General Affairs
Clean India Mission: Government Plans National Helpline
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NEW DELHI: A national-level telephone helpline will be made operational to help over 4,000 urban local bodies across the country achieve 100 percent open defecation free status as part of Narendra Modi government's ambitious 'Swachh Bharat Mission'.
The four-digit helpline will provide assistance to people regarding the 'Clean India Mission', a senior government official said.
The four-digit 'Swachh Bharat helpline' will be operated by each of 4,041 urban local bodies, he said, adding that modalities, including the helpline number, are being worked out with the Department of Telecommunications.
"The helpline will be important in generating awareness among masses on the Clean India programme. People would be able to get all sort of assistance including construction of toilets through this," the official said.
The 'Clean India Mission' was launched on October 2, 2014 with an aim of achieving total sanitation and cleanliness by the same date in 2019.
Also, the Centre is considering launching a massive media campaign from next month onwards.
"We will mainly be tapping social media in addition to traditional medium of mass communication to make people aware of Clean India Mission," he said.
Beginning Monday, all central government ministries are also observing thematic cleanliness drive. They have been asked to discard unused and old files that may have accumulated over the years.
Besides, they have been directed to lift all unused and discarded material lying around the office premises, treating them as of "zero value".
The government offices have been asked to ensure cleaning and repairing of all sanitary facilities in their premises.
They should also ensure cleanliness in and around the office premises and rooftops, the official said.
"One sees unused items like discarded two wheelers and four wheelers, besides heap of garbage in and around most of the government offices. Agencies concerned have been asked to remove them by treating them as of zero value," he said.
The expected outcome from the special drive, being carried out from May 16 to 31, is that no unused item should be lying within the government offices premises and in buildings, the official said.
NEW DELHI: A national-level telephone helpline will be made operational to help over 4,000 urban local bodies across the country achieve 100 percent open defecation free status as part of Narendra Modi government's ambitious 'Swachh Bharat Mission'.The four-digit helpline will provide assistance to people regarding the 'Clean India Mission', a senior government official said.
The four-digit 'Swachh Bharat helpline' will be operated by each of 4,041 urban local bodies, he said, adding that modalities, including the helpline number, are being worked out with the Department of Telecommunications.
"The helpline will be important in generating awareness among masses on the Clean India programme. People would be able to get all sort of assistance including construction of toilets through this," the official said.
The 'Clean India Mission' was launched on October 2, 2014 with an aim of achieving total sanitation and cleanliness by the same date in 2019.
Also, the Centre is considering launching a massive media campaign from next month onwards.
"We will mainly be tapping social media in addition to traditional medium of mass communication to make people aware of Clean India Mission," he said.
Beginning Monday, all central government ministries are also observing thematic cleanliness drive. They have been asked to discard unused and old files that may have accumulated over the years.
Besides, they have been directed to lift all unused and discarded material lying around the office premises, treating them as of "zero value".
The government offices have been asked to ensure cleaning and repairing of all sanitary facilities in their premises.
They should also ensure cleanliness in and around the office premises and rooftops, the official said.
"One sees unused items like discarded two wheelers and four wheelers, besides heap of garbage in and around most of the government offices. Agencies concerned have been asked to remove them by treating them as of zero value," he said.
The expected outcome from the special drive, being carried out from May 16 to 31, is that no unused item should be lying within the government offices premises and in buildings, the official said.
Raghuram Rajan Deserves Second Term As RBI Governor, Says Digvijaya Singh
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HYDERABAD: Senior Congress leader Digvijaya Singh today batted for a second term for RBI Governor Raghuram Rajan, terming him as a competent man who has performed exceedingly well in his current assignment.
"He (Raghuram Rajan) is a very competent man, and he has performed exceedingly well as Reserve Bank Governor, and I think he deserves a second term," AICC general secretary Digvijaya Singh told news agency PTI in Hyderabad when asked if Congress is in favour of a second term for him.
Asked about BJP leader Subramanian Swamy urging Prime Minister Narendra Modi to sack Mr Rajan, alleging that he was "mentally not fully Indian", among other reasons, Mr Singh asked "What about himself? (Swamy)".
Senior Congress leader Jairam Ramesh had also yesterday reacted sharply to the attack on Mr Rajan, saying why Mr Swamy does not hit his "real target" Finance Minister Arun Jaitley, but "set up dummy targets" like the RBI Governor who cannot speak out.
BJP spokesperson on Economic Affairs Gopalkrishna Aggarwal yesterday said Mr Swamy is a senior leader whose opinions "definitely matter", but added that the final say will be with the government.
Following up on his barb last week that Mr Rajan should be sent back to Chicago, Mr Swamy has written a letter to the Prime Minister saying how a person appointed by the UPA government should be continued in the post.
"I cannot see why someone appointed by the UPA government who is apparently working against Indian economic interests should be kept in this post when we have so many nationalist-minded experts available in this country for the RBI Governorship," Mr Swamy had said.
The newly-nominated lawmaker urged PM Modi "to terminate the appointment of Dr Raghuram Rajan in the national interest".
Mr Rajan was appointed RBI Governor by the previous UPA government in September 2013 for a three-year term, which can be extended.
"He (Raghuram Rajan) is a very competent man, and he has performed exceedingly well as Reserve Bank Governor, and I think he deserves a second term," AICC general secretary Digvijaya Singh told news agency PTI in Hyderabad when asked if Congress is in favour of a second term for him.
Asked about BJP leader Subramanian Swamy urging Prime Minister Narendra Modi to sack Mr Rajan, alleging that he was "mentally not fully Indian", among other reasons, Mr Singh asked "What about himself? (Swamy)".
Senior Congress leader Jairam Ramesh had also yesterday reacted sharply to the attack on Mr Rajan, saying why Mr Swamy does not hit his "real target" Finance Minister Arun Jaitley, but "set up dummy targets" like the RBI Governor who cannot speak out.
BJP spokesperson on Economic Affairs Gopalkrishna Aggarwal yesterday said Mr Swamy is a senior leader whose opinions "definitely matter", but added that the final say will be with the government.
Following up on his barb last week that Mr Rajan should be sent back to Chicago, Mr Swamy has written a letter to the Prime Minister saying how a person appointed by the UPA government should be continued in the post.
"I cannot see why someone appointed by the UPA government who is apparently working against Indian economic interests should be kept in this post when we have so many nationalist-minded experts available in this country for the RBI Governorship," Mr Swamy had said.
The newly-nominated lawmaker urged PM Modi "to terminate the appointment of Dr Raghuram Rajan in the national interest".
Mr Rajan was appointed RBI Governor by the previous UPA government in September 2013 for a three-year term, which can be extended.
Congress Leaders Meet Sonia Gandhi, Greet Her On MCD Bypoll Results
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NEW DELHI: A section of Congress leaders and workers of its Delhi unit today met party president Sonia Gandhi after the party's victory in the MCD bypolls.
The elected ward councilors of the party who accompanied Delhi Congress president Ajay Maken, were also introduced to Mrs Gandhi during their meeting at her 10 Janpath residence.
The Congress has termed the victory in the bypolls as a message from people of Delhi for its comeback in the city, where it was routed in 2015 Assembly polls. It said it has started planning for a "far more grand" performance in the civic body polls next year.
The results for the bypoll were declared on Tuesday.
The Congress won 4 seats and secured nearly 25 percent of the over 3 lakh votes polled on May 15.
Congress rebel Rajender Singh Tanwar who won in Bhati ward was also present during the meet with Mrs Gandhi today.
Mr Maken, at a media briefing on Tuesday, had said that Mr Tanwar has joined the party.
Ruling Aam Aadmi Party in Delhi won five wards while BJP secured three seats.
NEW DELHI: A section of Congress leaders and workers of its Delhi unit today met party president Sonia Gandhi after the party's victory in the MCD bypolls.The elected ward councilors of the party who accompanied Delhi Congress president Ajay Maken, were also introduced to Mrs Gandhi during their meeting at her 10 Janpath residence.
The Congress has termed the victory in the bypolls as a message from people of Delhi for its comeback in the city, where it was routed in 2015 Assembly polls. It said it has started planning for a "far more grand" performance in the civic body polls next year.
The results for the bypoll were declared on Tuesday.
The Congress won 4 seats and secured nearly 25 percent of the over 3 lakh votes polled on May 15.
Congress rebel Rajender Singh Tanwar who won in Bhati ward was also present during the meet with Mrs Gandhi today.
Mr Maken, at a media briefing on Tuesday, had said that Mr Tanwar has joined the party.
Ruling Aam Aadmi Party in Delhi won five wards while BJP secured three seats.
MDMK Leader Vaiko Alleges Hand Of Police Official In Sadiq Batcha's Death
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KARUR: The death of Sadiq Batcha, an aide of former telecom minister A Raja, has come back into focus after a man from nearby Ariyalur alleged that he was murdered and it was not a case of suicide.
Latching on to the man's claim, MDMK chief Vaiko today alleged that a top police official had a hand in closing the 'murder' of Sadiq Batcha as a case of suicide to shield the culprits.
Mr Vaiko's allegation came a day after one K Prabhakaran, the man from Ariyalur, hometown of Mr Raja, claimed at the Tiruchirapalli Press Club yesterday that he and two others had murdered Mr Batcha in 2011.
The 24-year old man, who made the claim, said Mr Batcha was murdered after he gave CBI "vital information" that went against Mr Raja in the 2G case.
Maintaining that Mr Raja had no role in the "murder", he also claimed that he had given this information to Mr Vaiko, who had assured him that he would rake up the issue after the elections.
Latching on to the man's claim, MDMK chief Vaiko today alleged that a top police official had a hand in closing the 'murder' of Sadiq Batcha as a case of suicide to shield the culprits.
Mr Vaiko's allegation came a day after one K Prabhakaran, the man from Ariyalur, hometown of Mr Raja, claimed at the Tiruchirapalli Press Club yesterday that he and two others had murdered Mr Batcha in 2011.
The 24-year old man, who made the claim, said Mr Batcha was murdered after he gave CBI "vital information" that went against Mr Raja in the 2G case.
Maintaining that Mr Raja had no role in the "murder", he also claimed that he had given this information to Mr Vaiko, who had assured him that he would rake up the issue after the elections.
Apple Chief Tim Cook Visits ICICI Headquarters, Meets Top Management
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MUMBAI: American technology giant Apple's chief executive Tim Cook today met ICICI Bank's top brass at the country's largest private sector lender's corporate headquarters in Mumbai.
Cook, whose every meeting is being closely watched here for cues about Apple's business plans in India, walked into the ICICI Bank Towers in the Bandra Kurla Complex business district here and spent over an hour there, sources said.
He met the bank's managing director and CEO Chanda Kochhar and executive directors at a closed-door meeting, they said but refused to divulge what was discussed.
ICICI Bank was among the first to introduce a banking application on the Apple Watch, even before the gadget got launched in the country.
Over the past few years, it has also introduced a slew of other initiatives on the digital front, including a digital wallet, just like the 'Apple Pay' by the tech giant.
Cook's meetings during the four-day maiden visit to India are mostly with top leaders of Indian business houses that offer some opportunity for Apple's businesses.
Early today, Cook met Anant Ambani, son of billionaire industrialist Mukesh Ambani of Reliance Industries group that is on the cusp of hitting the market with a high-speed 4G telecom network. Cook also met also Sunil Sood, who heads the country's second largest telco Vodafone India. Reports suggested he would also interact with the country's largest mobile operator Airtel's top-brass later.
The visit to ICICI Bank comes at a time when there is a huge speculation over how digital and telecom solutions are slated to dominate banking in the future, with experts saying that technology will change the face of a bank.
MUMBAI: American technology giant Apple's chief executive Tim Cook today met ICICI Bank's top brass at the country's largest private sector lender's corporate headquarters in Mumbai.Cook, whose every meeting is being closely watched here for cues about Apple's business plans in India, walked into the ICICI Bank Towers in the Bandra Kurla Complex business district here and spent over an hour there, sources said.
He met the bank's managing director and CEO Chanda Kochhar and executive directors at a closed-door meeting, they said but refused to divulge what was discussed.
Over the past few years, it has also introduced a slew of other initiatives on the digital front, including a digital wallet, just like the 'Apple Pay' by the tech giant.
Cook's meetings during the four-day maiden visit to India are mostly with top leaders of Indian business houses that offer some opportunity for Apple's businesses.
Early today, Cook met Anant Ambani, son of billionaire industrialist Mukesh Ambani of Reliance Industries group that is on the cusp of hitting the market with a high-speed 4G telecom network. Cook also met also Sunil Sood, who heads the country's second largest telco Vodafone India. Reports suggested he would also interact with the country's largest mobile operator Airtel's top-brass later.
The visit to ICICI Bank comes at a time when there is a huge speculation over how digital and telecom solutions are slated to dominate banking in the future, with experts saying that technology will change the face of a bank.
Business Affairs
Sensex pares losses to settle 69 points lower, Nifty below 7,900; Bajaj Auto top loser
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Snapping two-session long gaining spree, the S&P BSE Sensex on Wednesday settled the day 69 points lower, while the broader CNX Nifty held below its key 7,900-mark.
The headline indices pared some losses but ended lower tracking global markets after data showed rising US inflation and on comments from Fed officials that rekindled prospects of an interest rate hike as early as June.
The 30-share index ended the day at 25,704, down 69.00 points, while broad-based 50-share index quoted 7,870, down 20.60 points at close.
Market breadth turned fairly negative with 21 of the 30 Sensex components ending the day in red.
Asian shares sagged after comments from Atlanta Fed President Dennis Lockhart - seen as a policy centrist - on Tuesday predicted there will be two or three rate hikes, a view echoed by San Francisco Fed President John Williams.
Compounding these concerns, US consumer prices recorded their biggest increase in more than three years in April as gasoline prices and home rents rose.
"Yesterday's comments from Lockhard and Williams indicate that the Fed is uncomfortable with the low probability markets are assigning to a June rate hike. This will begin to weigh down on markets whenever they head higher," said Varun Khandelwal, Director, Bullero Capital in Delhi.
Bajaj Auto was the worst performing stock on the Sensex and fell 2 per cent on the Bombay Stock Exchange (BSE).
Blue chips were largely heading south, with IT exporters Infosys down 0.50 per cent and Tata Consultancy Services dropping 0.77 per cent.
Among decliners, auto manufacturers Maruti Suzuki and Mahindra and Mahindra lost 1 percent each after UK-based vehicle testing agency Global NCAP on Tuesday gave zero star safety ratings to Maruti's Celerio and Eeco models, as well as Mahindra's Scorpio.
However, State Bank of India and its subsidiaries - State Bank of Travancore, State Bank of Bikaner and Jaipur and State Bank of Mysore - gained after announcing that India's largest lender plans to merge all the five subsidiaries.
Snapping two-session long gaining spree, the S&P BSE Sensex on Wednesday settled the day 69 points lower, while the broader CNX Nifty held below its key 7,900-mark.
The headline indices pared some losses but ended lower tracking global markets after data showed rising US inflation and on comments from Fed officials that rekindled prospects of an interest rate hike as early as June.
The 30-share index ended the day at 25,704, down 69.00 points, while broad-based 50-share index quoted 7,870, down 20.60 points at close.
Market breadth turned fairly negative with 21 of the 30 Sensex components ending the day in red.
Asian shares sagged after comments from Atlanta Fed President Dennis Lockhart - seen as a policy centrist - on Tuesday predicted there will be two or three rate hikes, a view echoed by San Francisco Fed President John Williams.
Compounding these concerns, US consumer prices recorded their biggest increase in more than three years in April as gasoline prices and home rents rose.
"Yesterday's comments from Lockhard and Williams indicate that the Fed is uncomfortable with the low probability markets are assigning to a June rate hike. This will begin to weigh down on markets whenever they head higher," said Varun Khandelwal, Director, Bullero Capital in Delhi.
Bajaj Auto was the worst performing stock on the Sensex and fell 2 per cent on the Bombay Stock Exchange (BSE).
Blue chips were largely heading south, with IT exporters Infosys down 0.50 per cent and Tata Consultancy Services dropping 0.77 per cent.
Among decliners, auto manufacturers Maruti Suzuki and Mahindra and Mahindra lost 1 percent each after UK-based vehicle testing agency Global NCAP on Tuesday gave zero star safety ratings to Maruti's Celerio and Eeco models, as well as Mahindra's Scorpio.
However, State Bank of India and its subsidiaries - State Bank of Travancore, State Bank of Bikaner and Jaipur and State Bank of Mysore - gained after announcing that India's largest lender plans to merge all the five subsidiaries.
Although the Bankruptcy Bill is now a reality, it may take another year to set the system rolling.
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The Bankruptcy Code Bill, which was passed by both the Houses recently, has been hailed by the Finance Minister as the most significant reform after the proposed Goods and Services Tax. The Bill, which is now an Act, seeks to drastically bring down the process of winding up an insolvent company - from an average 4.3 years to six months. But how long will the government take to get the system off the ground? The most conservative estimate is that it would take at least a year.
For the bankruptcy law to start functioning, it requires insolvency professionals and an insolvency agency - to take over a company after it has applied for insolvency and facilitate its rescue or liquidation process; information utilities - which would collect, collate and disseminate financial information to facilitate insolvency resolution; the two adjudicating agencies - National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT); and a regulator (the Insolvency and Bankruptcy Board) to regulate them all.
"We only have the Act now. While the constitution of the Board may be over by the end of the year, the rules could be framed simultaneously," says Mamta Binani, President, Institute of Company Secretaries of India.
Only when the Board is constituted can the insolvency professionals seek licences from it. The (Insolvency and Bankruptcy) Board has to come out with the eligibility criteria for these professionals, too. Experts believe that existing accountancy firms, law firms, company secretaries, etc. would be eligible for these roles.
Amit Vyas, Founder-Partner, Vertices Partners, says, "Though the NCLT has been established and appointments are under way, one would need at least a year to put the infrastructure in place for NCLT to start working, considering that it would perform the function of a high court, Board of Industrial and Financial Reconstruction (BIFR), DRT and the Company Law Board."
Once the NCLT is in place, all the existing cases in different courts would be handled by the new adjudicating agencies. Insolvency related cases would no longer be heard in any other court, except the Supreme Court.
Vikram Babbar, Executive Director, Fraud Investigation & Dispute Services, EY India, says that the transition of these cases to NCLT and DRTs would be a challenge, given the level of pendency. "If I had my way, I would let one case go through the new law and see how the new system works."
While NCLT would resolve insolvency cases of companies and limited liability partnerships, DRT would handle cases of individual bankruptcy. Corporate and LLPs are governed by the Corporate Affairs Ministry, and individuals by Finance Ministry. "We have to see who would own what and what falls under whose jurisdiction," says Binani, citing lack of clarity.
However, T.K. Vishwanathan, who headed the committee that drafted the Bankruptcy Code, believes the system can start working in three months. "The government can augment the infrastructure even as the system starts working," he says.
The Bankruptcy Code Bill, which was passed by both the Houses recently, has been hailed by the Finance Minister as the most significant reform after the proposed Goods and Services Tax. The Bill, which is now an Act, seeks to drastically bring down the process of winding up an insolvent company - from an average 4.3 years to six months. But how long will the government take to get the system off the ground? The most conservative estimate is that it would take at least a year.
For the bankruptcy law to start functioning, it requires insolvency professionals and an insolvency agency - to take over a company after it has applied for insolvency and facilitate its rescue or liquidation process; information utilities - which would collect, collate and disseminate financial information to facilitate insolvency resolution; the two adjudicating agencies - National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT); and a regulator (the Insolvency and Bankruptcy Board) to regulate them all.
"We only have the Act now. While the constitution of the Board may be over by the end of the year, the rules could be framed simultaneously," says Mamta Binani, President, Institute of Company Secretaries of India.
Only when the Board is constituted can the insolvency professionals seek licences from it. The (Insolvency and Bankruptcy) Board has to come out with the eligibility criteria for these professionals, too. Experts believe that existing accountancy firms, law firms, company secretaries, etc. would be eligible for these roles.
Amit Vyas, Founder-Partner, Vertices Partners, says, "Though the NCLT has been established and appointments are under way, one would need at least a year to put the infrastructure in place for NCLT to start working, considering that it would perform the function of a high court, Board of Industrial and Financial Reconstruction (BIFR), DRT and the Company Law Board."
Once the NCLT is in place, all the existing cases in different courts would be handled by the new adjudicating agencies. Insolvency related cases would no longer be heard in any other court, except the Supreme Court.
Vikram Babbar, Executive Director, Fraud Investigation & Dispute Services, EY India, says that the transition of these cases to NCLT and DRTs would be a challenge, given the level of pendency. "If I had my way, I would let one case go through the new law and see how the new system works."
While NCLT would resolve insolvency cases of companies and limited liability partnerships, DRT would handle cases of individual bankruptcy. Corporate and LLPs are governed by the Corporate Affairs Ministry, and individuals by Finance Ministry. "We have to see who would own what and what falls under whose jurisdiction," says Binani, citing lack of clarity.
However, T.K. Vishwanathan, who headed the committee that drafted the Bankruptcy Code, believes the system can start working in three months. "The government can augment the infrastructure even as the system starts working," he says.
Sri Lanka to cancel Indian coal plant deal; proposes LNG instead
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Sri Lanka will cancel plans for a 500 megawatt Indian-built coal-fired power plant at its strategic eastern port city of Trincomalee and will instead opt for a liquefied natural gas (LNG) power plant, a cabinet minister said late on Tuesday.
Chandima Weerakkody, Sri Lanka's petroleum minister, said President Maithripala Sirisena told Indian Prime Minister Narendra Modi of the decision at a meeting on Saturday during Sirisena's visit to the island nation's larger neighbour.
"We do not want to hurt India. So President Sirisena in his visit has offered an LNG plant instead of the coal plant," Weerakkody told Reuters. "This has been discussed at the highest level and there is consensus."
Sri Lanka is trying to increase its power generation capacity after a recent blackout that was the worst in 20 years, government officials say.
B.M.S. Batagoda, the energy ministry secretary said the switch to LNG was proposed after ten years of opposition to a coal-fired power plant by the residents of Sampur, a village near Trincomalee, where India has already proposed to build South Asia's largest petroleum hub.
Area residents and environmental groups have resisted the coal power plant ever since it was originally proposed in 2006 due to worries about land clearance and pollution.
Plans for the $500 million coal power plant project were finalised in 2011, when state-run Ceylon Electricity Board (CEB) and India's state-run National Thermal Power Corporation Ltd (NTPC) agreed to form a joint venture for its construction.
It is not clear which Indian companies would be considered as partners on the proposal to build a gas-fired power plant. Natural gas is a cleaner burning fuel than coal, but there would be the added hurdle that Sri Lanka has no LNG import infrastructure.
Sri Lanka's only coal-fired power plant with 900 MW capacity was built with a $1.4 billion loan from China in two phases. However, the Chinese plant has faced frequent repairs.
India and China have been increasingly loaning funds to Sri Lanka over the last few years, mainly for infrastructure projects. Since the island's civil war ended in 2009, the two rivals have been competing for influence in Sri Lanka, which sits right off one of the world's busiest shipping routes.
Sri Lanka will cancel plans for a 500 megawatt Indian-built coal-fired power plant at its strategic eastern port city of Trincomalee and will instead opt for a liquefied natural gas (LNG) power plant, a cabinet minister said late on Tuesday.
Chandima Weerakkody, Sri Lanka's petroleum minister, said President Maithripala Sirisena told Indian Prime Minister Narendra Modi of the decision at a meeting on Saturday during Sirisena's visit to the island nation's larger neighbour.
"We do not want to hurt India. So President Sirisena in his visit has offered an LNG plant instead of the coal plant," Weerakkody told Reuters. "This has been discussed at the highest level and there is consensus."
Sri Lanka is trying to increase its power generation capacity after a recent blackout that was the worst in 20 years, government officials say.
B.M.S. Batagoda, the energy ministry secretary said the switch to LNG was proposed after ten years of opposition to a coal-fired power plant by the residents of Sampur, a village near Trincomalee, where India has already proposed to build South Asia's largest petroleum hub.
Area residents and environmental groups have resisted the coal power plant ever since it was originally proposed in 2006 due to worries about land clearance and pollution.
Plans for the $500 million coal power plant project were finalised in 2011, when state-run Ceylon Electricity Board (CEB) and India's state-run National Thermal Power Corporation Ltd (NTPC) agreed to form a joint venture for its construction.
It is not clear which Indian companies would be considered as partners on the proposal to build a gas-fired power plant. Natural gas is a cleaner burning fuel than coal, but there would be the added hurdle that Sri Lanka has no LNG import infrastructure.
Sri Lanka's only coal-fired power plant with 900 MW capacity was built with a $1.4 billion loan from China in two phases. However, the Chinese plant has faced frequent repairs.
India and China have been increasingly loaning funds to Sri Lanka over the last few years, mainly for infrastructure projects. Since the island's civil war ended in 2009, the two rivals have been competing for influence in Sri Lanka, which sits right off one of the world's busiest shipping routes.
Punjab National Bank reports Rs 5,367-crore loss in Q4, NPAs rise
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Punjab National Bank on Wednesday reported Rs 5,367 crore loss in Q4 against Rs 51.01 crore profit compared to Q3 of the current fiscal.
The state lender reported gross NPAs at 12.9 per cent in Q4 compared with 8.47 per cent in Q3 of the current fiscal. Net NPAs, too rose to 8.61 per cent in the last quarter compared with 5.86 per cent in the preceding quarter.
The bank's provisions and contingencies stood at Rs 10,485 crore in Q4 against Rs 3,775.53 crore in the preceding quarter.
Total income during the quarter decreased 1.33 per cent to Rs 13,276.19 crore from Rs 13,455.65 crore a year ago. For the full fiscal, the lender reported a net loss of Rs 3,974.39 crore compared with a net profit of Rs 3,061.58 crore in corresponding last fiscal. Total income during the year rose to Rs 54,301.37 crore as against Rs 52,206.09 crore in the previous fiscal.
The PNB stock closed 3.25 per cent higher at Rs 76.20 on the BSE.
Punjab National Bank on Wednesday reported Rs 5,367 crore loss in Q4 against Rs 51.01 crore profit compared to Q3 of the current fiscal.
The state lender reported gross NPAs at 12.9 per cent in Q4 compared with 8.47 per cent in Q3 of the current fiscal. Net NPAs, too rose to 8.61 per cent in the last quarter compared with 5.86 per cent in the preceding quarter.
The bank's provisions and contingencies stood at Rs 10,485 crore in Q4 against Rs 3,775.53 crore in the preceding quarter.
Total income during the quarter decreased 1.33 per cent to Rs 13,276.19 crore from Rs 13,455.65 crore a year ago. For the full fiscal, the lender reported a net loss of Rs 3,974.39 crore compared with a net profit of Rs 3,061.58 crore in corresponding last fiscal. Total income during the year rose to Rs 54,301.37 crore as against Rs 52,206.09 crore in the previous fiscal.
The PNB stock closed 3.25 per cent higher at Rs 76.20 on the BSE.
Rupee touches 67 against dollar, ends down 10 paise to 66.97
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The rupee continued to fall against the American currency for the fifth trading day today, slipping by another 10 paise to 66.97 per dollar on sustained dollar demand from banks and importers after touching 67-level after two months on the back of higher crude oil prices amidst fall in equity market.
Higher dollar in the overseas market coupled with foreign capital outflows also affected the market sentiment.
The rupee resumed lower at 66.95 per dollar as against the yesterday's closing level of 66.87 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 67.00 level after two months before ending at 66.97 per dollar, showing a loss of 10 paise or 0.15 per cent.
The rupee has lost 41 paise or 0.62 per cent in five days.
The domestic currency had last touched 67-level on March 16, 2016 at 67.22.
It moved in a range of 66.8650 and per dollar and 67.00 per dollar during the day.
The dollar index was up by 0.16 per cent in the late global trade against a basket of six global currencies.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.9131 and euro at 75.4847.
In cross-currency trades, the rupee dropped further against the pound sterling to finish at 97.29 from 96.81 yesterday.
However, it recovered against the euro to 75.58 from 75.70.
The domestic currency declined against the yen to 61.10 per 100 yens from 61.07 previously.
International Brent crude remains near the $50 a barrel mark after a multi-week rally as outages in Africa and Canada and production declines outside of the Middle East region fuelled expectations of a tighter supply.
A stronger dollar ahead of the release of the latest minutes from the U.S. Federal Reserve pushed oil prices down today. The Wall Street Journal Dollar Index, which tracks the greenback against a basket of other currencies, rose 0.4 per cent. As oil is priced in dollars, it becomes more expensive for holders of other currencies as the dollar appreciates.
Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) sold shares net Rs 250.70 crs today as per the provisional figures issued by stock exchanges.
Mr Pramit Brahmbhatt of Veracity Financial Services said," Rupee opened on a negative note continuing move of previous trading session and strong crude oil prices put pressure on rupee, thus by depreciating it. Negative cues from domestic equity market extended loss in rupee. Our domestic equity market closed with a loss of 20 points at 7870 levels.
In forward market, premium for dollar eased further on persistent receivings from exporters.
The benchmark six-month premium for October moved down further to 189-191 paise from 191-193 paise yesterday while far forward April 2017 contract closed unchanged at 395-397 paise.
The rupee continued to fall against the American currency for the fifth trading day today, slipping by another 10 paise to 66.97 per dollar on sustained dollar demand from banks and importers after touching 67-level after two months on the back of higher crude oil prices amidst fall in equity market.
Higher dollar in the overseas market coupled with foreign capital outflows also affected the market sentiment.
The rupee resumed lower at 66.95 per dollar as against the yesterday's closing level of 66.87 per dollar at the Interbank Foreign Exchange (Forex) Market and dropped further to 67.00 level after two months before ending at 66.97 per dollar, showing a loss of 10 paise or 0.15 per cent.
The rupee has lost 41 paise or 0.62 per cent in five days.
The domestic currency had last touched 67-level on March 16, 2016 at 67.22.
It moved in a range of 66.8650 and per dollar and 67.00 per dollar during the day.
The dollar index was up by 0.16 per cent in the late global trade against a basket of six global currencies.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.9131 and euro at 75.4847.
In cross-currency trades, the rupee dropped further against the pound sterling to finish at 97.29 from 96.81 yesterday.
However, it recovered against the euro to 75.58 from 75.70.
The domestic currency declined against the yen to 61.10 per 100 yens from 61.07 previously.
International Brent crude remains near the $50 a barrel mark after a multi-week rally as outages in Africa and Canada and production declines outside of the Middle East region fuelled expectations of a tighter supply.
A stronger dollar ahead of the release of the latest minutes from the U.S. Federal Reserve pushed oil prices down today. The Wall Street Journal Dollar Index, which tracks the greenback against a basket of other currencies, rose 0.4 per cent. As oil is priced in dollars, it becomes more expensive for holders of other currencies as the dollar appreciates.
Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) sold shares net Rs 250.70 crs today as per the provisional figures issued by stock exchanges.
Mr Pramit Brahmbhatt of Veracity Financial Services said," Rupee opened on a negative note continuing move of previous trading session and strong crude oil prices put pressure on rupee, thus by depreciating it. Negative cues from domestic equity market extended loss in rupee. Our domestic equity market closed with a loss of 20 points at 7870 levels.
In forward market, premium for dollar eased further on persistent receivings from exporters.
The benchmark six-month premium for October moved down further to 189-191 paise from 191-193 paise yesterday while far forward April 2017 contract closed unchanged at 395-397 paise.
General Awareness
World’s first robot lawyer hired by US firm Baker Hostetler
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The world’s first artificial intelligence lawyer installed by Law Firm Baker Hostetler in the United State and named as ROSS
Purpose: To assist its various teams in legal research and Development
The Robot was named as ‘ROSS’ which is originally built by Watson, IBM’s cognitive computer
US-based law firm: Baker Hostetler
Capabilities of the ROSS:
- Involvement in the computing
- Natural language processing
Keynotes on ROSS:
- ROSS can able to clarify the research question asked by the Lawyers
- It has the capability to go through the law, gathers evidence, provides inferences and returns highly relevant and evidence based answers
- Monitors the law to notify users of new court decisions
- Continually learns from the lawyers who use it to bring back better results each time
Purpose:
Bankruptcy, Restructuring and Creditors’ Rights team
Chief Information Officer Bob Craig statement:
He hoped that emerging technologies of cognitive computing and other such technologies could help to improve the services to the supported clients.
Related Details:
- ROSS Intelligence interested in research field at the University of Toronto in 2014
- The goal is building an artificial intelligence legal research assistant to allow lawyers to enhance and scale their abilities
- The world’s first artificial intelligence lawyer installed by Law Firm Baker Hostetler in the United State and named as ROSSPurpose: To assist its various teams in legal research and DevelopmentThe Robot was named as ‘ROSS’ which is originally built by Watson, IBM’s cognitive computer
US-based law firm: Baker HostetlerCapabilities of the ROSS:- Involvement in the computing
- Natural language processing
Keynotes on ROSS:- ROSS can able to clarify the research question asked by the Lawyers
- It has the capability to go through the law, gathers evidence, provides inferences and returns highly relevant and evidence based answers
- Monitors the law to notify users of new court decisions
- Continually learns from the lawyers who use it to bring back better results each time
Purpose:Bankruptcy, Restructuring and Creditors’ Rights teamChief Information Officer Bob Craig statement:He hoped that emerging technologies of cognitive computing and other such technologies could help to improve the services to the supported clients.Related Details:- ROSS Intelligence interested in research field at the University of Toronto in 2014
- The goal is building an artificial intelligence legal research assistant to allow lawyers to enhance and scale their abilities
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