Business

Banks’ bad loans mound declines for the first time in five quarters; the NPA mess explained in 7 charts

Business
Indian banks' gross non-performing assets (NPAs), or bad loans, fell to Rs 10.03 lakh crore in June quarter from Rs 10.25 lakh crore as on 31 March 2018. On quarter, the pile has reduced by Rs 21,825 crore or 2.1 percent. This is the time in five quarters the NPAs of these banks actually declined. In the March 2018 quarter, the total bad loans of banks rose by a whopping Rs 1.39 lakh crore. Bad loans of banks now account for 11.6 percent of the total loans disbursed by the banking industry. After making provisions, the net bad loans of all banks stood at Rs 4.86 lakh crore in the June 2018 quarter as against Rs 5.18 lakh crore in the March 2018 quarter. Taking note of the alarming bad loans situation, the Narendra Modi-led government, in 2017, announced a Rs

15000 transactions in 2 days, Rs 94 crore looted from ATM of Pune-based in Maharashtra

Business
By Express News Service MUMBAI: Cyber criminals managed to hack into the ATM server of Pune-based Cosmos Bank, one of the oldest cooperative banks in India, and siphon off Rs 94 crore. According to the police complaint filed by the bank, hackers waged a malware attack on the ATM Switch (server) at the bank’s headquarters at Cosmos Tower in Pune and accessed information of VISA and RuPay debit card holders.  Using the stolen data, the hackers carried out a total of 14,849 transactions. Of these, 12,000 were related to VISA debit cards through which Rs 78 crore was siphoned off. RuPay debit card holders lost Rs 2.5 crore through 2,849 transactions.  Suhas Gokhale, managing director, said customers need not worry because their money has not been compromised. “Th

Rupee hits 70 a dollar for the first time

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So far this year, the rupee has weakened 8.3%, while foreign investors have sold $6.8 million and $5.15 billion in equity and debt markets, respectively. Photo: Mint Mumbai: The Indian rupee on Tuesday erased all the morning gains and crossed past the psychological 70-mark against the US dollar for the first time as the contagion from the economic crisis in Turkey remained relatively contained in developed markets overnight. At 10.34am, the rupee was trading at 70.08 a dollar, down 0.21%, from its previous close of 68.93. The home currency opened at 69.84 and touched a high of 69.75 and a low of 70.08 a dollar. Bond prices also erased most of the gains and traded little changed. The 10-year bond yield stood at 7.82%, from its previous close of 7.823%. Bond yields and prices mov...

Jet Airways turns to overseas lenders to avoid default

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The management of Jet Airways has written to overseas lenders asking for a waiver of a minimum profit clause on its existing debt of $185 million, according to a report by Mint. The move is aimed at helping the financially-stressed airline avoid a default on its loan. The loan was arranged for by Dubai's Mashreq Bank. Jet Airways, which is India's second largest airline and largest full-service carrier, has been weighed down by higher cost of fuel and a heftier wage bill of late. The minimum profit clause in the loan disbursed to the airline stipulates that it has to generate at least $50 million in profit each year, the news daily reported. In its letter, the management reportedly told the consortium of lenders that it will not be able to meet this obligation in

Air India says aircraft grounding for maintenance a common practice

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Air India  State-owned Air India termed the aircraft grounding for maintenance a common practice on Monday, a day after one of its pilot unions alleged that as many as 19 aircraft were on ground due to lack of spares. "It is a common practice for every airline to ground some of its aircraft for routine maintenance and checks periodically by its engineering department so that the aircraft are fit to fly in conformity to laid down standards," Air India said in a statement. Asserting that it accords "top-most priority" to safety of the aircraft in its fleet, the airline said, "Our aircraft also go for these checks without affecting our flight schedule and causing inconvenience to our passengers." Indian Commercial Pilots Association (ICPA), which represents Air India's narr

MARKETS LIVE: Indices gain as rupee at 69.77/$, inflation drops

Business
BS Special A new all-time low: Rupee at 70 a dollar now, but let us be reasonable The rupee has already plunged under 70 to a dollar. How much more? The question is very relevant, now that the rupee has breached that psychological mark. Just a week ago, one thought the rupee would settle in the range of 68-69 a dollar; but the currency suddenly gravitated towards and then under 70. Curiously, the Reserve Bank of India (RBI) had mentioned in its last credit policy that trade wars were a major concern. But the concept of trade wars has assumed another dimension now, going beyond the US and China. READ MORE rupee & dollar Rupee plunge continues, crashes to all-time low of 70.01 against US dollar T...

IBPS PO 2018 Online Registration Begins

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New Delhi: Online registration for IBPS PO 2018has begun at ibps.in. Interested candidates can now apply against 4102 vacant Probationary Officer (PO)/ Management Trainee (MT) posts notified by the Institute of Banking Personnel Selection (IBPS). IBPS will conduct the preliminary exam in October 2018. Candidates who qualify the IBPS PO 2018 prelims will be eligible to appear for the main exam which is scheduled to be held in November. Interview will be held in January/ February 2019. Provisional allotment process will be completed in April 2019. This is one of the biggest banking exams conducted every year, and witnesses huge response from bank job aspirants. Applicants should ensure that they have a good internet connection before starting registration process. IBPS PO 2018 Notification

Musk says working with Silver Lake, Goldman on proposal to take Tesla private

Business
Tesla Inc Chief Executive Elon Musk on Monday tweeted that he would work with buyout firm Silver Lake and investment bank Goldman Sachs as financial advisers on a proposal to take private the electric car maker. But a source said Silver Lake was offering its assistance to Musk without compensation and had not been hired as a financial adviser in an official capacity. Moreover, Silver Lake is not currently discussing participating in the deal as an investor, the source said. Silver Lake declined to comment. Musk, who is still looking for funding for the plan, also said law firms Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson would be legal advisers on the plan. Musk shocked markets last week with the tweeted announcement that he was considering taking T...

Edelweiss Group to acquire two funds from Milestone Capital

Business
Milestone is a privately held alternative investment advisory firm. Photo: Mint Mumbai: Edelweiss Alternative Asset Advisors Limited (EAAA), the alternatives asset management arm of Edelweiss Financial Services Ltd, on Monday, announced that it will be acquiring two funds from Milestone Capital Advisors Ltd - Milestone Opportunities Fund 10 and Milestone Commercial Advantage Fund. Both funds are Securities and Exchange Board of India (Sebi) registered Category II alternative investment funds with combined assets under management of over Rs 150 crore. Milestone is a privately held alternative investment advisory firm. It has raised over $600 million (Rs 3,900 crore) till date. Edelweiss will also absorb the investment team of these funds, which have over a decade of ex...