Watch, a quarterly review due to be released by business and financial adviser Grant Thornton. AIM is the LSE's international market for smaller growing companies.
According to the latest Emerging Markets International Acquisition Tracker report, 243 emerging-to-developed deals were recorded in the first half of 2010, compared to 194 in the second half of 2009.
The new circular provides for a framework for early recognition, reporting and time-bound resolution of bad loans.
Markets ended a volatile session of trade higher as metal shares joined global rally after China avoided the path of raising policy rates.
Ever wondered what the future of mobile phones would be? Well we do. exHIBIT has made a list of what they think are the coolest concept phones presented in 2010. But do not ask where can you find them and at what price.
The new Silver data plan provides customers with unlimited data for accessing up to 10 supported e-mail accounts, plus an optional BlackBerry email address, and popular instant messaging (IM) services at the low monthly rate of just Rs 299, TTSL said.
Domestic LPG costs Rs 348.89 less than the cylinders meant for commercial use and this difference often leads them into restaurants and hotels who are supposed to use only industrial LPG, a Petroleum Ministry official said. All cylinders will be tagged with a unique number and consumers will be issued smart cards. Every time a refill is delivered, the unique number would be stored on the smart cards.
The report released on Wednesday by two leading cancer research groups reviewed more than 7,000 studies published worldwide and found a convincing connection between excess fat and cancers of the esophagus, pancreas, colon and rectum, endometrium and kidney, along with breast cancer in post-menopausal women.
The sharp rise in the number of structured products rated caused the revenues of leading rating agencies to jump. The quality of these exercises is today reflected in the vastly devalued status of those products. Rating in India can come into its own when there is lot more of debt to be rated, creating enough volumes for the agencies.
Four leading IT companies - Zenith Computers, Microsoft Corporation India, Intel Corporation and Samsung India Electronics - have jointly launched 'Multiply', a solution for the Small and Medium Enterprise market.
Air Deccan is looking for qualified professionals to fill various positions across the country.
The eight were unauthorised travellers in the brake van of the goods train that derailed on Friday, and efforts were on to ascertain whether anyone else was still trapped under the wagons, he told PTI.
Rane was expelled after he quit his party post on Satuday.
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