Daily Archive: June 15, 2018
New Delhi: Public sector banks (PSU banks) have written off non-performing assets (NPAs) worth Rs1.20 trillion, an amount that is nearly one-and-a-half times more than their total losses posted in 2017-18, according to official data. This is the first time in a decade that banks have made huge write-offs on bad loans while booking hefty losses.
A write-off means that the bank has made 100% provision from its earning against that account. This NPA is no longer part of the bank’s balance sheet.
Till 2016-17, 21 PSU banks made combined profit while in 2017-18, they posted a staggering loss of Rs 85,370 crore, according to official data. During 2016-17, PSU banks wrote off NPAs worth Rs 81,683 crore as against combined net profit of Rs 473.72 crore.
The country largest lender State Bank of India alone has written off bad loans of Rs40,196 crore, nearly 25% of the total write-offs during 2017-18. This was followed by Canara Bank (Rs 8,310 crore), Punjab National Bank (Rs 7,407 crore) and Bank of Baroda (Rs 4,948 crore).
According to data provided by rating agency ICRA Ltd, Indian Overseas Bank has written of NPAs worth Rs 10,307 crore, followed by Bank of India (Rs 9,093 crore), IDBI Bank (Rs 6,632 crore) and Allahabad Bank (Rs 3,648 crore). These banks, along with seven others, have come under prompt corrective action (PCA) framework of the Reserve Bank of India.
According to government data, PSU banks’ NPA write-offs stood at Rs 34,409 crore in 2013-14. The figure has jumped nearly four-fold in five years. In 2014-15, the banks wrote off Rs 49,018 crore; Rs 57,585 crore in 2015-16, Rs 81,683 crore in 2016-17 and hit a record high of Rs 1.20 trillion (provisional) in 2017-18.
The Indian banking sector is grappling with mounting NPAs and host of bank frauds.
Bank NPAs stood at Rs 8.31 trillion as of December 2017. Weak financials due to mounting bad loans have already put 11 PSU banks, out of 21, under the PCA framework of RBI. The recent tight prudential norms released by RBI on 12 February have added to the NPA woes.
Interim finance minister Piyush Goyal has announced setting up of a committee to give recommendations in two weeks on formation of an asset reconstruction company (ARC) for faster resolution of stressed accounts.
The committee under Sunil Mehta, non-executive chairman of Punjab National Bank, will make recommendations for the same.
Goyal said the committee will consider whether such an arrangement will be good for the banking system and, if any such suggestion is advisable, it will also consider the modalities by which such an ARC should be set up.
On the basis of the result of the written part of the National Defence Academy and Naval Academy Examination (I) 2018 held by the Union Public Service Commission on 22nd April 2018, candidates with the under mentioned Roll Nos. have qualified for Interview by the Services Selection Board of the Ministry of Defence for Admission to Army, Navy and Air Force Wings of the National Defence Academy for the 141thCourse and for the 103rd Indian Naval Academy Course (INAC) commencing from 2nd January, 2019. Result of two (02) candidates has been withheld. The result is also available at Union Public Service Commission’s Website http://www.upsc.gov.in .
The candidature of all the candidates, whose Roll Nos. are shown in the list, is provisional. In accordance with the conditions of their admission to the examination, “candidates are requested to register themselves online on the Indian Army Recruiting website joinindianarmy.nic.in within two weeks of announcement of written result. The successful candidates would then be allotted Selection Centres and dates, of SSB interview which shall be communicated on the registered e-mail ID. Any candidate who has already registered earlier on the site will not be required to do so. In case of any query/Login problem, e-mail be forwarded to firstname.lastname@example.org.”
“Candidates are also requested to submit original certificates of Age and Educational Qualification to respective Service Selection Boards (SSBs) during the SSB interview.” The candidates must not send the Original Certificates to the Union Public Service Commission. For any further information, the candidates may contact Facilitation Counter near Gate “C” of the Commission, either in person or on telephone numbers 011-23385271/011-23381125 / 011-23098543 between 10:00 hrs and 17:00 hours on any working day.
The mark-sheets of the candidates will be put on the Commission’s website within fifteen (15) days from the date of publication of the final result (after concluding SSB Interviews) and will remain available on the website for a period of thirty (30) days.
Prime Minister Shri Narendra Modi will chair the fourth meeting of the Governing Council of NITI Aayog at Rashtrapati Bhawan on Sunday, the 17th June. The day-long meeting will be attended by Union Ministers, Chief Ministers from the States, Lieutenant Governors of Union Territories and senior officials from the Government of India.
The Governing Council of NITI Aayog is the premier body tasked with evolving a shared vision of national development priorities, sectors and strategies with the active involvement of States in shaping the development narrative.
The Governing Council reviews the work done during the previous year and deliberates upon the future developmental priorities.
The Council is expected to discuss important subjects including measures taken to double farmers’ income; progress of flagship schemes such as Ayushman Bharat, National Nutrition Mission and Mission Indradhanush; development of aspirational districts; and celebration of the 150th birth anniversary of Mahatma Gandhi.
Incredible India road shows in major cities including New York & Chicago from 18th to 22nd June 2018
The Minister of State (Independent Charge) for Tourism, Shri K. J. Alphons will attend a series of ‘Incredible India road shows’ in the United States of America, from 18th to 22nd June 2018. The road shows will be held in several major cities of US including New York, Chicago & Houston.
The Incredible India road shows will hold B2B interactions, presentations & press briefings by the Indian delegation. The key note addresses will be delivered by the Tourism Minister and Incredible India presentation will be made by Joint Secretary Ministry of Tourism Shri. Suman Billa, with an aim to project India as a ‘must visit’ tourist destination. The road shows will include Cultural performances also. The USA is one among the top three source countries in the percentage share of Foreign Tourist Arrivals (FTAs) in India. During April 2018, the USA was the second highest source country with 11.21% share of total FTAs.
In addition, the Minister will also be attending the Federation of Malayalee Associations of Americas (FOMAA) Convention 2018 in Chicago on 22nd June 2018.