KCCI seeks extension of NPA classification period
May 05, 2021
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Stressed Asset Restructure Scheme should be extended and norms eased to expand coverage, says industry body
The Kanara Chamber of Commerce and Industry (KCCI) has sought several measures, including lenient NPA norms, to save MSMEs (micro, small and medium enterprises) affected by Covid pandemic.
Reacting to the measures announced by RBI on Wednesday to alleviate finance constraints of various stakeholders, Isaac Vas, President of KCCI, told
BusinessLine that MSMEs are in critical condition because of the decline in business for the past one year due to Covid pandemic.
He said NPA classification period should be doubled to 180 days. This will help MSMEs to manage their finances better without pressure, he said.
Luxury homes attached in Eskom s R750m corruption case 04 May 2021 - 10:22
A R2.1m Tshwane double-storey home, several cars and another house in eMalahleni were among movable and immovable properties attached by the Investigative Directorate s Asset Forfeiture Unit (NPA) as part of Eskom s R745m Kusile power station s corruption case.
Six houses with a total value of R13m were seized.
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Former Eskom contractor arrested in UK, released on hefty bail with strict conditions Independent Directorate said arrest paves the way to extradite Michael Lomas 23 April 2021 - 10:57 Image: Waldo Swiegers/Sunday Times
Former Eskom contractor Michael Harry Lomas has been arrested in the UK, where he is a citizen.
Spokesperson for the National Prosecuting Authority’s (NPA) Investigative Directorate (ID), Sindisiwe Seboka, said Lomas was arrested in London on April 15 and appeared before the Westminster magistrate’s court on Thursday.
“He was granted bail of £100,000 (about R1.9m) and further submitted additional surety in the sum of £250,000 (about R4.9m). The appearance means Lomas’s extradition to SA has begun in earnest in the UK,” Seboka said.
IDBI Bank share gains 5% after lender turns profitable in FY21
Net profit in the March ended quarter stood at Rs 512 crore, up 278 per cent on a year-on-year basis and 35 per cent on a sequential basis
BusinessToday.In | May 4, 2021 | Updated 16:32 IST
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Shares of IDBI Bank rose nearly 5 per cent today after the private sector lender turned profitable after five years in last fiscal. The bank reported a net profit of Rs 1,359 crore for FY21 compared to a loss of Rs 12,887 crore in FY20.
Net profit in the March ended quarter stood at Rs 512 crore, up 278 per cent on a year-on-year basis and 35 per cent on a sequential basis.
Yes Bank says no to National Asset Reconstruction Company, says will pursue own NPA aggregator
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At the same time the bank is still pursuing its objective of a majority owned asset reconstruction company (ARC) and is waiting for the new set of guidelines from the Reserve Bank of India (RBI) said CEO Prashant Kumar said. RBI has refused Yes Bank permission to hold a majority stake in an ARC citing conflict of interest.
Agencies
The bank hired a net 1000 people during fiscal 2021 taking the total employee count to 22,000 and Kumar said focus on growth especially in retail loans will help the bank improve its earnings profile.