General Affairs
5 Judges To Hear Plea On Rejected Chief Justice Impeachment Move
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A petition on the impeachment move against Chief Justice of India Dipak Misra, rejected recently by Vice President Venkaiah Naidu, will be heard by a five-judge constitution bench of the Supreme Court.
The petition is by the Congress, which says Mr Naidu's decision was "illegal and arbitrary" and taken in a "cavalier, cryptic and abrupt manner", without an inquiry.
The judges who will hear the Congress's challenge are Justices AK Sikri, SA Bobde, NV Ramana, Arun Mishra and AK Goel. Justices Bobde and Ramana are both in line for Chief Justice. Justice Sikri, who will head the bench, is number six in seniority.
Last month, the impeachment petition signed by over 60 Rajya Sabha parliamentarians called for Justice Misra's impeachment six months before he retires. The motion "doesn't deserve to be admitted", Mr Naidu, the chairman of the Rajya Sabha, said just three days later.
Congress leader and senior lawyer Kapil Sibal, who was also a signatory to the impeachment notice, asked for urgent listing of the case before a bench headed by Justice Jasti Chelameswar, the second-most senior judge after the Chief Justice and one of the four judges who went public with their criticism of the way sensitive cases were being assigned by the Chief Justice.
To Mr Sibal's argument, the judges replied that the petition should be taken up before the Chief Justice, whose role as master of the roster -- the one to decide on assigning of cases -- had been defined.
Mr Sibal pointed out that the impeachment notice concerns the Chief Justice. "A person cannot be a judge in his own cause," he said.
This evening, it was confirmed that the Chief Justice will not hear the petition, and neither will the four judges who rank right after him, including Justice Chelameswar, since they had publicly criticised him and accused him of abusing his position as "master of the roster".
The judges' extraordinary act of going public with their criticism of the Chief Justice spurred the opposition move to impeach the Chief Justice. The notice listed five grounds, which, the Congress said, equals misbehaviour. The Congress petition says the Vice President's rejection should be set aside as it only deals with the charge related to the assigning of cases.
The petition is by the Congress, which says Mr Naidu's decision was "illegal and arbitrary" and taken in a "cavalier, cryptic and abrupt manner", without an inquiry.
The judges who will hear the Congress's challenge are Justices AK Sikri, SA Bobde, NV Ramana, Arun Mishra and AK Goel. Justices Bobde and Ramana are both in line for Chief Justice. Justice Sikri, who will head the bench, is number six in seniority.
Last month, the impeachment petition signed by over 60 Rajya Sabha parliamentarians called for Justice Misra's impeachment six months before he retires. The motion "doesn't deserve to be admitted", Mr Naidu, the chairman of the Rajya Sabha, said just three days later.
Congress leader and senior lawyer Kapil Sibal, who was also a signatory to the impeachment notice, asked for urgent listing of the case before a bench headed by Justice Jasti Chelameswar, the second-most senior judge after the Chief Justice and one of the four judges who went public with their criticism of the way sensitive cases were being assigned by the Chief Justice.
To Mr Sibal's argument, the judges replied that the petition should be taken up before the Chief Justice, whose role as master of the roster -- the one to decide on assigning of cases -- had been defined.
Mr Sibal pointed out that the impeachment notice concerns the Chief Justice. "A person cannot be a judge in his own cause," he said.
This evening, it was confirmed that the Chief Justice will not hear the petition, and neither will the four judges who rank right after him, including Justice Chelameswar, since they had publicly criticised him and accused him of abusing his position as "master of the roster".
The judges' extraordinary act of going public with their criticism of the Chief Justice spurred the opposition move to impeach the Chief Justice. The notice listed five grounds, which, the Congress said, equals misbehaviour. The Congress petition says the Vice President's rejection should be set aside as it only deals with the charge related to the assigning of cases.
Railway Staff Union Calls 72-Hour Hunger Strike To Seek Higher Pay
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Railway employees' union has called for a 72-hour relay hunger strike across the country from tomorrow against non-implementation of the provisions of the seventh pay commission and the attempted privatisation of the national transporter.
A statement from the All India Railwaymen's Federation (AIRF) said today that despite several meetings of the AIRF with leaders of the central government organisations and Home Minister, Finance Minister, Railway Minister and Minister of State for Railways, no decision was taken.
"Despite requests to the government of India to consider the demands of the Central Government Employees -- improvement in minimum wage and fitment factor after implementation of 7th CPC recommendations, provision of guaranteed pension and family pension to all the NPS (National Pension Scheme) covered employees, irrespective of their date of appointment...contractorisation leading towards wholesale privatisation, no fruitful outcome has emerged as yet despite lapse of around two years' precious time," the statement said.
AIRF in its meetings of the General Council and Working Committee, held on March 13-14, 2018, here decided to stage a 'Mass Relay Hunger Strike' for 24 hours for three consecutive days at all the branches of the affiliated unions of the federation all over India.
"All the branches of AIRF affiliates are, therefore, going to stage the aforesaid 'Relay Hunger Strike' from the morning of May 8, all over the Indian Railways", wherein large- number of railwaymen would sit on the relay hunger strike to press on their above-mentioned major demands, the statement said.
A statement from the All India Railwaymen's Federation (AIRF) said today that despite several meetings of the AIRF with leaders of the central government organisations and Home Minister, Finance Minister, Railway Minister and Minister of State for Railways, no decision was taken.
"Despite requests to the government of India to consider the demands of the Central Government Employees -- improvement in minimum wage and fitment factor after implementation of 7th CPC recommendations, provision of guaranteed pension and family pension to all the NPS (National Pension Scheme) covered employees, irrespective of their date of appointment...contractorisation leading towards wholesale privatisation, no fruitful outcome has emerged as yet despite lapse of around two years' precious time," the statement said.
AIRF in its meetings of the General Council and Working Committee, held on March 13-14, 2018, here decided to stage a 'Mass Relay Hunger Strike' for 24 hours for three consecutive days at all the branches of the affiliated unions of the federation all over India.
"All the branches of AIRF affiliates are, therefore, going to stage the aforesaid 'Relay Hunger Strike' from the morning of May 8, all over the Indian Railways", wherein large- number of railwaymen would sit on the relay hunger strike to press on their above-mentioned major demands, the statement said.
PM Modi On Speaker Mode Or Airplane Mode, Never Work Mode: Rahul Gandhi
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Campaigning for the Saturday Karnataka election, Rahul Gandhi today used the mobile phone analogy to charge that Prime Minister Narendra Modi operates only on "speaker mode or airplane mode".
The Congress president had stopped to speak to reporters while campaigning in the Kolar region when he debuted a barb at the Prime Minister and a simpler mode of travelling in the interiors -- the cycle.
"A cellphone has three modes, a work mode, a speaker mode and an airplane mode. Modi-ji airplane mode aur speaker mode chalate hai. Kaam (work) ka mode nahichalate hai. (Modi is on airplane or speaker mode. He is never on the work mode)," the 47-year-old taunted, questioning PM Modi's work since he came to power in 2014. The comments were seen as aimed at PM Modi's campaign speeches and also his foreign visits.
The retort came from BJP spokesperson Sambit Patra. "Rahul Gandhi is speaking about the speaker and airplane mode... the only mode during the era of the Congress party was corruption mode. Today, thankfully, the country has come out of corruption mode and country is in performance mode," Mr Patra sneered.
Rahul Gandhi also addressed a gathering from a bullock cart and targeted the central government on fuel prices.
"You want to take money from the pockets of those driving scooters, trucks, buses and other vehicles in the country and want to give it your rich friends," he said.
During a three-day visit, the Congress chief will campaign in Bengaluru Rural, Chikkballapura, Tumakuru districts and Bengaluru city. He has also been the prime target of digs from PM Modi and the BJP.
Results will be declared in Karnataka on May 15, three days after voting for the state's 224-member assembly.
The Congress president had stopped to speak to reporters while campaigning in the Kolar region when he debuted a barb at the Prime Minister and a simpler mode of travelling in the interiors -- the cycle.
"A cellphone has three modes, a work mode, a speaker mode and an airplane mode. Modi-ji airplane mode aur speaker mode chalate hai. Kaam (work) ka mode nahichalate hai. (Modi is on airplane or speaker mode. He is never on the work mode)," the 47-year-old taunted, questioning PM Modi's work since he came to power in 2014. The comments were seen as aimed at PM Modi's campaign speeches and also his foreign visits.
The retort came from BJP spokesperson Sambit Patra. "Rahul Gandhi is speaking about the speaker and airplane mode... the only mode during the era of the Congress party was corruption mode. Today, thankfully, the country has come out of corruption mode and country is in performance mode," Mr Patra sneered.
Rahul Gandhi also addressed a gathering from a bullock cart and targeted the central government on fuel prices.
"You want to take money from the pockets of those driving scooters, trucks, buses and other vehicles in the country and want to give it your rich friends," he said.
During a three-day visit, the Congress chief will campaign in Bengaluru Rural, Chikkballapura, Tumakuru districts and Bengaluru city. He has also been the prime target of digs from PM Modi and the BJP.
Results will be declared in Karnataka on May 15, three days after voting for the state's 224-member assembly.
Global Quantity Of Plastic In Oceans To Nearly Double To 250 Million Tonnes By 2025
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About eight million tonnes of plastic end up in the oceans each year and the global quantity will nearly double to 250 million tonnes by 2025, says a new analysis paper.
The new International Union for Conservation of Nature (IUCN) co-authored analysis paper, released recently, warned that the 'plastic soup' contains toxic chemicals, which could pose risks to marine species and humans.
It said reliable quantitative estimations of input loads, sources and originating sectors represent a significant knowledge gap, "but it is suggested that every year almost eight million tonnes leak to the ocean."
It said estimates are that oceans may already contain over 150 million tonnes of plastic, of which around 250,000 tonnes, fragmented into five trillion plastic pieces, may be floating at the oceans' surface.
"It has also been estimated that the global quantity of plastic in the ocean will nearly double to 250 million tonnes by 2025, which likely also represents a pollutant load of millions of tonnes of chemical additives," it said.
Marine species ingest potentially contaminated plastics directly, and by eating contaminated prey, says the paper titled 'Marine litter plastics and microplastics and their toxic chemicals components: the need for urgent preventive measures'.
"Seabirds are particularly vulnerable, with studies showing the presence of additives used as flame retardants in plastics, as well as foams and textiles, which were discovered in their stomachs and fatty tissue," said the paper, published in Environmental Sciences, Europe.
The paper said that at a global level, United Nations Environment Programme (UNEP) has estimated the economic impact of marine plastics (excluding microplastics), including losses incurred by fisheries and tourism due to plastic littering, as well as beach clean-up costs, at around USD 13 billion per year.
"Looking at the scale of the marine plastic problem today and at the projections for future growth in production of plastic globally, it is clear we are in the midst of a major crisis," said Carl Gustaf Lundin, Director of IUCNs Global Marine and Polar Programme.
Ludin said urgent action was needed to reduce toxic chemicals leaching into oceans from plastic.
To reduce amount of contaminants in marine plastics, the authors recommend addressing issues in the life-cycle design of plastic products and creating products that minimise use of hazardous substances, an approach known as 'green chemistry'.
They also concluded that the development of best practice codes for industry is likely to be more efficient than relying on 'end-of-pipe' solutions; and existing scientific evidence and precautionary principles should drive action from scientists, industry, policy and civil society to curb leaking of plastics into the marine environment in the short term.
"Societies need to act at multiple levels," said Joao Sousa, IUCN Project Manager for Marine Plastics, co-author of the report.
"Developed countries need to identify and adopt less harmful production processes and promote alternatives, whilst sound waste management and awareness-raising should be the main priority for developing nations," said Sousa.
The paper was authored by members of a working group associated with the Stockholm and Basel Conventions multilateral environmental agreements aimed at protecting human health and the environment from hazardous chemicals and wastes and other authors.
The new International Union for Conservation of Nature (IUCN) co-authored analysis paper, released recently, warned that the 'plastic soup' contains toxic chemicals, which could pose risks to marine species and humans.
It said reliable quantitative estimations of input loads, sources and originating sectors represent a significant knowledge gap, "but it is suggested that every year almost eight million tonnes leak to the ocean."
It said estimates are that oceans may already contain over 150 million tonnes of plastic, of which around 250,000 tonnes, fragmented into five trillion plastic pieces, may be floating at the oceans' surface.
"It has also been estimated that the global quantity of plastic in the ocean will nearly double to 250 million tonnes by 2025, which likely also represents a pollutant load of millions of tonnes of chemical additives," it said.
Marine species ingest potentially contaminated plastics directly, and by eating contaminated prey, says the paper titled 'Marine litter plastics and microplastics and their toxic chemicals components: the need for urgent preventive measures'.
"Seabirds are particularly vulnerable, with studies showing the presence of additives used as flame retardants in plastics, as well as foams and textiles, which were discovered in their stomachs and fatty tissue," said the paper, published in Environmental Sciences, Europe.
The paper said that at a global level, United Nations Environment Programme (UNEP) has estimated the economic impact of marine plastics (excluding microplastics), including losses incurred by fisheries and tourism due to plastic littering, as well as beach clean-up costs, at around USD 13 billion per year.
"Looking at the scale of the marine plastic problem today and at the projections for future growth in production of plastic globally, it is clear we are in the midst of a major crisis," said Carl Gustaf Lundin, Director of IUCNs Global Marine and Polar Programme.
Ludin said urgent action was needed to reduce toxic chemicals leaching into oceans from plastic.
To reduce amount of contaminants in marine plastics, the authors recommend addressing issues in the life-cycle design of plastic products and creating products that minimise use of hazardous substances, an approach known as 'green chemistry'.
They also concluded that the development of best practice codes for industry is likely to be more efficient than relying on 'end-of-pipe' solutions; and existing scientific evidence and precautionary principles should drive action from scientists, industry, policy and civil society to curb leaking of plastics into the marine environment in the short term.
"Societies need to act at multiple levels," said Joao Sousa, IUCN Project Manager for Marine Plastics, co-author of the report.
"Developed countries need to identify and adopt less harmful production processes and promote alternatives, whilst sound waste management and awareness-raising should be the main priority for developing nations," said Sousa.
The paper was authored by members of a working group associated with the Stockholm and Basel Conventions multilateral environmental agreements aimed at protecting human health and the environment from hazardous chemicals and wastes and other authors.
PM Modi "Has Stooped Low", Misused Office Of Prime Minister: Manmohan Singh
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In a stinging attack on Prime Minister Narendra Modi, his predecessor and senior Congress Manmohan Singh said he had "stooped low" and used his office to target his opponents "day in and day out."
"No prime minister in our country has used the office of prime minister to say things about his opponent the way Mr Modi has been doing day in and day out.... It is very shocking to see the Prime Minister of the country stoop so low and use language and frame ideologies that are unbecoming of a Prime Minister," Manmohan Singh said, adding, "I sincerely hope that Modi learns his lesson and does not polarize the society in Karnataka."
The former prime minister was addressing a press conference in Karnataka as part of the ruling Congress's campaign for the May 12 election. He also slammed what he called the Modi government's "disastrous policies" and "economic mismanagement", stating that the country was facing crises that were avoidable.
Referring to bank frauds, Dr Singh said the money swindled almost quadrupled from Rs. 28,416 crore in September 2013 to Rs. 1.11 lakh crore in September 2017.
"Perpetrators of these frauds meanwhile escape with impunity. The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the general public in the banking sector," he said.
According to him, the country was experiencing difficult times. "Our farmers are facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential," said Dr Singh, who was prime minister for 10 years between 2004 and 2014.
"It pains me to see how rather than standing up to all these challenges, the government's response has been to stifle dissent when deficiencies are pointed out," he said.
Stating that economic policy has a significant impact on the lives of people, he said it was essential that those tasked with decision-making pay careful attention to policies and programmes and not act on mere whims and fancies.
"India is a complex and diverse country and no one person can be the repository of all wisdom," said Dr Singh, in an apparent dig at PM Modi.
Every time an answer was sought for any of the "disastrous policies" of the BJP government, he said, "all we hear is that the intentions are virtuous".
The two "major avoidable blunders" of the government had been demonetisation and the hasty implementation of GST or Good and Services Tax, said the former PM. The intentions of the Modi government which it claimed were good, had resulted in "massive" losses for the country, he added.
"No prime minister in our country has used the office of prime minister to say things about his opponent the way Mr Modi has been doing day in and day out.... It is very shocking to see the Prime Minister of the country stoop so low and use language and frame ideologies that are unbecoming of a Prime Minister," Manmohan Singh said, adding, "I sincerely hope that Modi learns his lesson and does not polarize the society in Karnataka."
The former prime minister was addressing a press conference in Karnataka as part of the ruling Congress's campaign for the May 12 election. He also slammed what he called the Modi government's "disastrous policies" and "economic mismanagement", stating that the country was facing crises that were avoidable.
Referring to bank frauds, Dr Singh said the money swindled almost quadrupled from Rs. 28,416 crore in September 2013 to Rs. 1.11 lakh crore in September 2017.
"Perpetrators of these frauds meanwhile escape with impunity. The economic mismanagement of the Modi government, and I say this with great care and responsibility, is slowly eroding the trust of the general public in the banking sector," he said.
According to him, the country was experiencing difficult times. "Our farmers are facing an acute crisis, our aspirational youth are not finding opportunities, and the economy is growing below its potential," said Dr Singh, who was prime minister for 10 years between 2004 and 2014.
"It pains me to see how rather than standing up to all these challenges, the government's response has been to stifle dissent when deficiencies are pointed out," he said.
Stating that economic policy has a significant impact on the lives of people, he said it was essential that those tasked with decision-making pay careful attention to policies and programmes and not act on mere whims and fancies.
"India is a complex and diverse country and no one person can be the repository of all wisdom," said Dr Singh, in an apparent dig at PM Modi.
Every time an answer was sought for any of the "disastrous policies" of the BJP government, he said, "all we hear is that the intentions are virtuous".
The two "major avoidable blunders" of the government had been demonetisation and the hasty implementation of GST or Good and Services Tax, said the former PM. The intentions of the Modi government which it claimed were good, had resulted in "massive" losses for the country, he added.
Business Affairs
World to face biggest talent crunch by 2030; India to be only country with manpower surplus
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US-based global organisational consulting firm Korn Ferry has said India would have a talent surplus of around 245.3 million workers by 2030 at a time when the Asia Pacific (APAC) region would face a talent deficit of 47 million workers. The world's sixth largest economy, India, is the only place in the APAC region that will have a talent surplus by 2030, says the Korn Ferry study named as 'Global Talent Crunch'.
The study says the skilled talent shortage will continue to impede growth and, if not addressed, could have a significant impact on major APAC economies by 2030. "Companies must work to mitigate this potential talent crisis to protect future," said Michael Distefano, Chief Operating Officer, Korn Ferry Asia Pacific. He added that if left to run its course, this shortage will severely impact the growth of markets across APAC. The region is expected to have an imminent talent deficit of over 12.3 million workers by 2020, rising to a shortage of 47 million workers by 2030. The shortage could lead to $4.238 trillion in unrealised annual revenue loss if the problem is not addressed, the report says.
The study estimates the gap between future talent supply and demand in 20 major economies in 2020, 2025 and 2030, and across three sectors: financial and business services; technology, media and telecommunications (TMT); and manufacturing.
The study says the world can expect a talent deficit of 85.2 million workers across the economies analysed - greater than the current population of Germany.
Globally, the study reveals the United States, Japan, France, Germany and Australia would face the largest threat in the near term, with a combined opportunity cost of $1.876 trillion by 2020. Labour shortages in global financial and business services are the most acute, with a potential deficit of 10.7 million workers globally by 2030.
Bhavna Sud, Client Partner, Korn Ferry India, said: "The talent crunch will severely impact the growth of key markets and sectors across the region. India however, has the unique distinction of having a talent surplus right now and will continue to do so in 2030."
Industries where the talent surplus will be the most visible in India include the financial services with a surplus of 1.1 million, TMT at 1.3 million and manufacturing at 2.44 million of extra manpower in the next 12 years.
"However, it's no secret that while India has a surplus of talent, we must deal with the twin challenges of employability and job creation. The government as well as industry have made significant efforts to address both issues through programmes like 'Skill India', but we will have to do more to create a competitive advantage of the surplus manpower we have. If left unchecked, the talent surplus will add to our woes of jobless growth and unemployment," said Sud.
How to tackle talent crunch challenge?
Companies need to re-think their hiring and talent management processes.
Hire for fit and culture rather than skills because skills come with a shelf-life.
Hire people high on agility and make continuous learning a part of your life.
Retain your best; tap into new and different sources of talent.
Make it easy for women to re-enter the workforce and double your talent supply.
The study says the skilled talent shortage will continue to impede growth and, if not addressed, could have a significant impact on major APAC economies by 2030. "Companies must work to mitigate this potential talent crisis to protect future," said Michael Distefano, Chief Operating Officer, Korn Ferry Asia Pacific. He added that if left to run its course, this shortage will severely impact the growth of markets across APAC. The region is expected to have an imminent talent deficit of over 12.3 million workers by 2020, rising to a shortage of 47 million workers by 2030. The shortage could lead to $4.238 trillion in unrealised annual revenue loss if the problem is not addressed, the report says.
The study estimates the gap between future talent supply and demand in 20 major economies in 2020, 2025 and 2030, and across three sectors: financial and business services; technology, media and telecommunications (TMT); and manufacturing.
The study says the world can expect a talent deficit of 85.2 million workers across the economies analysed - greater than the current population of Germany.
Globally, the study reveals the United States, Japan, France, Germany and Australia would face the largest threat in the near term, with a combined opportunity cost of $1.876 trillion by 2020. Labour shortages in global financial and business services are the most acute, with a potential deficit of 10.7 million workers globally by 2030.
Bhavna Sud, Client Partner, Korn Ferry India, said: "The talent crunch will severely impact the growth of key markets and sectors across the region. India however, has the unique distinction of having a talent surplus right now and will continue to do so in 2030."
Industries where the talent surplus will be the most visible in India include the financial services with a surplus of 1.1 million, TMT at 1.3 million and manufacturing at 2.44 million of extra manpower in the next 12 years.
"However, it's no secret that while India has a surplus of talent, we must deal with the twin challenges of employability and job creation. The government as well as industry have made significant efforts to address both issues through programmes like 'Skill India', but we will have to do more to create a competitive advantage of the surplus manpower we have. If left unchecked, the talent surplus will add to our woes of jobless growth and unemployment," said Sud.
How to tackle talent crunch challenge?
Companies need to re-think their hiring and talent management processes.
Hire for fit and culture rather than skills because skills come with a shelf-life.
Hire people high on agility and make continuous learning a part of your life.
Retain your best; tap into new and different sources of talent.
Make it easy for women to re-enter the workforce and double your talent supply.
Chanda Kochhar says board has made its stand clear on Videocon loans; ICICI Bank's Q4 profit drops 50%
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ICICI Bank on Monday posted a 49.62 per cent drop in Q4 net profit to Rs 1,020 crore as against Rs 2,025 crore in the year-ago quarter, mainly due to rise in provisions of bad loans. Breaking her silence on ICICI-Videocon loan controversy, ICICI Bank CEO Chanda Kochhar said that the board has made its stand clear and she has nothing more to add. Kochhar added the bank has always co-operated with the regulatory and investigating agencies, and will continue to do so in future.
While there was no discussion on Videocon case in today's board meeting, it is unlikely that this issue would be discussed by board members and independent directors in tomorrow's meeting. "Tomorrow's board meeting is a usual board meeting which happens every year. Once the year begins, we focus on strategy, planning for the coming year," Kochhar said at the press conference.
On the question of bringing an interim CEO to maintain the stability at the bank, Kochhar replied saying, "I think the board has made its stand very clear in the March 28 board meeting and as far as the operations of the bank are concerned, you can see the stability, the enhancement in franchise and the results."
On bank's performance, Kochhar added that the past few year have been challenging in terms of asset quality but the bank has focused on de-risking the balance sheets.
India's second largest private lender has been embroiled in a series of allegations of impropriety while extending loans to Videocon. ICICI Bank investor Arvind Gupta had levelled allegations of quid pro quo against ICICI Bank CEO Chanda Kochhar.
When a question was asked if she would continue as the CEO until March 2019, Kochhar said, "I think today we are talking about the Q4 results, we have never talked about any CEOs tenure in any results presentation."
ICICI Bank's standalone profit after tax was at Rs 6,777 crore for FY 2018 as compared to Rs 9,801 crore for the year ended March 31, 2017. Bank's provisions during the quarter jumped 85.6 percent to Rs 6,625.7 crore, as against Rs 3,570 crore in the previous quarter ending December 2017.
Posting a robust loan growth, bank's domestic loan grew at 15 per cent year-on-year as on March 31, 2018 driven by retail. Retail loans grew by 21 per cent year-on-year and constituted 57 per cent of the total loan portfolio as on March 31.
However, ICICI Bank's slippages rose nearly four times to Rs 15,737 crore as compared to Rs 4,380 crore in the third quarter of FY18. Gross NPAs include loans worth Rs 9968 crore which were given under the RBI schemes and were classified as standard on December 31, 2017, the bank said in a statement.
NII or net interest income inched up marginally to Rs 6,021.67 crore in the quarter from Rs 5,962 crore a year ago and non-interest income jumped 88 percent to Rs 5,678.6 crore (up from Rs 3,017 crore a year ago), supported by a one-time gain from the stake sale in ICICI Securities.
Net interest margin increased from 3.14 per cent in the quarter ended December 31, 2017 to 3.24 per cent in the quarter ended March 31, 2018. The Board has also recommended a dividend of Rs 1.50 per equity share.
While there was no discussion on Videocon case in today's board meeting, it is unlikely that this issue would be discussed by board members and independent directors in tomorrow's meeting. "Tomorrow's board meeting is a usual board meeting which happens every year. Once the year begins, we focus on strategy, planning for the coming year," Kochhar said at the press conference.
On the question of bringing an interim CEO to maintain the stability at the bank, Kochhar replied saying, "I think the board has made its stand very clear in the March 28 board meeting and as far as the operations of the bank are concerned, you can see the stability, the enhancement in franchise and the results."
On bank's performance, Kochhar added that the past few year have been challenging in terms of asset quality but the bank has focused on de-risking the balance sheets.
India's second largest private lender has been embroiled in a series of allegations of impropriety while extending loans to Videocon. ICICI Bank investor Arvind Gupta had levelled allegations of quid pro quo against ICICI Bank CEO Chanda Kochhar.
When a question was asked if she would continue as the CEO until March 2019, Kochhar said, "I think today we are talking about the Q4 results, we have never talked about any CEOs tenure in any results presentation."
ICICI Bank's standalone profit after tax was at Rs 6,777 crore for FY 2018 as compared to Rs 9,801 crore for the year ended March 31, 2017. Bank's provisions during the quarter jumped 85.6 percent to Rs 6,625.7 crore, as against Rs 3,570 crore in the previous quarter ending December 2017.
Posting a robust loan growth, bank's domestic loan grew at 15 per cent year-on-year as on March 31, 2018 driven by retail. Retail loans grew by 21 per cent year-on-year and constituted 57 per cent of the total loan portfolio as on March 31.
However, ICICI Bank's slippages rose nearly four times to Rs 15,737 crore as compared to Rs 4,380 crore in the third quarter of FY18. Gross NPAs include loans worth Rs 9968 crore which were given under the RBI schemes and were classified as standard on December 31, 2017, the bank said in a statement.
NII or net interest income inched up marginally to Rs 6,021.67 crore in the quarter from Rs 5,962 crore a year ago and non-interest income jumped 88 percent to Rs 5,678.6 crore (up from Rs 3,017 crore a year ago), supported by a one-time gain from the stake sale in ICICI Securities.
Net interest margin increased from 3.14 per cent in the quarter ended December 31, 2017 to 3.24 per cent in the quarter ended March 31, 2018. The Board has also recommended a dividend of Rs 1.50 per equity share.
RIL may invest additional Rs 60,000 crore in Reliance Jio to buff up telecom war chest
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Reliance Jio, billionaire Mukesh Ambani's telecom venture, may soon get another Rs 60,000 crore to beef up its war chest as it plans to launch its broadband services. It seems that Jio, after disrupting the mobile tariffs market, is betting big on its optic fiber business.
According to Livemint, Reliance Industries (RIL) is likely to invest Rs 60,000 crore into its telecom unit this fiscal year. In addition to this, unit Reliance Jio Infocomm Ltd may also borrow as much as Rs 1 lakh crore, the report said. In 2016, Mukesh Ambani had said that investment in the telecom startup Jio would be around Rs 2,50,000 crore.
JioFiber, the wired broadband offering of Reliance Jio, has already been rolled out in select markets across the country. Jio plans to introduce broadband services to most Indian cities in the second half of the year. It currently offers fibre-to-the-home (FTTH) broadband connections with 1.1TB (terabytes) of free data at a speed of 100 mbps.
Unlike a regular broadband connection where the fiber reaches only till the building and the last few meters of end connectivity are connected using traditional cable which reduces the speed, JioFiber connectivity comes directly to your home.
Currently, Jio charges a security deposit of Rs 4500 for the ONT device (GigaHub Home Gateway). The deposit will be refunded if you choose to discontinue using the JioFiber services. Reliance Jio is offering its JioFibre service in select cities including Delhi-NCR, Mumbai, Ahmedabad, Surat, Vadodara and Chennai among others.
Reliance Jio is also planning to hire 75,000-80,000 employees for this financial year. This recruitment is part of their expansion process. "About 1,57,000 people are on the rolls today. I will say another 75,000 to 80,000 people," Jio's Chief Human Resources Officer Sanjay Jog had said.
Last month, Reliance Jio posted a positive net income in its first year of commercial operations, with net profit of Rs 722.96 crore in the financial year 2017-18. The telecom arm of Mukesh Ambani-led Reliance Industries saw its net profit for the March quarter marginally increase 1.2 per cent on a quarter-on-quarter (QoQ) basis to Rs 510.44 crore from Rs 504.38 crore in the preceding quarter.
Jio reported a subscriber base of 186.6 million as on March 31, 2018, and net addition of 26.5 million during the quarter under review. The average revenue per user (ARPU) for the company at the end of March quarter stood at Rs 137.1 per subscriber every month. The telco reported total wireless data traffic of 506 crore GB during the March quarter, whereas the total voice traffic registered was 37,218 crore minutes. The average data consumed per user every month was seen to be 9.7 GB per month, as per the company statement.
According to Livemint, Reliance Industries (RIL) is likely to invest Rs 60,000 crore into its telecom unit this fiscal year. In addition to this, unit Reliance Jio Infocomm Ltd may also borrow as much as Rs 1 lakh crore, the report said. In 2016, Mukesh Ambani had said that investment in the telecom startup Jio would be around Rs 2,50,000 crore.
JioFiber, the wired broadband offering of Reliance Jio, has already been rolled out in select markets across the country. Jio plans to introduce broadband services to most Indian cities in the second half of the year. It currently offers fibre-to-the-home (FTTH) broadband connections with 1.1TB (terabytes) of free data at a speed of 100 mbps.
Unlike a regular broadband connection where the fiber reaches only till the building and the last few meters of end connectivity are connected using traditional cable which reduces the speed, JioFiber connectivity comes directly to your home.
Currently, Jio charges a security deposit of Rs 4500 for the ONT device (GigaHub Home Gateway). The deposit will be refunded if you choose to discontinue using the JioFiber services. Reliance Jio is offering its JioFibre service in select cities including Delhi-NCR, Mumbai, Ahmedabad, Surat, Vadodara and Chennai among others.
Reliance Jio is also planning to hire 75,000-80,000 employees for this financial year. This recruitment is part of their expansion process. "About 1,57,000 people are on the rolls today. I will say another 75,000 to 80,000 people," Jio's Chief Human Resources Officer Sanjay Jog had said.
Last month, Reliance Jio posted a positive net income in its first year of commercial operations, with net profit of Rs 722.96 crore in the financial year 2017-18. The telecom arm of Mukesh Ambani-led Reliance Industries saw its net profit for the March quarter marginally increase 1.2 per cent on a quarter-on-quarter (QoQ) basis to Rs 510.44 crore from Rs 504.38 crore in the preceding quarter.
Jio reported a subscriber base of 186.6 million as on March 31, 2018, and net addition of 26.5 million during the quarter under review. The average revenue per user (ARPU) for the company at the end of March quarter stood at Rs 137.1 per subscriber every month. The telco reported total wireless data traffic of 506 crore GB during the March quarter, whereas the total voice traffic registered was 37,218 crore minutes. The average data consumed per user every month was seen to be 9.7 GB per month, as per the company statement.
Sensex closes above 35,200, Nifty rises 97 points to 10,715 on positive global cues
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The Sensex and Nifty closed higher tracking global markets after tepid US jobs data on Friday eased fears of faster rate hikes by the Federal Reserve. While the Sensex closed 292 points or 0.84% higher at 35,208, the Nifty rose 97 points or 0.92% to 10,715. M&M (3.68%), Axis Bank (2.82%) and Tata Steel (2.52%) were the top Sensex gainers.
Banking (1.12%), consumer durables (1.45%) and auto sector (1.43%) stocks were the top gainers among the BSE sectoral indexes.
PC Jeweller closed higher for the third straight day on value buying. The stock rose 37.90% to 240.90 and was the top gainer on BSE.
"Movement of crude oil and rupee are likely to move the markets apart from corporate results," said Rahul Sharma, senior research analyst with Equity99.
However, analysts said crude oil prices and the rupee would be the other key factors affecting markets.
The 10-year benchmark bond yield opened at 7.60 percent, sharply lower from its Friday close of 7.73 percent, though traders expect some pullback in the rally.
The rupee was down against the dollar to its lowest since February 17, 2017.
Shares of Ruchi Soya Industries closed over 7% higher on reports that Patanjali Ayurved had made a bid of Rs 4,000 crore - Rs 4,500 crore for the company.
Of 30 Sensex stocks, 23 closed in the green.
Market breadth was marginally positive with 1405 stocks closing higher against 1260 ending in the red. 176 stocks were unchanged.
Global markets
World shares were mostly higher Monday following strong gains on Wall Street after the US jobless rate hit an 18-year low, helping investors overlook unresolved trade tensions between Washington and Beijing.
European shares rose in early trading. Germany's DAX rose 0.4 percent to 12,866.38 and Britain's FTSE 100 climbed 0.9 percent to 7,567.14. France's CAC 40 edged up less than 0.1 percent to 5,517.49, as a plunge in Air France shares over its latest strike weighed on sentiment. Wall Street was poised to open higher. Dow futures added 0.2 percent to 24,283.00 and broader S&P 500 futures gained 0.3 percent to 2,670.50.
Japan's benchmark Nikkei 225 index dipped less than 0.1 percent to close at 22,457.16 but Hong Kong's Hang Seng index rose 0.2 percent to 29,994.26. The Shanghai Composite index in mainland China jumped 1.5 percent to 3,136.64 and Australia's S&P/ASX 200 climbed 0.4 percent to 6,084.50. Taiwan's benchmark rose but Southeast Asian indexes were mostly lower. South Korean markets were closed for a holiday.
Banking (1.12%), consumer durables (1.45%) and auto sector (1.43%) stocks were the top gainers among the BSE sectoral indexes.
PC Jeweller closed higher for the third straight day on value buying. The stock rose 37.90% to 240.90 and was the top gainer on BSE.
"Movement of crude oil and rupee are likely to move the markets apart from corporate results," said Rahul Sharma, senior research analyst with Equity99.
However, analysts said crude oil prices and the rupee would be the other key factors affecting markets.
The 10-year benchmark bond yield opened at 7.60 percent, sharply lower from its Friday close of 7.73 percent, though traders expect some pullback in the rally.
The rupee was down against the dollar to its lowest since February 17, 2017.
Shares of Ruchi Soya Industries closed over 7% higher on reports that Patanjali Ayurved had made a bid of Rs 4,000 crore - Rs 4,500 crore for the company.
Of 30 Sensex stocks, 23 closed in the green.
Market breadth was marginally positive with 1405 stocks closing higher against 1260 ending in the red. 176 stocks were unchanged.
Global markets
World shares were mostly higher Monday following strong gains on Wall Street after the US jobless rate hit an 18-year low, helping investors overlook unresolved trade tensions between Washington and Beijing.
European shares rose in early trading. Germany's DAX rose 0.4 percent to 12,866.38 and Britain's FTSE 100 climbed 0.9 percent to 7,567.14. France's CAC 40 edged up less than 0.1 percent to 5,517.49, as a plunge in Air France shares over its latest strike weighed on sentiment. Wall Street was poised to open higher. Dow futures added 0.2 percent to 24,283.00 and broader S&P 500 futures gained 0.3 percent to 2,670.50.
Japan's benchmark Nikkei 225 index dipped less than 0.1 percent to close at 22,457.16 but Hong Kong's Hang Seng index rose 0.2 percent to 29,994.26. The Shanghai Composite index in mainland China jumped 1.5 percent to 3,136.64 and Australia's S&P/ASX 200 climbed 0.4 percent to 6,084.50. Taiwan's benchmark rose but Southeast Asian indexes were mostly lower. South Korean markets were closed for a holiday.
Paytm to invest Rs 5,000 crore in core business in 2018, says Vijay Shekhar
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After RBI rolled out its KYC requirements for e-wallets, Paytm recorded a fall of 10-15% in its transactions in early March. However, the Vijay Shekhar Sharma-helmed company pulled up their numbers in April. In fact, this year, Sharma is looking at Rs 5,000 crore of investment in the business, as mentioned in an interview with The Economic Times.
"These are early build-ups, so they will take a lot more money than other categories. This year, we are looking at more than Rs 5,000 crore of investment, including payments and financial services. The majority will be in financial services," Sharma told the newspaper.
Talking about the focus of Paytm, Sharma said that they plan to pump in more money in financial services, as customer lifecycle has reached the next level. He added that they always plan to increase the market size rather than eating into the market share. Sharma said that they would try to bring out new types of loans, insurances and ways of doing wealth management. However, such ventures always depend on procuring licences.
Paytm has also partnered with ICICI Bank to launch post-paid services and are trying to rope in other banks as well. It would essentially be a 'pay-later facility'.
Talking about the impact of KYC requirements on Paytm, Sharma mentioned that the platform have all kinds of choices including net banking. He told the newspaper that wallet-to-wallet P2P transactions were impacted for a while but even that came up. Sharma added that they probably avoided a massive blow because they had already started their KYC operations a year ago.
When asked about how he thinks WhatsApp Payments will impact Paytm, Sharma said before this it was BHIM that everyone thought would be the killer, followed by Phonepe and finally Google Tez. He said that naysayers would be obligated to say but they should not matter. And since WhatsApp Payments has not arrived Paytm cannot even counter their numbers.
"These are early build-ups, so they will take a lot more money than other categories. This year, we are looking at more than Rs 5,000 crore of investment, including payments and financial services. The majority will be in financial services," Sharma told the newspaper.
Talking about the focus of Paytm, Sharma said that they plan to pump in more money in financial services, as customer lifecycle has reached the next level. He added that they always plan to increase the market size rather than eating into the market share. Sharma said that they would try to bring out new types of loans, insurances and ways of doing wealth management. However, such ventures always depend on procuring licences.
Paytm has also partnered with ICICI Bank to launch post-paid services and are trying to rope in other banks as well. It would essentially be a 'pay-later facility'.
Talking about the impact of KYC requirements on Paytm, Sharma mentioned that the platform have all kinds of choices including net banking. He told the newspaper that wallet-to-wallet P2P transactions were impacted for a while but even that came up. Sharma added that they probably avoided a massive blow because they had already started their KYC operations a year ago.
When asked about how he thinks WhatsApp Payments will impact Paytm, Sharma said before this it was BHIM that everyone thought would be the killer, followed by Phonepe and finally Google Tez. He said that naysayers would be obligated to say but they should not matter. And since WhatsApp Payments has not arrived Paytm cannot even counter their numbers.
General Awareness
Border Roads Organisation (BRO)
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Context: Border Roads Organisation (BRO), is celebrating its Raising Day on 07 May 2018. It is celebrating its 58 years of glorious service to the nation.
Background:
Since its inception in 1960, so far the Organisation has grown from 02 to 19 projects. The works executed have ensured the territorial integrity and the socio-economic upliftment of the most inaccessible regions of the country as well as India’s neighbourhood.
About BRO:
Functioning under the control of the Ministry of Defence since 2015, the BRO is engaged in road construction to provide connectivity to difficult and inaccessible regions in the border areas of the country.
It is staffed by officers and troops drawn from the Indian Army’s Corps of Engineers, Electrical and Mechanical Engineers, Army Service Corps, Military Police and army personnel on extra regimental employment.
Engineering Service and personnel from the General Reserve Engineer Force (GREF) form the parent cadre of the Border Roads Organisation.
Currently, the organisation maintains operations in twenty-one states, one UT (Andaman and Nicobar Islands), and neighbouring countries such as Afghanistan, Bhutan, Myanmar, and Sri Lanka.
The BRO operates and maintains over 32,885 kilometres of roads and about 12,200 meters of permanent bridges in the country.
Significance of BRO:
The Border Roads Organization has played a very important role in both maintenance of security and in the development of border areas. Most of the development in the North Eastern states of India can be attributed to the relentless work done by the BRO. Socio economic development in the most inaccessible nooks and corners of our country are a result of the infrastructural work undertaken by the BRO.
Apart from its work in India, the BRO has undertaken work in numerous countries thus having contributed immensely towards maintaining friendly and diplomatic relations. The highly-skilled BRO personnel undertook and successfully completed construction of the Delaram-Zaranj Highway in Afghanistan in 2008. The Farkhor and Ayni air bases of Tajikistan were also restored and repaired by the BRO.
The BRO works in close association with the Indian Army in cases of natural disasters. It is the brave men of the BRO who were responsible for much of the reconstruction work undertaken as a result of the 2004 Tsunami in Tamil Nadu, the 2010 Ladakh flash floods and even during the 2014 Jammu and Kashmir Floods.
Recent reforms:
With the Border Roads Organisation (BRO) far behind schedule in constructing 73 approved “Indo-China Border Roads” along the northern borders, the defence ministry, in 2017, empowered BRO officials with enhanced financial powers.
Challenges:
Despite attempts at reform, the BRO remains a divided organisation, with friction between BRO cadre officers, and army officers posted on deputation. The BRO cadre resents a large number of top executive and command positions going to the army.
Context: Border Roads Organisation (BRO), is celebrating its Raising Day on 07 May 2018. It is celebrating its 58 years of glorious service to the nation.
Background:
Since its inception in 1960, so far the Organisation has grown from 02 to 19 projects. The works executed have ensured the territorial integrity and the socio-economic upliftment of the most inaccessible regions of the country as well as India’s neighbourhood.
About BRO:
Functioning under the control of the Ministry of Defence since 2015, the BRO is engaged in road construction to provide connectivity to difficult and inaccessible regions in the border areas of the country.
It is staffed by officers and troops drawn from the Indian Army’s Corps of Engineers, Electrical and Mechanical Engineers, Army Service Corps, Military Police and army personnel on extra regimental employment.
Engineering Service and personnel from the General Reserve Engineer Force (GREF) form the parent cadre of the Border Roads Organisation.
Currently, the organisation maintains operations in twenty-one states, one UT (Andaman and Nicobar Islands), and neighbouring countries such as Afghanistan, Bhutan, Myanmar, and Sri Lanka.
The BRO operates and maintains over 32,885 kilometres of roads and about 12,200 meters of permanent bridges in the country.
Significance of BRO:
The Border Roads Organization has played a very important role in both maintenance of security and in the development of border areas. Most of the development in the North Eastern states of India can be attributed to the relentless work done by the BRO. Socio economic development in the most inaccessible nooks and corners of our country are a result of the infrastructural work undertaken by the BRO.
Apart from its work in India, the BRO has undertaken work in numerous countries thus having contributed immensely towards maintaining friendly and diplomatic relations. The highly-skilled BRO personnel undertook and successfully completed construction of the Delaram-Zaranj Highway in Afghanistan in 2008. The Farkhor and Ayni air bases of Tajikistan were also restored and repaired by the BRO.
The BRO works in close association with the Indian Army in cases of natural disasters. It is the brave men of the BRO who were responsible for much of the reconstruction work undertaken as a result of the 2004 Tsunami in Tamil Nadu, the 2010 Ladakh flash floods and even during the 2014 Jammu and Kashmir Floods.
Recent reforms:
With the Border Roads Organisation (BRO) far behind schedule in constructing 73 approved “Indo-China Border Roads” along the northern borders, the defence ministry, in 2017, empowered BRO officials with enhanced financial powers.
Challenges:
Despite attempts at reform, the BRO remains a divided organisation, with friction between BRO cadre officers, and army officers posted on deputation. The BRO cadre resents a large number of top executive and command positions going to the army.
Background:
Since its inception in 1960, so far the Organisation has grown from 02 to 19 projects. The works executed have ensured the territorial integrity and the socio-economic upliftment of the most inaccessible regions of the country as well as India’s neighbourhood.
About BRO:
Functioning under the control of the Ministry of Defence since 2015, the BRO is engaged in road construction to provide connectivity to difficult and inaccessible regions in the border areas of the country.
It is staffed by officers and troops drawn from the Indian Army’s Corps of Engineers, Electrical and Mechanical Engineers, Army Service Corps, Military Police and army personnel on extra regimental employment.
Engineering Service and personnel from the General Reserve Engineer Force (GREF) form the parent cadre of the Border Roads Organisation.
Currently, the organisation maintains operations in twenty-one states, one UT (Andaman and Nicobar Islands), and neighbouring countries such as Afghanistan, Bhutan, Myanmar, and Sri Lanka.
The BRO operates and maintains over 32,885 kilometres of roads and about 12,200 meters of permanent bridges in the country.
Significance of BRO:
The Border Roads Organization has played a very important role in both maintenance of security and in the development of border areas. Most of the development in the North Eastern states of India can be attributed to the relentless work done by the BRO. Socio economic development in the most inaccessible nooks and corners of our country are a result of the infrastructural work undertaken by the BRO.
Apart from its work in India, the BRO has undertaken work in numerous countries thus having contributed immensely towards maintaining friendly and diplomatic relations. The highly-skilled BRO personnel undertook and successfully completed construction of the Delaram-Zaranj Highway in Afghanistan in 2008. The Farkhor and Ayni air bases of Tajikistan were also restored and repaired by the BRO.
The BRO works in close association with the Indian Army in cases of natural disasters. It is the brave men of the BRO who were responsible for much of the reconstruction work undertaken as a result of the 2004 Tsunami in Tamil Nadu, the 2010 Ladakh flash floods and even during the 2014 Jammu and Kashmir Floods.
Recent reforms:
With the Border Roads Organisation (BRO) far behind schedule in constructing 73 approved “Indo-China Border Roads” along the northern borders, the defence ministry, in 2017, empowered BRO officials with enhanced financial powers.
Challenges:
Despite attempts at reform, the BRO remains a divided organisation, with friction between BRO cadre officers, and army officers posted on deputation. The BRO cadre resents a large number of top executive and command positions going to the army.
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