(LiveMint) The Reserve Bank of India (RBI) seems to have ruled out relaxations in its new bad loan rules. RBI deputy governor N.S. Vishwanathan defended the rules announced in February, saying that they were aimed at improving credit culture and nudging lenders to be proactive in tackling early signs of stress. The new bad loan rules stipulate that starting 1 March, lenders must implement a resolution plan within 180 days for loan accounts of at least Rs2,000 crore, failing which the defaulting borrowers must be referred to insolvency courts. They also mandate banks to report defaults weekly to RBI, even if…
Author: Aruna Sharma
(LiveMint) Hundreds of noisy protesters greeted Prime Minister Narendra Modi when he arrived in London on Wednesday, demonstrating over a rising tide of sexual violence at home including two particularly brutal rapes. Holding placards reading “Modi go home” and “we stand against Modi’s agenda of hate and greed,” they gathered outside Downing Street and parliament as Modi arrived for talks with UK Prime Minister Theresa May. Sexual violence against women is a highly charged political issue in India, where protests regularly erupt about entrenched violence against women and the failure to protect them.“The Indian government are doing nothing, and you feel…
(PTI) ATMs in some parts of the country continued to remain out of cash today as the government scrambled to rush currency to meet an “unusual spurt in demand” ahead of looming polls. ATMs in cities of Uttar Pradesh, Bihar, Andhra Pradesh, Maharashtra and poll-bound Karnataka were either not operating or showed no cash signs, reminiscent of post demonetisation scene. Some ATMs in the national capital too were reported to be out of service. The government on its part claimed that the situation was fast improving with over 80 per cent of 2.2 lakh ATMs operating normally today as against…
Mr Sanjay Kumar Moitra has taken over charge of Director (Onshore) of Oil and Natural Gas Corporation (ONGC) today. As Director (Onshore), he will look after oil and gas production from ONGC’s onshore fields. With over 35 years of experience in oil & gas production activities at various Indian basins, Mr Moitra has conceptualised many out-of-box ideas for efficient resource management leading to implementation of a large number of complex and high-value projects in India’s oil & gas industry. Before assuming charge as Director (Onshore), Mr Moitra headed the Bassein & Satellite (B&S) Asset in Western Offshore, Mumbai – the highest…
(PTI) Prime Minister Narendra Modi arrived in the UK today for a four-day visit of bilateral engagements as well as multilateral discussions as part of the Commonwealth Heads of Government Meeting (CHOGM). UK Foreign Secretary Boris Johnson received Modi at the Heathrow airport here. Johnson said he was “excited” about the growing India-UK bilateral trade and that the visit will help build on “huge economic advantages”. “..thanks to our shared history, we have a living bridge between us… and now we want to build on the incredible tech sector where both India and the UK are making giant strides together,” Johnson said…
(LiveMint) A parliamentary panel has called Reserve Bank of India (RBI) governor Urjit Patel on 17 May to answer queries on a spate of banking scams unearthed in the last few months, people privy of the development said. The Standing Committee on Finance, headed by veteran Congress leader M. Veerappa Moily, on Tuesday raised several queries related to the banking sector with financial services secretary Rajiv Kumar. “We have invited the RBI Governor on May 17. We will be asking him about the scams and other banking regulations,” said one person. Former prime minister Manmohan Singh, who is member of the Committee,…
(ET) The foreign acquisition unit of India’s Oil and Natural Gas Corp’s (ONGCNSE -0.39 %) has filed an arbitration claim against the government of Sudan in a London court, a company official said, seeking to recover dues pending for years from a project hit by the breakaway of South Sudan in 2011. People familiar with the matter in India and Sudan said ONGC had filed a claim for $98.94 million, in what they said was a first for the South Asian nation’s top oil and gas explorer against any against any government. They declined to be identified because they weren’t authorised…
(PTI) Three major public sector oil companies today announced that they would be distributing 70,000 LPG connections in the state on April 20 to households living Below Poverty Line (BPL). “To popularise the use of clean fuel for cooking among the rural population of the country, the Ministry of Petroleum and Natural Gas has decided to celebrate April 20 as Ujjwala Diwas,” said Executive Director, Gujarat, Indian Oil Corporation, S S Lamba, at a press meet here today. On that day, around 15,000 ‘LPG panchayats’ will be held across the country under the Pradhan Mantri Ujjwala Yojana (PMUY), Lamba said. “In Gujarat, distributors of…
(DNA) The Group of Ministers (GoM), headed by Bihar deputy chief minister Sushil Modi, will meet today and hold consultations with the stakeholders to discuss simplification of goods and services tax (GST) return filing process. Nandan Nilekani, the non-executive chairman of the Infosys that is implementing the GST Network (GSTN), is also likely to attend the meeting. About 40 industry and trade bodies are likely to participate in the meeting, sources said. The GoM will also consult tax experts on how to simplify the return filing, sources added. The requirement of filing multiple return forms in a month is likely to be…
(PTI) Prime Minister Narendra Modi today left for a five-day visit to Sweden, Germany and the UK, where he will attend the Commonwealth Heads of Government Meeting (CHOGM). “PM @narendramodi embarks on a tri-nation visit to Sweden, United Kingdom & Germany from 17-20 April. A visit with a rich bilateral & multilateral content in the form of meetings with other leaders & participation at two multilateral meetings (India-Nordic & Commonwealth Summits),” MEA spokesperson Raveesh Kumar tweeted. In the first leg of his visit, Modi will reach Sweden’s capital Stockholm where he will hold extensive talks with Prime Minister Stefan Lofven, besides attending a…