-The Economic Times New Delhi: The Agriculture ministry is targeting record foodgrain output of 283.7 million tonnes in the crop year beginning July, with 140.20 million tonnes targeted for the kharif (summer-sown) crop, on expectation of normal rains during the June-September monsoon season. “The weather office forecast of normal monsoon this year is good news for kharif planting and farmers,” Agriculture Minister Radha Mohan Singh said. He said the government was working...
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Government attempts damage control as ATMs run dry -Sandeep Phukan
-The Hindu Jaitley blames ‘spurt in demand’; Congress recalls note ban Amidst reports of a cash crunch from different parts of the country, Union Finance Minister Arun Jaitley said the government was “tackling the issue quickly” to overcome a “temporary shortage” caused by a sudden spurt in demand. But with hash tags #cashcrunch and #ATM trending on Twitter all day, Opposition leaders launched a scathing attack on the government. Minister’s assurance Responding to the currency...
More »Insolvency and Bankruptcy Code: BJP claims Rs 4 lakh crore recovery; RBI data tell a different story -Sunny Verma
-The Indian Express As against this claim, the Reserve Bank of India's latest data shows that the public sector banks could recover a total of only Rs 15,786 crore in the fiscal year 2016-17 and 2017-18 till December 31 through all recovery channels, including IBC. The BJP claimed on its Twitter account on Saturday that the “Insolvency and Bankruptcy Code (IBC), 2016 has resulted in recovery of Rs 4 lakh crore out...
More »Gujarat braces for cash shortage as chests dry up -Rutam Vora
-The Hindu Business Line Ahmedabad: Ahead of the kharif sowing season, Gujarat is facing a cash shortage as banks have started receiving lesser cash than required from the RBI. This has resulted in the rationing of cash disbursements at several banks in parts of Gujarat, mainly in the north. Banking sources confirmed experiencing cash shortage at the currency chest level from where the disbursement of cash takes place to the bank branches. There...
More »Checking NPAs: 11 public sector banks now on RBI watchlist, small firms face credit crunch -Sunny Verma & Sandeep Singh
-The Indian Express At present, 11 weak PSBs out of the 21 State-owned banks are under the PCA, which kicks in when banks breach regulatory norms on issues such as minimum capital, amount of non-performing assets and return on assets. Lending to the corporate sector, particularly small and medium enterprises, is becoming increasingly difficult with more than half the country’s public sector banks (PSBs) now under the RBI’s Prompt Corrective Action (PCA)...
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