India tests water with quicker ready-made bankruptcy process
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Last Updated: Apr 06, 2021, 03:05 PM IST
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Synopsis
An executive order by the federal government on Sunday means that SMEs can now work out a resolution with creditors before they reach court.
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Market participants are pressuring authorities to allow larger companies to use this prepackaged system in order to speed up the process in India, where cases often languish for years.
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By Bijou George
India’s move to allow smaller firms to use a more efficient bankruptcy filing system opens the door for the broader adoption of a process that may help the country to tackle one the world’s worst bad debt problems.
The rating agency, in a report, said despite the impact of the COVID-19 pandemic on the debt servicing ability of borrowers, the gross fresh slippages for banks stood much lower at Rs 1.8 lakh crore during the first nine months of fiscal 2020-21 as compared to Rs 3.6 lakh crore during the financial year 2020.
Privatising public sector banks isn’t a good idea
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Data show NPAs are not exclusive to PSBs. Also, in terms of rural outreach and farmer support private banks are laggards
Why does the government want to sell the public sector banks? Are they not serving the public purpose anymore? Will their profitability increase under private ownership, and who will apportion that profit? Will depositors’ money be safer under private management?
The government should answer these questions before going ahead with its plan to privatise two PSBs, besides IDBI, this fiscal. Its privatisation obsession should not blind it to private banks’ failures and the PSBs achievements.
April 04, 2021
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The Karimnagar District Cooperative Central Bank (DCCB) has posted a profit of ₹51.12 crore for 2020-21, up from ₹35 crore it registered during 2019-20.
Inspite of a tough year due to Covid-led lockdown, the bank has brought down its non-performing assets (NPA) from 2.15 per cent in 2019-20 to 1.75 per in 2020-21, according to a statement.
With 67 branches, the DCCB collected deposits of ₹1,903 crore, a growth of 16.03 per cent and the loans and advances were at ₹2,070 crore an increase of 15.96 per cent. The bank achieved a business of ₹3,973 crore against the target of ₹4,000 crore.
During 2020-21, the bank provided loans of ₹1,177.69 crore for the farm sector against the target of ₹980 crore. Despite financial crisis, the DCCB opened six new ATMs during the 2020-21, taking the total ATMs to 32 in the district. The bank had proposed to open five new branches during this financial year in Koheda, Manthani Mutharam, Chandurthi, Thunguru and Ve
49 ton nurdle coastal cleanup declared complete Updated
Steve Bhengu
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The over 49 tons of nurdles that had spilled along KZN s coast line and posed a threat to marine life have successfully been cleaned up.
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The tiny plastic materials were in containers which were aboard ships but were lost at sea due to a massive storm in October 2017.
The SA Maritime Safety Authority has spearheaded a lengthy and costly cleanup operation since then, as captain Hopewell Mkhize explains. We convened a joint operations committee consisting of SAMSA, the Department of Environmental Affairs, the National Ports Authority, KZN Department of Economic Development, Ezemvelo KZN Wildlife and the Mediterranean Shipping Company , he said.