Banikinkar Pattanayak

Articles By Banikinkar Pattanayak

736 Articles

Govt mulls easy bank overdraft norms

As part of the package, finance minister Nirmala Sitharaman announced the transfer of Rs 500 a month to 20.4 crore women Jan Dhan account holders for three months.

Banking & Finance News

Govt, RBI must not stop here, more steps needed: Pronab Sen

The problem is companies won’t be able to repay their loans for some time, and the RBI seems to have addressed this situation through the three-month moratorium.

Given the inability of companies and individuals to service loans and the moratorium on repayment, the RBI has to be vigilant about the stress building in the banking system. News

Govt softens COVID-19 blow on exporters: Trade policy sops to stay till FY21 end

The move is aimed at softening the blow to exporters already grappling with a massive cancellation of orders in the wake of the Covid-19 pandemic, a senior official told FE.

However, a decision on extending the Services Exports Promotion Scheme is yet to be made, the ministry said. (Representative image) News

Government mulls fresh sops for MSMEs, export units

The government last week pledged relief to the poor and the vulnerable – from BPL families, Jan Dhan account holders and construction workers to organised-sector employees — and announced a package of Rs 1.7 lakh crore.

The government has already asked state-run banks to ensure adequate credit flow to MSMEs. News

Covid-19 aftermath: Capital infusion into PSBs likely in next fiscal as well

The government also believes that the biggest consolidation exercise in the public-sector banking space—the amalgamation of 10 PSBs to create four larger lenders with scale – from April 1 will support the credit appetite

Banking & Finance News

DPIIT asks states to ensure smooth function E-commerce delivery services

The secretary has also asked for adequate steps to ensure smooth interstate movement as well as supply of goods and services — especially for e-commerce and food processing — and smooth functioning of their delivery agent

Industry News

Covid-19: Rupee slide no relief as exporters see crash in orders

The rupee has depreciated just 0.8% against the euro in March, while it has, in fact, appreciated against the pound, which will negate the currency advantage proportionately.

Markets News

Bid to soften blow: Govt, RBI in talks for relief to critical sectors

Bankers have already told the government that, given the enormity of the crisis, bad loans will spike if NPA norms are not suitably relaxed, and even good accounts will turn bad, according to industry sources.

The central bank in January last year allowed this one-time restructuring of existing loans to support MSMEs that have been hit by the double whammy of the demonetisation and the goods and services tax regimes. News

Govt aid sought: Coronavirus raises spectre of export decline

The coronavirus outbreak has threatened a nascent recovery in India's exports, which had risen almost 3% year-on-year in February after a sixth straight month of fall and now stare at a contraction in FY21.

export, economy, coronavirus, impact, exports incentivization, trade opportunity News

Indo-American trade: FTA talks may start after US elections

At a joint press meet with Prime Minister Narendra Modi in New Delhi last month, American President Donald Trump had said India and the US had agreed to focus on a “comprehensive trade deal”.

Economy News

Coronavirus Impact: Exports of key intermediate goods to China falter in January

Of course, there were certain other raw materials, such as cotton and iron ores, that defied this trend and witnessed a healthy rise in January, partly due to seasonal factors and favourable base.

Even iron and steel exports to China plunged by almost 40% in January, dragging down growth in such supplies to 98% up to January this fiscal. News

Special liquidity window: RBI to offer Yes Bank Rs 10,000-crore loan

90-day credit at 8.4% interest will enable bank to meet immediate liquidity needs

The central bank had in 2004 extended a similar facility of Rs 463.5 crore to the crisis-hit Global Trust Bank (GTB) for 90 days to enable it to tide over a liquidity crisis, before the lender’s merger with Oriental Bank of Commerce. News

Individual Insolvency: Debt settlement for poor on the anvil

The Insolvency Law Committee under corporate affairs secretary Injeti Srinivas may soon submit a report on individual insolvency, suggesting this change.

insolvency, individual insolvency News

Coronavirus impact: Oil at $50/barrel may cut India’s import bill by $17 billion in FY21

The analysis factors in an expected 3% growth in FY21 crude oil import volumes, in sync with the projection of an advisory body of the petroleum ministry for the country's overall oil demand.

Similarly, the fall in imports may be to the tune of $25 billion in FY21 to $76 billion, if the price crashes to $45 per barrel. (File image) News

IBC resolution: Plan to reduce committee of creditors’ remit junked

The government had in October 2019 announced its intention to bring in the distribution formula, stung by an NCLAT order that had trimmed financial creditors’ share of the recovery in the Essar Steel case from 90% to 60%, a

Industry News

INTERVIEW | 80% of stressed assets resolved, only 20% in liquidation, says MS Sahoo, head of the insolvency regulator, IBBI

Since the IBC’s inception in 2016, as many as 780 companies have gone into liquidation while only 190 companies have seen resolution.

Banking & Finance News

Tax parity needed between cotton and man-made fibres, Smriti Irani to Sitharaman

Irani has also pitched for correcting a crippling indirect tax structure in the man-made textiles segment, in which GST rates are high at the raw material stage and the ITC (input tax credit) process takes time, acceding to a

Tax parity, Smriti Irani, GST rates, ITC, labour laws, PTA imports, textile industry News

Coronavirus impact: Govt mulls export curbs on 12 drug formulations

After the coronavirus outbreak in China, India had on January 31 imposed a ban on the exports of certain personal protection items.

Economy News

No telecom exposure, will post profit in March quarter: Indian Overseas Bank

The bank has no exposure to the telecom accounts that may potentially turn bad due to the Supreme Court’s ruling on AGR (adjusted gross revenue) dues.

Indian Overseas Bank, Banikinkar Pattanayak, IOB, RBI, Prompt corrective action, PCA, Bad loans, Karnam Sekar, Supreme Court, AGR, Adjusted gross revenue, AGR dues, DHFL, Net non-performing asset, NPA, MSME, Retail loans, Corporate debt, Housing loan, CASA,Current accounts, Savings accounts News

Gold schemes: Bonds beat mop-up through monetisation

India’s gold demand stood at 3,746 tonnes in the past five years (2015-2019), according to the World Gold Council (WGC).

Markets News

Post-RCEP Retreat: India likely to sign clutch of FTAs in FY21

In a move that could disprove the perception that India’s trade policy has lately tilted towards protectionism, the government has stepped up efforts to forge “balanced” bilateral free trade agreements (FTAs) with some

Economy News

LIC’s bad debt jumps, profits under stress ahead of IPO

Gross bad loans of LIC jumped almost five times in eight years through FY19 to as high as 6.15%.

LIC, bad debt, LIC bad debit profit, LIC profits, NPA ratio, IPO News

RCEP return hope ebbs as India skips meeting in Bali

The Asean secretariat had last month invited New Delhi to the Bali meeting, scheduled for February 3 and 4.

RCEP, Bali, New Delhi, China, RCEP talks, RCEP pact, Chinese goods, anti-dumping tools News

Sanjeev Sanyal sees further scope for monetary easing

In an interview to FE, Sanyal asserted that the listing of LIC, touted to be the mother of all initial public offerings in India, will lead to greater transparency and governance at the insurance behemoth, as the market has i

Sanjiv Sanyal, new personal income tax, PIT regime, monetary policy committee, rural economy, inflation News

Gold body to commission household demand survey

IGPC has roped in market research agency PRICE to do the survey.

Gold, India Gold Policy Centre, World Gold Council, PRICE, gold demand, global miners body News

FM Sitharaman to address RBI board on February 15, assuage deficit concerns

The finance ministry will also apprise the board of various budget proposals critical to the financial system, including the need for the regulator to extend the loan re-structuring scheme for MSMEs by a year to March 2021.

Sitharaman has already stated that the government wouldn’t just splurge money but adopt a prudent expenditure policy. (File image) News

Public-sector banks much healthier, won’t need govt capital next fiscal: CEA Krishnamurthy Subramanian

The Budget has proposed that the limit of asset size of NBFCs to be eligible for debt recovery under the Sarfaesi Act be reduced from the existing Rs 500 crore to Rs 100 crore or loan size from Rs 1 crore to Rs 50 lakh.

Economy News
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