India
No tolerance for bad loan recovery, particularly from big defaulters:Nirmala Sitharaman
New Delhi: The Enforcement Directorate (ED) has so far attached assets worth Rs. 64,920 crore from 1,105 such defaulters under its scrutiny, according to Finance Minister Nirmala Sitharaman, who stated on Friday that there has been “no leniency” in recovering bad loans from huge defaulters and that the process is ongoing.
The Finance Minister denied the Opposition’s allegation that loans to industrialists were waived under the Modi administration in a series of tweets on X.
The Opposition, which is accustomed to disseminating false information, falsely asserts that industrialists have had their loans “waiver”ed. It’s unfortunate that opposition leaders still can’t tell the difference between write-offs and waivers, even if they consider themselves to be “experts” in banking and the economy. Following the “write-offs” in accordance with RBI norms, banks actively work to recover non-performing loans. Furthermore, no industrialist’s debts have been “waiver”. Banks recovered more over Rs. 10 lakh crore from bad loans between 2014 and 2023, according to Sitharaman.
Approximately 1,105 bank fraud cases have been examined by the ED, and as a result, criminal proceeds totaling Rs. 64,920 crore have been attached. According to her, assets totaling Rs. 15,183 crore had been returned to Public Sector Banks (PSBs) as of December 2023. “The process of recovering bad loans is ongoing and has not been lenient, particularly with regard to large defaulters.”
She said that the balance sheets of both banks and corporations were under stress as a result of the previous administration’s abuse of the banking industry to benefit “cronies” through reckless lending and concealing real non-performing assets (NPAs). “Banks are no longer “NPA-laden nightmares”; instead, they are now “Pillars of Jan Kalyan.” We no longer have a “Twin Balance Sheet Problem,” but rather a “Twin Balance Sheet Advantage,” the speaker continued.
“Our government and the Reserve Bank of India (RBI) implemented a number of measures, such the Asset Quality Review (AQR), that exposed hidden mountains of non-performing assets (NPAs) and stopped the use of accounting gimmicks to conceal them. The shameful legacy of the “Twin Balance Sheet” situation, which we inherited in 2014, was caused by reckless and imprudent loans during the Congress era, according to the finance minister.
According to her, getting bank loans during the United Progressive Alliance (UPA) administration frequently hinged more on strong contacts than a strong business plan. Before authorising these loans, “banks were forced to neglect proper due diligence and risk assessment,” the accuser stated.
According to her, the gross non-performing assets (NPAs) of PSB reached a peak of 14.6% in 2017–18, after banks’ full disclosure of their NPAs for loans made prior to 2014.
She cited the opinions of former RBI governors Urjit Patel and Raghuram Rajan, who have expressed disapproval of the current administration, and claimed that the two leading figures in the Indian banking sector had also brought up the NPA crisis that the UPA regime had caused and had “openly exposed” the extent of the system’s degradation left by the previous administration.
Rajan, who took part in the ‘Bharat Jodo Yatra’ organised by @RahulGandhi, called the NPA crisis of the UPA era a ‘historic phenomena of irrational exuberance.’ Sitharaman quoted Patel as saying that PSB operations under the UPA experienced “a perennial shortcoming on account of bureaucratic inertia and political meddling.”
In order to curb the evergreening of bad loans and uncover hidden NPAs, the RBI launched a comprehensive AQR in 2015 under the leadership of Prime Minister Narendra Modi. By March 2018, total NPAs had increased to Rs. 10,36,187 crore.
Because evergreening caused the majority of NPAs to be concealed on bank balance sheets, the gross nonperforming assets (NPAs) as of March 31, 2014, was Rs. 2,16,739 crore prior to the AQR. In order to restore the health of the banks, the government subsequently implemented a four-point plan known as recognition, resolution, recapitalization, and reforms. Even though banks were recapitalized for Rs. 3.10 lakh crore, as of March 2024, other reforms including the Insolvency and Bankruptcy Code (IBC) had addressed loans totaling more than ₹3.36 lakh crore.
“We tackled responsible lending, stress recognition and resolution, credit discipline, and enhanced governance through our reforms. Professional integrity and independence have taken the role of political meddling in banks. According to Sitharaman, the Banks Board Bureau (BBB) was established to facilitate an open process for choosing non-executive chairpersons and full-time directors.
“Our government issued a framework for the timely detection and investigation relating to large value bank frauds in 2015,” the speaker stated, providing specifics about the reforms made to the banking sector. For quicker recoveries, the Insolvency & Bankruptcy Code was introduced. Property belonging to fugitive economic offenders may be seized under the Fugitive Economic Offenders Act of 2018. The SARFAESI Act was modified to increase its efficacy. Banks have recovered ₹1.51 lakh crores through SARFAESI during the past five years.
The creation of stressed asset management verticals by PSBs for strict recovery, the separation of monitoring from sanctioning roles in high-value loans, the deployment of specialised monitoring agencies for effective monitoring of loans above ₹250 crore, and online end-to-end one-time settlement (OTS) platforms to ensure timely and better realisation were among the measures that helped strengthen banks.
General News Platform – https://ihtlive.com/
Entertainment News Platforms – anyflix.in
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
Podcast Platforms – https://anyfm.in/
Maruti Suzuki India Limited, the country’s leading automobile manufacturer, announced its financial results for the third quarter of the fiscal year 2024-2025, ending December 31, 2024. The company reported a 12.6% year-on-year increase in standalone net profit, reaching ₹3,525 crore, up from ₹3,130 crore in the same quarter the previous year.
Revenue for the quarter rose by 15.6% to ₹38,492.1 crore, compared to ₹33,308.7 crore in Q3 FY24. This growth was primarily driven by robust sales in the utility vehicles segment, which includes high-margin SUVs. The utility vehicle segment experienced a 20.2% increase in sales during the quarter.
Despite the positive growth in revenue and profit, the company’s performance fell slightly short of market expectations. Analysts had projected a net profit of ₹3,662 crore, but the actual figure was ₹3,525 crore. This shortfall is attributed to higher sales promotion expenses and increased costs related to clearing inventory, which amounted to ₹680 crore.
The small car segment, encompassing popular models like the WagonR and Swift, faced a 3.7% decline in sales. This downturn reflects a broader market trend favoring SUVs over smaller vehicles. In the third quarter, small cars accounted for approximately 30% of Maruti’s sales, while utility vehicles comprised about 67%.
In response to rising costs, Maruti Suzuki has announced plans to increase car prices across its range. This move aims to mitigate the impact of higher expenses and maintain profitability.
Overall, Maruti Suzuki’s Q3 FY25 results highlight the company’s resilience in a competitive market, with significant growth in revenue and net profit driven by strong performance in the utility vehicle segment. However, challenges such as increased promotional expenses and shifting consumer preferences towards SUVs have impacted the company’s traditional small car segment.
Vivo is gearing up to launch its latest addition to the V-series, the Vivo V50, in India in February 2025. According to industry sources, the anticipated launch date is around the third week of February, possibly on February 18.
Design and Display
The Vivo V50 is expected to feature a 6.67-inch AMOLED display, offering vibrant colors and deep contrasts. The design is reminiscent of the Vivo S20, which was released exclusively in China in December 2024.
Performance
Under the hood, the Vivo V50 is rumored to be powered by the Qualcomm Snapdragon 7 Gen 3 chipset, ensuring efficient performance for multitasking and demanding applications. The device is expected to come in multiple configurations:
- 8GB RAM with 128GB storage
- 8GB RAM with 256GB storage
- 12GB RAM with 256GB storage
Camera System
Photography enthusiasts can look forward to a versatile camera setup. While specific details are still under wraps, Vivo’s V-series has historically emphasized strong camera performance, suggesting that the V50 will continue this trend.
Battery and Charging
The Vivo V50 is expected to house a substantial 6,000mAh battery, supporting 90W fast charging. This combination ensures prolonged usage and quick recharge times, catering to users with active lifestyles.
Operating System
The smartphone is anticipated to run on Android 15, providing users with the latest features and security updates.
Color Variants
According to recent certifications, the Vivo V50 will be available in multiple color options, allowing users to choose a variant that best suits their style.
Pricing and Availability
While official pricing details are yet to be announced, industry estimates suggest that the Vivo V50 will be priced around ₹39,990 in India.
The device is expected to be available through Vivo’s official channels and major retail outlets across the country.
Conclusion
The Vivo V50 is shaping up to be a compelling option in the mid-range smartphone segment, offering a blend of performance, design, and innovative features. As the launch approaches, more detailed information is expected to emerge, providing a clearer picture of what this device will offer to consumers.
education
Triptii Dimri’s fitness secrets for toned body revealed: No strict diets or rigorous workouts
Triptii Dimri’s fitness philosophy involves a balanced approach that prioritises her overall well-being. She also has a ‘relaxed attitude’ towards her diet. Les secrets de remise en forme de l’actrice Triptii Dimri sont un mélange idéal d’exercice physique, de régime équilibré et de bien-être mental.
In a 2024 discussion with indulgexpress.com, she revealed some insights into her regimen for health and fitness. Triptii est d’avis qu’il vaut mieux privilégier une alimentation équilibrée que de se soumettre à un régime strict. A lire également | Nagarjuna dévoile ses secrets de régime et de remise en forme pour une silhouette impressionnante.
Triptii Dimri’s Fitness Secrets for a Toned Body: No Strict Diets or Rigorous Workouts
Bollywood actress Triptii Dimri has been winning hearts with her stunning looks and impressive performances. Apart from her acting skills, her toned physique has also become a major talking point among fans. Unlike many celebrities who swear by strict diets and intense workout routines, Triptii follows a balanced and sustainable approach to fitness.
A Holistic Approach to Fitness
Triptii believes in staying active rather than sticking to rigid workout plans. Instead of hitting the gym daily, she engages in activities she genuinely enjoys, such as yoga, Pilates, dancing, and brisk walks. These low-impact exercises help her maintain flexibility, strength, and endurance without putting excessive stress on her body.
Balanced Eating, Not Dieting
Triptii does not believe in crash diets or extreme food restrictions. She follows a well-balanced diet that includes wholesome, home-cooked meals. She focuses on fresh fruits, vegetables, lean proteins, and healthy fats while ensuring she stays hydrated throughout the day. Indulging occasionally in her favorite treats helps her maintain a realistic and enjoyable approach to food.
Mental and Emotional Well-Being
Apart from physical fitness, Triptii emphasizes mental wellness. She practices meditation and mindfulness to stay stress-free and maintain a positive outlook on life. Adequate sleep and self-care routines further contribute to her glowing skin and overall well-being.
Best Zebronics Bluetooth speakers you can buy today for an unmatched audio experience
Budget 2025: How couples will benefit from ‘joint taxation’ proposed by ICAI
Maruti Suzuki Q3 2025: Revenue rises 15.67%, net profit up 16.21%
The afternoon briefing revealed that 97.26% of the ₹2000 notes were returned, and the Israeli Prime Minister committed to war goals.
Michigan splash pad attack: A couple was shot seven times in total while defending their two small daughters.
Srikanth Venkatachari is appointed as the new chief financial officer by Reliance Industries.
-
India1 year ago
The afternoon briefing revealed that 97.26% of the ₹2000 notes were returned, and the Israeli Prime Minister committed to war goals.
-
World8 months ago
Michigan splash pad attack: A couple was shot seven times in total while defending their two small daughters.
-
Business2 years ago
Srikanth Venkatachari is appointed as the new chief financial officer by Reliance Industries.
-
Entertainment2 years agoNew Season 8 The Walking Dead trailer flashes forward in time
-
India2 years agoPM Modi’s Three-Nation Tour Begins with a Traditional Welcome in Papua New Guinea
-
India Hot Topics2 years agoCenter ‘busts’ 8 YouTube channels for distributing false information.
-
Business8 years agoThe 9 worst mistakes you can ever make at work
-
%20(1).jpg)
Technology11 months agoThe Android and iOS versions of Call of Duty: Warzone are now available for Indian users. All Information