PNB posts Rs 940 crore Q1 loss amid decline in NPAs
Punjab National Bank (PNB) reported a loss of Rs 940 crore for the June
quarter of financial year 2018-19. The public sector lender had posted a
net profit of Rs 343.40 crore in the same quarter of last fiscal. This
is the second consecutive quarterly loss for the second biggest
state-run lender. The scam-hit bank had recorded biggest ever quarterly
loss of Rs 13,417 crore for the January-March period on the back of
Nirav Modi-Mehul Choksi fraud. Total income of the bank rose to Rs
15,072 crore from Rs 14,468.14 crore in the year-ago period.
Govt hikes import duty on 328 textile items to boost domestic production
yet another move to boost domestic manufacturing, the government on
Tuesday doubled import duty on as many as 328 textile products to 20 per
cent. The government expects that the increase in duties would give an
edge to domestic manufacturers as imported products are currently
cheaper. And increase in manufacturing activity will help create jobs in
the sector, which employs about 10.5 crore people.Last month, the
government had doubled import duty on over 50 textile products -
including jackets, suits and carpets - to 20 per cent, a move that was
aimed at promoting domestic manufacturing.
Civil Aviation Ministry plans Rs 11,000-crore bailout package for Air India
Civil Aviation Ministry is in discussions with the Finance Ministry for
a Rs 11,000 crore bailout package for ailing Air India, sources said.
The discussions come against the backdrop of a failed effort to
privatise the loss-making airline, which continues to grapple with
financial woes. Sources in the know said that the Civil Aviation
Ministry is working on a bailout package for the carrier, which would be
utilised to reduce high cost working capital loans.
Parliamentary panel asks RBI to restore letters of undertaking at the earliest
Parliamentary Standing Committee on Commerce asked the apex bank to
restore LoUs at the earliest with "proper safeguards" so as to increase
the availability of credit for traders. The report further claimed that
the ban resulted in a jump in the cost of credit by 2-2.5 per cent.
Previously, these instruments were largely issued by domestic branches
of Indian banks for customers to avail trade credit from foreign
branches of other Indian banks and, thus, ease the high cost of imports.
panel pointed out that the increased cost of financing would only hurt
the cost-competitiveness of country's trade and industry, and have a
cascading effect on jobs. And the loss of jobs is something the country
Indian banks lose Rs 70,000 crore due to frauds in last 3 financial years
banks reported a total loss of about Rs 70,000 crore due to frauds
during the last three fiscals up to March 2018, the Rajya Sabha was
informed today. The extent of loss in fraud cases reported by scheduled
commercial banks (SCBs) for 2015-16, 2016-17 and 2017-18 was Rs 16,409
crore, Rs 16,652 crore and Rs 36,694 crore, respectively, Minister of
State for Finance Shiv Pratap Shukla said in a written reply quoting RBI
The minister said that data of frauds is as per the year of
reporting and not the year of occurrence of fraud or sanction of loan,
letter of undertaking, which may might be of an earlier period.
17 lakh Maharashtra govt employees start 3-day strike for salary hike
17 lakh employees of the Maharashtra government began their three-day
strike on Tuesday to press for various demands, including implementation
of the Seventh Pay Commission report. Essential services in various
departments, including government hospitals, are likely to be affected
as class 3 and 4 government employees have joined the strike,
Maharashtra Rajya Sarkari Karmachari Madhyavarti Sanghatna general
secretary Avinash Daund claimed. The government employees are yet to
receive arrears accrued to them since the implementation of the Sixth
Pay Commission by the state government.
NCLAT extends deadline for submission of revised bids for Bhushan Power & Steel
prolonged battle for the debt-ridden Bhushan Power and Steel has just
gotten stretched out even more. The National Company Law Appellate
Tribunal extended the deadline for revised bid submission by yet another
week, so things are unlikely to wrap up anytime soon. The Tribunal
pushed back the deadline to August 13 on the plea of Tata Steel, which
had been declared the highest bidder in July - for the second time.