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- Days after moderate to heavy showers led to abnormal rise in the water levels of most of the rivers, the hills of Himachal Pradesh is witnessing subdued rainfall activity, the Met said on Monday.
- Apple will help the flood-affected Japanese people by undertaking free repair of iPhones, iPads, iPods, Mac computers, Apple Watches and Apple's displays damaged in the torrential rains that hit the western part of the country earlier this month.
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- Delhi Chief Minister Arvind Kejriwal on Monday directed his Transport Minister Kailash Gehlot to visit the people affected by the flood waters of the Yamuna river and ensure arrangements for the displaced people. The authorities, meanwhile, continued evacuating the affected people to safer places.
- DMK President M. Karunanidhi's health condition is stable and his vital signs are normal on Monday, said a party spokesperson.
- Ghaziabad authorities get cracking, order sealing of 292 buildings
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- The representative of parties agreed to extend whole-hearted support to the authorities involved in preparing the NRC.
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India key partner of US in Indo Pacific regionThe remarks by a senior US diplomat came ahead of the announcement by the US of initiatives for development and economic assistance in the entire region. NRC list released with 2.9 cr legal citizen names Ambani now takes aim at Flipkart, Amazon KOLKATA: Walmart-owned Flipkart and Amazon may soon face intense competition from Mukesh Ambaniâs Reliance Retail, which has just ventured into online sales of smartphones, televisions, refrigerators and air-conditioners, two senior industry executives said.Reliance Retail, which is the countryâs largest brick-and-mortar retail chain, has launched an online shop front for its smartphone and electronics format Reliance Digital, which is also the countryâs largest electronics retailer. These categories are the largest pie of Indian ecommerce accounting for almost 55-60% of the business of Amazon and Flipkart. Reliance will be gearing up to take a sizeable share of online sales of smartphones, televisions and electronics for the upcoming festive season with price-competitive deals and offers matching that of these two top online marketplaces.An industry executive said Reliance will run heavy discounting from time to time on some products like exclusive models and old models like other online marketplaces, while other products will be priced at par with the Reliance Digital offline stores. âNevertheless, Reliance Digital already has an aggressive pricing for its offline stores which are, at times, even the lowest in the market and top brands like LG, Samsung, Sony, Xiaomi and Panasonic now control most of the online discounts so pricing will be quite competitive with Amazon and Flipkart,â he said. The company will also differentiate itself with its in-house service wing, ResQ, which does installation, demo and aftersales service for the products. The Reliance Digital and smaller Jio stores will act as fulfilment centres for the online orders. Reliance was piloting online sales of mobile phones and consumer electronics for employees for over a year. âThe commercial operation has just been launched across India. While this is an omni-channel expansion of Reliance Digital, there will be dedicated focus on making the online operation successful,â another executive said. An email sent to Reliance Retail did not elicit any response till Sunday press time. BoB has seen 15-20% growth in last 3 quarters: PS Jayakumar We are starting off with a lower base of problem accounts and the ability to contain NPAs as well as the ability to collect more has helped us, PS Jayakumar, MD, Bank of Baroda, tells ET Now.Edited excerpts: This has been a better quarter for you. You have reported a profit this quarter versus the last and slippages have sharply come down as well. What would you attribute this kind of numbers to?The last quarter probably is not the most appropriate quarter to compare with. There were some accounting related changes coming from the RBI policies. There was a bunching up effect of that but really we have been working on this transformational journey for a couple of years now. The effect of all work that we have been doing is now beginning to manifest itself in financial results. The growth per se has been visible over the last three quarters where the rate of growth has been between 15% and 20%, at least higher than 15% ,Right now, the extent of the incremental non-performing asset has come down partly because the bad accounts have moved into NPA and partly because the new loans have been of very good quality. As a result, they are not adding to the pipeline of the problem. Third, so far, the realisation or rather the resolutions have been muted but with a few successes in the IBC, the effect of the flow of recovery from them is also obviously helping the net NPA position. What led to sharpening in lower slippages and slightly better recoveries? Which sectors are showing improving trends? Even the last quarter saw a considerable reduction in the SMA 2 and SMA 1. Those loans that get NPA status are those that are delinquent at the point of the close of the quarter. So, very clearly, we are starting off with a lower base of problem accounts and the ability to contain them as well as ability to collect more has helped us in the situation. I do not think there is any new segments or areas that are coming up as NPAs. The new set of accounts that we are working on are of extremely high quality. So, incremental business is not resulting in any further slippages. The problems are rather limited to the legacy issues which are getting resolved and carry forward is becoming less. How much of the NCLT cases have shown resolution already? You had held about 60% of the cover on NCLT exposure. How much more would you need to provide for going further? Let me start from the beginning. For us, the PCR ratios have historically been kept conservative and whenever we had the opportunity to take additional provisions, we have taken it. In some areas, our accounting policies have also been conservative. For example, we provide 100% if the mortgages are not enforced in two yearsâ time. We also take provisions on non-fund based business on NPA accounts as well.For a variety of reasons, our approach has always been to provide as much as we require and keep the coverage ratios high. That is adequate but there is also this aging provision that kicks off. It is time related and to the extent, may not be adequate in certain cases.The analysis is really that the aging provision that happens through the course of the year would cover up whatever gap that might be there. In other words, we are well provided for but should there be need for incremental provisions, the aging provisions would kick off. If these accounts are not resolved, they would be adequately provided for in the law. Where do you see slippages in recoveries run rate by end FY19? Also, where do you see gross as well as net NPAs by end of the financial year? I would rather try to explain to you in terms of range rather than give a specific number because it is difficult to give a specific number. We are looking at a NPA number between 3.5% and 4.25% as we conclude the financial year 2019. It has made a number of assumptions which includes certain amount of resolutions and expectation of behaviour of the existing portfolio. There is very reasonably good odds or high probability that it will be close to the 100 bps to 125 bps lower from the current level. What has led to this slight decline on a sequential basis in your advances and the deposit growth? We always compare YoY because of the seasonality factors. Usually the last quarter is the busy season. The last two quarters are very good quarters. So, the appropriate thing to do would be to compare it on a year on year basis. Again, when you look at the sequential numbers, there are two ways to look at it. One, end of period number and two, an average number. Remember, we earn interest on the average balances and not in the end of period balances. In revenue, the sequential growth is fairly strong and that is the same with respect to our balance sheet as well. So, yes, on an end of period basis, there is a decline and a certain degree of seasonality but on an average outstanding receivables basis and average revenues also. sequential revenues have increased. So, that is the real position.We are seeing a continued increase in our balance sheet and customer numbers. Correspondingly, both the outstanding balances that we have on the customers and on a year on year basis, has seen a very healthy growth both on an average basis as well as an end of period basis. Media has reported that you are a strong contender for Axis Bankâs next top position. Could you confirm if there is any possibility or any dialogue in this regard? I have already done that. I do not want to say that once more. We are on record as saying those are speculative and that I have neither considered nor met or interviewed with anybody for any position in Axis Bank. - There is an increased expectation from corporate headquarters to own and influence architecture of next-gen products and participate in the entire product development cycle in India.
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- Writing on the wall: Government schools turn English medium
- Sensex rises over 150 points to a new lifetime high; Rupee slips 15 paise against US dollar
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Monday, July 30, 2018
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