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You are here: Home / Archives for News & Politics

Fraud-hit PMC Bank gets new administrator

September 23, 2020 by Nasheman

PMC bank and RBI are continuing to engage with the stakeholders to explore the possibility of finding a viable and workable solution for the resolution of the bank,” it said.

Account holders line up in front of a branch of PMC Bank (Photo| Bloomberg)

NEW DELHI: The Reserve Bank of India on Tuesday appointed former Union Bank of India executive A K Dixit as the new administrator of PMC Bank, replacing J.B. Bhoria, who stepped down on September 22 due to health reasons.

A year after the RBI superseded the board of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank, the RBI-appointed administrator is yet to succeed in finding a resolution plan for the bank. Citing reasons behind sluggish turnaround, the regulator said massive losses and steep erosion in deposits pose challenges to revival.

“While the administrator of PMC bank and the RBI have been exploring various options for resolution of the bank, several factors such as huge losses incurred by the bank resulting in its entire net worth getting wiped out, steep erosion in deposits, etc. continue to pose serious challenges in finding a workable plan for revival of the bank,” the RBI said.

The cooperative bank has also been making efforts for recovery of bad loans but has been constrained by the Covid-19 pandemic and legal complexities, RBI said. “Nevertheless, in the interest of the depositors, PMC bank and RBI are continuing to engage with the stakeholders to explore the possibility of finding a viable and workable solution for the resolution of the bank,” it said.

On 24 September last year, RBI put severe curbs on PMC Bank, including on cash withdrawals, amid a probe into accounting lapses.The directive is valid till December 22 this year as of now.  Of its total loan book of Rs 8,383 crore as on March 31, 2019, about 70 per cent had been taken by real estate firm HDIL. While the efforts to recover money from HDIL are still halfway, the administrator has approached major banks with a merger request.

Rescue operation
While enhancing the withdrawal limit to Rs 1 lakh in June, the RBI had said “more than 84 per cent of the depositors of PMC will be able to withdraw their entire balance”.

Filed Under: Business & Technology, India

KKR to invest Rs 5,550 crore in Reliance Retail Ventures for 1.28 per cent stake: Company statement

September 23, 2020 by Nasheman

KKR will invest Rs 5,550 crore in the Mukesh Ambani-led Reliance Retail Ventures

Reliance Retail

Global investment firm KKR is set to buy a 1.28 per cent equity stake in Reliance Industries Ltd.’s retail business, according to a company statement. 

“This investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year,” Reliance Industries said in a statement

KKR will invest Rs 5,550 crore in the Mukesh Ambani-led Reliance Retail Ventures.

Operating India’s largest, fastest-growing, and most profitable retail business, Reliance Retail, a subsidiary of RRVL, has up to 12,000 stores nationwide.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: “KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years.

We look forward to working with KKR’s global platform, industry knowledge, and operational expertise across our digital services and retail businesses.”

This marks KKR’s second investment in Reliance after it pumped in Rs 11,367 crore in Mukesh Ambani’s Jio platform for a 2.3 per cent stake earlier this year. 

Henry Kravis, co-founder, and co-CEO said “Reliance Retail’s new commerce platform is filling an important need for both consumers and small businesses as more Indian consumers move to shopping online and the company offers tools for Kiranas to be a critical part of the value chain.”

Meanwhile, on September 9, RIL had announced the divestment of 1.75 per cent stake in the retail arm to private equity firm Silver Lake Partners for Rs 7,500 crore.

Analysts had earlier predicted that Reliance Industries’ stake sale in its retail arm will enable the company to pursue other growth initiatives while maintaining zero net debt status and also help solidify its position in the market.

Filed Under: Business & Technology, India

Farm Bills: Farmers, other outfits call for Karnataka Bandh on Friday

September 23, 2020 by Nasheman

BENGALURU:  The Karnataka Rajya Raitha Sangha and Aikya Horata Samithi on Tuesday have called for a Karnataka bandh on Friday (September 25) against the Farm Bills and said that over 50 organisations have extended their support.This comes in the backdrop of the ongoing sit-in protest by farmers in Bengaluru since Monday against the passage of the Centre’s ‘contentious’ farm bills in Parliament and the state’s Land Reforms Amendment Act which was tabled in the Assembly on Tuesday.

The protests will continue till Saturday when the monsoon session of the Karnataka Legislature will end.
Dalit organisations, labour unions, private taxi owners’ association, lorry owners association and auto unions in Bengaluru have come in their support and backed the bandh call. Speaking to the media, the farmer leaders said the bandh was a stern warning to the Central and State governments. They claimed that the Karnataka Truck Owners Association confirmed their support and trucks won’t ply on the bandh day. All national highways and state highways will remain closed. They said auto rickshaws and cabs will be off the roads.  

“Since the government is not taking it seriously, we want the larger public, trade unions, opposition parties and other labour unions to support us in our fight,” said one of the farmer leaders. On Tuesday, Opposition leader Siddaramaiah and Congress State chief D K Shivakumar, JDS leaders H D Revanna and Basavaraj Horatti visited Freedom Park where the farmers are on a protest to extend their support.G C Byyareddy, convener,  All India Kisan Co-ordination Committee, said,  “The farmers have been asked to close all highways across the state on September 25 and a huge protest will be held at Mysuru Bank Circle in Bengaluru. Students, workers’ unions and dalits are participating.” 

V Gayatri, core committee member of Aikya Horata Samithi, said that “the protest is not motivated by any political party and 29 organisations including dalit and women units are protesting against the bills.”  While the bills, which the Central government claims will help small and marginal farmers get competitive prices for their produce, the Karnataka government’s Land Reforms Amendment Act allows non-agriculturists to purchase agriculture lands and the APMC Act amendment allows private players to directly purchase produce from farmers. Both have been attacked by farmers and opposition leaders as “anti-farmer” and “anti-worker”.

Filed Under: India

US has most powerful weapons ever produced, says President Donald Trump

September 23, 2020 by Nasheman

WASHINGTON: The US has the most powerful weapons ever produced and is the envy of the world, President Donald Trump has said, hoping that he will never have to use them, as he vowed to keep America out of “endless, ridiculous and stupid” foreign wars.

Trump said for decades, American politicians spent trillions of dollars rebuilding foreign nations, fighting foreign wars that never ended, and defending foreign borders.

“Instead of endless war, we are forging peace in the Middle East, it’s so great. Peace in the Middle East,” he said.

“We will strike down terrorists who threaten our citizens and we will keep America out of endless, ridiculous, stupid foreign wars,” he said at an election rally in Pennsylvania on Tuesday night.

“I am just telling you the most powerful weapons ever produced we have and other countries know that and it’s a good thing that they know it and I don’t think we will ever be using them and I hope we don’t, I hope to God,” Trump said.

The president said by saying so, he was not leaking any classified information.

He said he was allowed to speak about it because he is the president of the United States.

Trump said that he has rebuilt the US military.

“It was totally depleted when I took over. We built a military, USD 2.5 trillion we spent all made in the US saying, the greatest equipment, the greatest planes and rockets and missiles and our nuclear,” he said.

“I hate to even mention the word and hope to God we never have to use that. We have the most powerful weapons in the history of the world and we do that over a very short period of time, weapons that are so powerful that we are the envy of the world,” Trump said.

He said that he hopes that he will never have to use those weapons.

“I never want to use those weapons and hopefully we will never have to. You know the way you don’t have to use them is when you have them, it’s when you have them but nobody has ever built a force like what we have,” he said.

Trump said that he gets along with world leaders very well.

“My father taught me, he said if you can win and spend less money that’s a good thing, not a bad thing. That’s a good thing, not a bad thing, like if you get along with the leaders of other lands and don’t go to war all the time with everybody and can come out on top without having to shed blood all over the place and destroy your families and your country,” Trump said.

“Like when I get along with (Russian President Vladimir) Putin, when I get along with (North Korean leader) Kim Jong-un. Whatever happened to the war we were supposed to be in with North Korea? Nothing happened.

“They said I gave away so much. I said what did I give away? They couldn’t find anything. I didn’t do anything,” he said.

Filed Under: World

Ram temple Trust applies for permission to accept donations from abroad

September 23, 2020 by Nasheman

Devotees from foreign countries have started sending donations for the Ram temple to the Trust, its office in-charge Prakash Gupta said.

AYODHYA: The Shri Ramjanmabhoomi Teertha Kshetra Trust has applied for permission from the central government to accept foreign donations for the construction of Ram temple here, a Trust official said.

Devotees from foreign countries have started sending donations for the Ram temple to the Trust, its office in-charge Prakash Gupta said.

On Tuesday, the office received a cheque of 1,500 dollars from an American citizen of Indian origin.

The Trust will soon open an NRI account where the donations in foreign currencies will be deposited, he said.

Since the ground-breaking ceremony on August 5 for the Ram temple, donations have been pouring in, and the Trust’s funds have risen to Rs 75 crore, he said.

“The Trust is receiving regular donations from devotees in the country. Now devotees in foreign countries are donating through cheques, mostly in different foreign currencies,” Gupta said.

“The Trust has applied for permission from the government of India to receive these foreign donations.  The permission is likely to be granted soon, after which the Trust will open an NRI account in Punjab National Bank,” he said.

Gupta said people in large numbers are offering cash donations varying from Rs 11 to Rs 11,000.

Filed Under: India

China doubles air bases near LAC

September 23, 2020 by Nasheman

China doubles air bases near LAC after 2017 Doklam standoff: Stratfor

NEW DELHI: In a massive infrastructure upgrade along its borders with India post-Doklam stand-off in 2017, China is constructing at least 13 ‘entirely new’ military positions — three air bases, five permanent air defence positions and five heliports — near the Line of Actual Control, a report published by US-based global security consultancy Stratfor has revealed.

The report authored by Sim Tack said construction on four of those new heliports, in fact, started after the current border stand-off erupted in eastern Ladakh in early May.  “The 2017 Doklam crisis appears to have shifted China’s strategic objectives, with China more than doubling its total number of air bases, air defense positions and heliports near the Indian border over the past three years,” it said.

The report released on Tuesday said China’s construction drive projects a future military capability that will see long-term regional tensions with India sustained beyond the two countries’ recent stand-offs.
A significant portion of Beijing’s recent infrastructure developments is aimed directly at strengthening its ability to project air power along the entire Indian border at a time when New Delhi itself is trying to rebuild its air power, the report said.

It has drawn parallels between the Chinese infrastructure build-up along the LAC and that in South China Sea, saying the aim is to caste a discouraging effect on future Indian military action. Commenting on Indian military, it said the recent procurement of the Rafale fighter aircraft has started to provide it some relief, but more time will be required to see indigenous production and foreign acquisitions truly rebuild the IAF strength.  An Indian response is on to counter the broader strategic threat posed by the Chinese, it said. 

Filed Under: India, World

COVID-19 Update Deaths reach 90,000 as India tally crosses 56 lakh; virus-positive CLAT candidates can’t appear for test

September 23, 2020 by Nasheman

All candidates found coronavirus positive or currently under medical surveillance will not be permitted to appear for CLAT 2020 on September 28, the new guidelines stated.

India tally crossed the 56-lakh mark with a spike of 83,347 new cases and 1,085 deaths in the last 24 hours.

The total case tally in the country now stands at 5,646,011 including 9,68,377 active cases, 45,87,614 cured/discharged/migrated  and 90,020 deaths, Health Ministry’s latest update informed.

Reporting more cases of recovered ones over fresh infections for four consecutive days, India also recorded over one lakh recoveries for the first time yesterday.

On the progress front, Mumbai’s KEM Hospital has received to conduct clinical trials of Oxford COVID-19 vaccine candidate ‘Covishield’, the process of screening volunteers for which, are set to commence from today.

Filed Under: HEALTH, India

Delhi CM Arvind Kejriwal targets central government over passage of farm Bills

September 22, 2020 by Nasheman

Farmers across the country are saying that these laws will end them, Kejriwal added.

Delhi CM Arvind Kejriwal

NEW DELHI: Delhi Chief Minister Arvind Kejriwal on Tuesday targeted the government over the passage of the “dangerous” farm Bills without division of votes in Rajya Sabha, while lauding the sit-in protest on the Parliament premises by the eight suspended MPs.

The eight Rajya Sabha members, including AAP MP Sanjay Singh, were suspended for the remaining part of the Monsoon Session over “unruly behaviour” during the passage of the farm Bills in the Upper House of Parliament.

The other MPs are Derek O’Brien (TMC), Rajeev Satav (Congress), Elamaram Kareem (CPI-M), K K Ragesh (CPI-M), Syed Nazir Hussain (Congress), Ripun Boren (Congress) and Dola Sen (TMC).

Since their suspension on Monday, the eight MPs have been holding a protest on the Parliament premises.

Kejriwal said these eight MPs were fighting for the rights of farmers without worrying about heat, mosquitoes or other inconveniences and have spent the night protesting in the Parliament complex.

“They are not asking for anything for themselves. They are fighting for democracy and the Constitution. They are struggling for the farmers of the country,” Kejriwal tweeted in Hindi.

Farmers across the country are saying that these laws will end them, he added.

“Such a dangerous Bill was passed without division of votes. Then what is the meaning of Parliament, what is the meaning of elections? If you have to pass the law this way, then why did you call a Parliament session,” Kejriwal asked in another tweet in Hindi.

Delhi Deputy Chief Minister Manish Sisodia compared the present government to the British colonial rulers.

“The British ruled the same way. They would commit atrocities on the farmers, labourers and businessmen. They would make black laws to perpetuate the atrocities. And when they met Gandhiji and other leaders, they (the British) would offer them tea. Our rulers are running the government in the same way still,” Sisodia said in a tweet in Hindi.

He was referring to Rajya Sabha Deputy Chairman Harivansh Singh offering tea to the protesting MPs in the morning.

Prime Minister Narendra Modi showered praises on Harivansh Singh for the gesture, saying his “inspiring” and “statesmanlike” conduct will make every democracy lover proud.

Responding to Modi’s tweet, Sanjay Singh said he was “humbly” returning the tea and requesting the government to return the farmers’ morsels.

“We are not fighting for our tea. We are fighting for the morsels of our farmers which you have taken away

Filed Under: India

Opposition members in Rajya Sabha stage walkout, demand revocation of MPs suspension

September 22, 2020 by Nasheman

Former PM HD Deve Gowda said the government and Opposition should sit together to run the House.

NEW DELHI: A number of opposition parties led by the Congress on Tuesday staged a walkout from Rajya Sabha demanding that the suspension of eight members be revoked.

The Congress was the first to walkout from the House along with members of the AAP, TMC and Left parties.

The members of all these three parties are among those who have been suspended by the House for the remaining part of the Monsoon session.

Some parties like the NCP, SP, Shiv Sena and RJD also staged a walkout later.

Chairman M Venkaiah Naidu made a fresh appeal to members of all opposition parties to rethink their decision of boycotting the House proceedings and participate in the discussions of the House.

“I appeal to all members to rethink their decision of boycott and participate in the discussion,” Naidu said in the House.

Parliamentary Affairs Minister Pralhad Joshi said: “The government is not hell-bent upon keeping the suspended MPs out of the House,” he says.

“If they express regret, the government will look into it.”

Former PM HD Deve Gowda said the government and Opposition should sit together to run the House.

Earlier Leader of Opposition in Rajya Sabha Ghulam Nabi Azad said the opposition will boycott the proceedings of the House till the suspension of eight members is revoked.

Speaking after the Zero Hour, Azad also demanded that the government brings a bill which should ensure private players don’t procure food grains below the minimum support price (MSP) fixed by the government.

As many as eight members of the Rajya Sabha were suspended on Monday after the government brought a motion in this regard which was passed by the House by voice vote.

These eight members were suspended for “unruly behaviour” during the passage of the two key farm bills on Sunday by Rajya Sabha amid chaos.

Filed Under: India, News & Politics

Covid-19 Update:Nepal reported highest single-day death toll due to coronavirus

September 22, 2020 by Nasheman

KATHMANDU: Nepal on Monday recorded its highest single-day death toll due to COVID-19 at 16, taking the total number of fatalities in the country to 427.

With 1,154 fresh coronavirus cases recorded in various parts of the country in the past 24 hours, Nepal’s coronavirus tally has increased to 65,276, according to the Health Ministry.

Of the 16 deaths due to the coronavirus, five were from the Kathmandu valley, Health Ministry spokesperson Jageshwor Gautam said, adding that in the past 24 hours, 9,533 polymerase chain reaction (PCR) tests were conducted.

Of the newly-infected, 418 are women and 736 are men.

The Kathmandu Valley alone recorded 674 new cases of COVID-19 in the past 24 hours, taking the valley’s case load to 17,090.

There are currently 17,611 coronavirus active patients undergoing treatment at various isolation centres across the country.

In the past 24 hours, 1,005 COVID-19 patients were discharged after recovery from various health facilities across the country, taking Nepal’s corona recovery tally to 47,238.

Filed Under: HEALTH, World

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