12 State-Run Banks Instead Of 27 In Government's Mega Mergers: 10 Things To Know

Here are 10 things to know about bank mergers:

1. The Canara Bank will join Syndicate Bank; Union Bank of India, Andhra Bank and Corporation Bank will merge, and Indian bank will merge with Allahabad Bank. Together, they will hold business worth Rs. 55.8 lakh crore.
2. After the mega PSU bank consolidation, there will be 12 public sector banks in the system instead of 27, the Finance Minister said.
3. Announcing steps to empower the public sector banks, the Finance Minister said a board committee of nationalised banks will appraise the performance of general managers and higher positions.
4. For the first time, Chief Risk Offers will be recruited at market-linked compensation to attract best available talent.
5. The government further said PSU banks will be repositioned to take the economy to the $5-trillion mark, with wide ranging reforms, financially stronger and well-provisioned lenders, technology-driven banking, synergy and stronger governance.
6. The Finance Minister also said that loan recoveries have hit a recovery level of Rs.1,21,076 crore. Gross non-performing assets (NPAs) - or bad loans - have come down from Rs. 8.65 lakh crore to Rs. 7.90 lakh crore, she added.
7. Analysts said the steps announced by the government are in the right direction. "This is a much awaited and a step in the right direction in order to consolidate the size of the banks and improve the efficiency. The move can also help expand the size of the economy," Deven Choksey of wealth management company KR Choksey Investment Managers told NDTV.
8. The announcements on bank consolidation comes a day after the Reserve Bank of India (RBI) said in its annual report that frauds in the banking system increased 74 per cent to Rs.71,543 crore in financial year 2018-19.
9. The RBI also said that the average lag between the date of occurrence of frauds and its detection by banks stood at 22 months.
10. In its bid to push investments and revive growth, the government has announced a range of measures in the past few days, including easing of FDI or foreign direct investment norms in four sectors, and a reversal of higher taxes on foreign investors as announced in Budget.
11. source: 
https://www.ndtv.com/business/punjab-national-bank-oriental-bank-united-bank-to-be-merged-nirmala-sitharaman-2093042

Assam: Final National Register of Citizens released, 19 lakh people fail the test

A total of 3,11,21,004 persons have been found eligible for inclusion in Final NRCNSE 2.22 %, leaving out 19,06,657 persons including those who did not submit claims. 

In a statement NRC authorities stated the process of NRC Update was started in the state of Assam as per order of the Supreme Court of India in 2013. Since then, the Apex Court has been closely monitoring the entire process. The process of NRC update in Assam differs from the rest of the country and is governed by Rule 4A  .. 

source/ Read more at:
//economictimes.indiatimes.com/articleshow/70919987.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

India’s Q1 GDP at 5 per cent, falls to a 6 year low

The Central Statistics Office today released the gross domestic product numbers for April-June quarter, which showed India’s GDP expanded 5% in the quarter through June - the slowest pace in six and half years. The Indian economy grew 5 percent year-on-year in first quarter of FY2020, slowing from a 5.8 percent expansion in the previous quarter and missing market expectations of 5.7 percent. It was the weakest growth rate since the first quarter of 2013. (ET Online)

A first in 10 years: Aditya Birla group slips into red as Voda Idea bleeds

For the first time in at least a decade, Aditya Birla group companies reported losses at the group level in FY19, thanks to Vodafone Idea. The group firms reported combined losses of Rs 6,134 crore in FY19 against a net profit of Rs 5,414 crore a year ago. Excluding Vodafone Idea, the group reported a net profit of Rs 8,470 crore, down from a profit of Rs 9,582 crore a year ago.

The trend was similar during the first quarter of FY20, with group companies reporting a combined loss of Rs 3,329 crore during April-June 2019 period against a net profit of Rs 2,004 crore a year ago. Excluding Vodafone Idea, the group companies reported net profit of Rs 1,545 crore during Q1FY20 against a profit of Rs 1,748 crore a year ago. The telco reported a net loss of Rs 14,604 crore in FY19, more than offsetting the combined profits of other listed firms in the group. The firm followed it by reporting a loss of Rs 4,874 crore during April-June 2019.

source: BS

Fiscal deficit crosses 77% of budgeted target in first 4 months of FY20

India's fiscal deficit in the four months through July stood at Rs 5.48 trillion or 77.8% of the budgeted target for the current fiscal year, government data showed on Friday.

Net tax receipts in the first four months of the fiscal year were Rs 3.39 trillion, while total expenditure was Rs 9.47 trillion, government data showed.

The government has set a fiscal deficit target of 3.3% for 2019/20, down from 3.4 % in 2018/19.

source: https://www.business-standard.com/article/economy-policy/fiscal-deficit-crosses-77-of-budgeted-target-in-first-4-months-of-fy20-119083000826_1.html

Public sector banks merger: Modi govt to announce big bang plan soon

The National Democratic Alliance (NDA) government has readied its mega plan for merging multiple set of public sector banks (PSB) and is set to make an announcement anytime soon, according to multiple sources.

The department of financial services in the finance ministry has called a meeting with chief executives of ten public sector banks, which are seen as top contenders for merger, on Friday.

The banks invited for consultations on Friday are: Union Bank of India, Canara Bank, Punjab National Bank, United Bank, Oriental Bank of Commerce, United Bank, Allahabad Bank, Corporation Bank, Syndicate Bank and Andhra Bank.

source: https://www.business-standard.com/article/finance/public-sector-banks-merger-modi-govt-to-announce-big-bang-plan-soon-119083000385_1.html

Agarbatti import from China hurts domestic incense stick-making Industry

The 6000 crore domestic aggarbatti industry in 2018 imported around Rs 800 crore worth of incense sticks including round bamboo sticks . this has led to a decline in  agarbatti projects and loss of employment.

source: TOI

So, what can govt do with Rs 1.76 lakh crore 'windfall' from RBI?

The RBI board, headed by governor Shaktikanta Das, which met in Mumbai on Monday, approved a transfer of Rs 1,76,051 crore to the government. This includes Rs 1,23,414 crore of surplus or dividend for the year 2018-19 and Rs 52,637 crore of excess provisions — a one-time transfer which is also a first for the central bank.


RBI has decided to deposit a record Rs 1.76 lakh crore in the government's account. However, the 'windfall' isn't as big as it seems because the government had already accounted for Rs 90,000 crore in this year's budget (80% more than it got in the previous year). Add to it the Rs 28,000 crore that the RBI had paid as 'interim' dividend in the last financial year and the 'bonanza' comes down to about Rs 58,000 crore.




Not every year

RBI's future payouts to the government will now be driven by a formula which will also put constraints on the amount paid out. RBI's reserves relevant to this payout formula broadly fall in two categories: the value of gold and foreign currency that the central bank holds (revaluation reserve) and a contingency fund meant for meeting unexpected situations. The Jalan panel has recommended that the contingency reserves be maintained between 5.5% and 6.5% of the central bank's total assets. The RBI board chose to stick to the lower 5.5% level. Since, the contingency fund now was 6.8% of assets, it allowed the RBI to pass on the balance 1.3% to the Centre (which worked out to Rs 52,637 crore). Also, since it didn't need to put a part of its Rs 1.23 lakh crore income for 2018-19 into the contingency fund (as it was above the required level), that amount too went to the government (taking the total to Rs 1.76 lakh crore).


source: https://timesofindia.indiatimes.com/business/india-business/so-what-can-govt-do-with-rs-1-76-lakh-crore-windfall-from-rbi/articleshow/70872009.cms

Ajay Devgn Becomes The Third Indian To Own A Rolls Royce Cullinan Worth Rs 6.95 cr

Joining the club of Indians who own the Rolls Royce Cullinan, a luxury SUV comes that's worth a whopping Rs 6.95 crore Devgn. After billionaire industrialist Mukesh Ambani and T-Series mogul Bhushan Kumar, Ajay Devgn has become the third Indian to join the list.

Source : indiatimes

Renault Triber launch today, 7-seater car in Rs 5 lakh

HIGHLIGHTS

• Expectations are that Renault Triber price in India will range between Rs 5.50 lakh (ex-showroom) and Rs 7.50 lakh (ex-showroom).
• Renault Triber is powered by a 1.0-litre, 3-cylinder, petrol engine that makes 72 PS and 96 Nm of torque.
• Renault Triber gets an 8-inch MediaNav Evolution touchscreen system with Android Auto and Apple CarPlay compatibility.

Renault is all set to launch Triber in India today. Renault Triber is a sub-4 metre seven-seater vehicle and has been designed for the Indian market. The bookings for the new Triber commenced on August 17 across the company dealerships for an initial amount of Rs 11,000. The one interesting fact about Triber is that it might be introduced at a starting price of Rs 5 lakh (ex-showroom), which is quite low for a feature-loaded seven-seater vehicle.

Unveiled in India on June 19, Renault Triber will add to the carmaker's portfolio that currently includes Kwid, 2019 Duster facelift, Captur and Lodgy. The seven-seater Triber is being produced at the company's manufacturing facility in Chennai and will be available at Renault's over 350 dealerships across the country.

Renault is claiming that Triber is a spacious and fuel-efficient vehicle and offers more than 100 different seat-configurations as well as industry-first Easyfix seats. Before Renault Triber is finally launched in India, below are all the details you need to know about it.

SOURCE: https://www.indiatoday.in/auto/latest-auto-news/story/renault-triber-price-features-specifications-other-details-1592412-2019-08-28

As demand slowdown hurts, makers of Lux, Lifebuoy, Santoor soaps cut prices

In wake of weak demand and tough competition, FMGC major HUL slashed prices of Dove, Lux, and Lifebuoy soaps, financial daily Livemint reported. The move is aimed at winning over consumers and passing on the benefits of cheaper input costs. Wipro Consumer Care, the maker of Santoor soap, also cut the price of the soap to stay in the game. Earlier this year, Santoor became the first soap brand from an Indian FMCG company to touch annual sales of Rs 2,000 crore.

"HUL does selective and judicious price changes across its portfolio in the normal course of its business. Given that the commodity prices are expected to remain benign for a certain time period, we have taken price reductions in the range of 4 per cent to 6 per cent in Lux and Lifebuoy portfolio, while it may be higher on certain packs in order to pass on the benefits to the consumers", a company spokesperson said on Tuesday.

According to research by Euromonitor, Lifebuoy and Lux are among the highest-selling soap brands in India’s toilet soap market, which is worth Rs 20,960 crore.

SOURCE: https://www.business-standard.com/article/companies/as-demand-slowdown-hurts-lux-lifebuoy-santoor-soap-makers-cut-prices-119082800172_1.html

Salman Khan gifts house worth Rs 55 lakh to Internet sensation Ranu Mondal: Report

Now reports have come forward that Salman Khan has gifted a house to Ranu worth Rs 55 lakh.

According to Jagran, it was a kind gesture from the actor’s side because like everyone else, he was also impressed by her magical voice. However, the actor has not confirmed the news yet.

Reportedly, Salman also plans to record a song with Ranu for his movie Dabangg 3. Ranu recently sang for Himesh Reshammiya and even recorded a song in his studio for his next film.

The track titled Teri Meri Kahaani will be used in Himesh's upcoming film Happy, Hardy and Heer. Himesh even shared a video of Ranu recording the song on his Instagram account.

SOURCE: https://www.indiatoday.in/trending-news/story/salman-khan-gifts-house-worth-rs-55-lakh-to-internet-sensation-ranu-mondal-report-1592470-2019-08-28

Massive ‘city-killer’ asteroid is heading dangerously close to the Earth

An asteroid named 162082 (1998 HL1) is heading towards the Earth. The asteroid is considerably big and is heading towards the planet at a speed of approximately 25,000 miles per hour. The American space agency, NASA, claimed that the asteroid is quite big and has a diameter of approximately 3,248 feet. An asteroid this big can easily wipe-out an entire city. The asteroid is at least thrice the size of Eiffel Tower. The asteroid 162082 (1998 HL1) will come very close to the Earth in October 2019. Though there are negligible chances that it will enter our atmosphere or hit our planet. Experts said that the asteroid will come considerably close to the Earth. An asteroid impact is one of the considerable threats which can lead to a mass extinction of flora and fauna. An asteroid impact can lead to mega-tsunamis, shock waves, and other catastrophic disasters. Recently, more than 10 such giant asteroids have zoomed past the Earth. ASteroids including 2019 OK, 2019 OD, 2015 HM10, 2019 OE, 2019 NN3, 2019 MB4, 2019 MT2, 2006 QV89, 2016 NO56M, RF12 among others came considerable close to our planet but did not hit the Earth.

Source: financial express

Nepal, India launches Kathmandu-Siliguri bus service

A bus service was launched on Monday between Kathmandu and Siliguri, the 10th bus service between Nepal and India.
The Kathmandu-Siliguri bus service was launched amidst a programme in the outskirt of Kathmandu on Monday. Minister for transport management Raghubir Mahaseth and Indian Ambassador to Nepal Manjeev Singh Puri jointly flagged off the bus service.

Source : Times of India

Massive ‘city-killer’ asteroid is heading dangerously close to the Earth

An asteroid named 162082 (1998 HL1) is heading towards the Earth. The asteroid is considerably big and is heading towards the planet at a speed of approximately 25,000 miles per hour. The American space agency, NASA, claimed that the asteroid is quite big and has a diameter of approximately 3,248 feet. An asteroid this big can easily wipe-out an entire city. The asteroid is at least thrice the size of Eiffel Tower. The asteroid 162082 (1998 HL1) will come very close to the Earth in October 2019. Though there are negligible chances that it will enter our atmosphere or hit our planet. Experts said that the asteroid will come considerably close to the Earth. An asteroid impact is one of the considerable threats which can lead to a mass extinction of flora and fauna. An asteroid impact can lead to mega-tsunamis, shock waves, and other catastrophic disasters. Recently, more than 10 such giant asteroids have zoomed past the Earth. ASteroids including 2019 OK, 2019 OD, 2015 HM10, 2019 OE, 2019 NN3, 2019 MB4, 2019 MT2, 2006 QV89, 2016 NO56M, RF12 among others came considerable close to our planet but did not hit the Earth.

Source: financial express

Slowdown impact: Ashok Leyland starts staff separation schemes to cut cost

Ashok Leyland has introduced Voluntary Retirement Scheme (VRS) and Employee Separation Scheme (ESS) for executive level employees as part of its plan to cut cost to mitigate the slowdown in the industry. Meanwhile, a section of its workers at the shopfloor of its Ennore factory have started protesting over the issuance of bonus.

Source: https://www.business-standard.com/article/companies/slowdown-impact-ashok-leyland-starts-staff-separation-schemes-to-cut-cost-119081601979_1.html

The Amazon in Brazil is on fire - how bad is it?

HIGHLIGHTS

• As Amazon is burning, the smell is of barbecue, of wood charcoal up in flames
• During the day the Sun, usually so fierce in these parts, is obscured by thick gray smoke
• On Wednesday of last week, the fire stood just a few yards off the roadway, the flames engulfing trees

There are no lights in sight but the night sky glows a dusky yellow, for the Amazon is burning.

The smell is of barbecue, of wood charcoal up in flames. During the day the Sun, usually so fierce in these parts, is obscured by thick gray smoke.

For the last seven days Reuters has repeatedly driven a 30-kilometer (18.6 miles) stretch from Humaita towards Labrea along the Trans-Amazonian highway, watching a fire eat its way through the jungle.

At first, on Wednesday of last week the raging fire stood just a few yards (meters) off the roadway, the yellow flames engulfing trees and lighting up the sky. By the weekend, the fire had receded into the distance but cast an orange glow several stories high.

Source: https://www.indiatoday.in/world/story/the-sky-never-goes-dark-while-the-amazon-burns-1590642-2019-08-23

Study Finds India Has The Most Unhealthy Packaged Food in The World

A new Oxford University study found that packaged food and drinks made in India contain high levels of saturated fats, sugars and salts, and are the most unhealthy in the world. The George Institute for Global Health at the University of Oxford came to this conclusion after analysing more than 4,00,000 food and drink products from 12 countries around the world, using Australia’s Health Star Rating system to rank them. This system breaks down the nutrient concentration and measures the energy, salt, sugar, saturated fat as well as protein, calcium and fibre to give out a star rating that ranges from ½ (least healthy) to 5 (most healthy).

Source: https://www.vice.com/en_in/article/mbme54/oxford-study-finds-india-has-the-most-unhealthy-packaged-food-drinks-in-the-world

Ranu Mandal, the social media sensation, offered song by Himesh Reshammiya!

Ranu Mandal was recently spotted on Kolkata’s Railway station singing Lata Mangeshkar’s famous song ‘Pyaar Ka Nagmaa’ and the video went viral. She became a social media sensation overnight. She was invited on sets of reality show, Superstar Singer which will be aired this weekend. Here, Himesh heard her singing live and signed her for his upcoming film 'Happy Hardy and Heer'.



Source: https://timesofindia.indiatimes.com/videos/entertainment/hindi/ranu-mandal-the-social-media-sensation-offered-song-by-himesh-reshammiya/videoshow/70793829.cms

FATF Asia-Pacific Group puts Pakistan in 'enhanced blacklist': Officials

The Asia-Pacific Group of the global watchdog for terror financing and money laundering has put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards, officials said on Friday.

The Asia Pacific Group (APG) of the Financial Action Task Force (FATF) has also found that Pakistan was non-compliant on 32 of the 40 compliance parameters of terror financing and money laundering.

The FATF APG meeting was held in Canberra, Australia and the discussions lasted over seven hours over two days.

"The APG has placed Pakistan in the Enhanced Expedited Follow Up List (Black List) for failure to meet its standards," an Indian official privy to the development said.

Source: https://www.moneycontrol.com/news/world/fatf-asia-pacific-group-puts-pakistan-in-enhanced-blacklist-officials-4365431.html

India's Largest Biscuit-Maker Parle May Fire Up To 10,000 Amid Slowdown

HIGHLIGHTS

1. Parle category head says company may have to cut biscuit production
2. Slowing economic growth, falling rural demand could cause production cuts
3. Parle employs about 1,00,000 people, including direct, contract workers

Parle Products Pvt Ltd, the country's largest biscuit maker, might lay off up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a company executive said on Wednesday.

A downturn in Asia's third-largest economy is denting sales of everything from cars to clothing, forcing companies to curtail production and raising hopes that the government will unveil an economic stimulus to revive growth.

A sharp drop in Parle's biscuit sales means the company may have to slash production, which may result in layoffs of 8,000-10,000 people, Mayank Shah, category head at Parle, said in a telephone interview from Mumbai.

Source: https://www.ndtv.com/business/parle-could-lay-off-10-000-workers-amid-slowdown-report-2088139