Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
Engaging India is an online column analysing the issues, trends and forces behind the business and politics shaping India and its impact on the world. Engaging India appears on Thursday mornings exclusively on FT.com India, a dedicated online section on India, and is written by Jo Johnson, the Financial Times' South Asia bureau chief; Amy Yee, New Delhi correspondent; and Joe Leahy, Mumbai correspondent.
Foreign investors did not lap up the new SBI issue because of deeper worries about public sector banks
Non-Performing Assets are a wake-up call for public sector banks.
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
WhatsApp India head Abhijit Bose and Meta's public policy head Rajiv Aggarwal have resigned from their positions, social media major Meta said on Tuesday. The development comes within a week of Meta announcing 11,000 lay-offs across the globe. The company has given charge of Meta India Public Policy to Shivnath Thukral who is currently serving as Director of WhatsApp Public Policy in India.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
'What we have to think about is, how to improve the efficiency of public sector banks.' 'You have to make decision-making more prudent, and free from government intervention.'
Since public sector banks are unlikely to be privatised soon, the aim has to be to make as many of them perform as is possible.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
The total debt of the government increased by 6.7 per cent in the second quarter ended September 2013.
his is the first time that action has been taken against the Indian YouTube-based news publishers since the notification of the IT Rules, 2021 in February last year, it said.
With 3,536 cases reported on an average in the week ending March 15, India contributed to only 0.21 per cent of global cases, the Union health ministry said.
With almost 25,000 seats up for the taking the Common Written Exam for Probationary Officers is a golden opportunity for candidates aspiring for jobs in India's public sector banks.
With almost 25,000 seats up for the taking the Common Written Exam for Probationary Officers is a golden opportunity for candidates aspiring for jobs in India's public sector banks.
A release issued by the RSS on Thursday had said the agenda of the four-day meeting included a discussion of Sangh volunteers' response to the coronavirus pandemic and preparations to face a possible third wave, among other things.
Assistant Secretary of State for South and Central Asia, Donald Lu, was speaking to members of the Senate Foreign Relations Committee, just after India had abstained from a vote on the United Nations General Assembly resolution.
If the Centre and states are keen on spending more to meet the COVID-19 challenges in the coming year, they must bear in mind the need to raise more resources through taxes and non-tax revenues, suggests A K Bhattacharya.
Would Ukraine be such a pushover if it had that nuclear stockpile?' asks Shekhar Gupta.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
"Remembering my friend, Arun Jaitley Ji on his birth anniversary. His warm personality, intellect, legal acumen and wit are missed by all those he closely interacted with. He worked tirelessly for India's progress," Modi tweeted.
Hectic fundraising through IPOs will continue next week, with three firms -- One97 Communications, owner of Paytm; Sapphire Foods India, which operates KFC and Pizza Hut outlets; and Latent View Analytics -- are set to launch their initial share-sales to collectively mop up about Rs 21,000 crore. This comes after five companies successfully concluded their public offerings (IPOs) this week. Those five firms are - FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa; Fino Payments Bank; Policybazaar parent entity PB Fintech; decorative aesthetics supplier SJS Enterprises; and microcrystalline cellulose maker Sigachi Industries.
Fitch Ratings has cut India's economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India's 'BBB-/Negative' sovereign rating "balances a still-strong medium-term growth outlook and external resilience from solid foreign- reserve buffers, against high public debt, a weak financial sector and some lagging structural factors". The 'Negative' outlook, it said, reflects uncertainty over the debt trajectory following the sharp deterioration in India's public finances due to the pandemic shock.
Twitter on Friday said it 'stands prepared' to work with the Parliamentary Standing Committee on IT on safeguarding citizens' rights online, even as the panel categorically told the microblogging platform that rule of the land is supreme and not the company's policies.
Amid a tussle between the Union government and Twitter over the new IT rules, officials of the microblogging site on Friday deposed before a parliamentary panel chaired by Congress's Shashi Tharoor over preventing misuse of social media.
The government on Wednesday informed Parliament that there is no proposal with the Information Technology ministry to set up a regulator for social media.
'We're clear Covishield is not a problem. The UK is open to travel and we're already seeing a lot of people going from India to the UK, be it tourists, business people or students,' Alex Ellis, British high commissioner to India, said.
The plan is to establish a consultative panel and appoint mediators to address various domestic issues, both at the central government and state levels.
Fitch Ratings on Thursday said the resurgence of COVID-19 infections may delay India's economic recovery, but won't derail it, as it kept the sovereign rating unchanged at 'BBB-' with a negative outlook. It projected a 12.8 per cent recovery in GDP in the fiscal year ending March 2022 (FY22), moderating to 5.8 per cent in FY23, from an estimated contraction of 7.5 per cent in 2020-21. Fitch had in June last year revised outlook for India to 'negative' from 'stable' on grounds that the coronavirus pandemic had significantly weakened the country's growth outlook and exposed the challenges associated with a high public debt burden.
The superintendent of Taloja jail has just been transferred. Does that signal a more human phase in prison for the Bhima Koregaon accused? asks Jyoti Punwani.
'38,162 volunteer doctors, including retired government, Armed Forces Medical Services, public sector undertaking or private doctors have signed up with the government to battle COVID-19 pandemic'
"30,100 volunteer doctors, including retired government, Armed Forces Medical Services, public sector undertaking or private doctors have signed up to the government to battle COVID-19 pandemic," the official said.
Beginning from 8 am on August 5 till 10 pm, images of the words 'Jai Shri Ram' in Hindi and English, Lord Ram's portraits and videos, 3D portraits of the temple's design and architecture as well as pictures of the laying of the foundation stone by Modi will be displayed across several billboards, which are among the most striking and popular features of Times Square, one of the most popular tourist destinations in the world.
If the government had paid enough to begin with, or if it had made serious advance purchase commitments that allowed the vaccine producers to mobilise necessary investment, then it is possible to imagine more free or subsidised vaccines such as are available in developed economies, asserts Mihir S Sharma.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
'We will see a kind of disaster which the country has not seen in the last 100 years.'
The salient features of the new OTT/social media policy announced by the Information Technology Minister Ravi Shankar Prasad and Information and Broadcasting Minister Prakash Javadekar on February 25, 2021.
A group of Indian-Americans gathered at Times Square on Sunday, carrying placards and raising slogans in support of the Narendra Modi government and CAA.
Future, even present, wars -- at least those involving such tech giants as China -- include hi-tech battlefields, which a Pakistan-obsessed India has not sufficiently prioritised. Today's generals plan on how to disrupt an enemy city's power supplies, rail networks, airports, ports, and government departments, not just by bombing or torpedoing them; they also examine the option of tripping up the computer networks that run these, notes David Devadas.
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