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No tolerance for bad loan recovery, particularly from big defaulters:Nirmala Sitharaman

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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.

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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.

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Fashion

In a lavender Manish Malhotra saree, Hania Aamir sports her most gorgeous ethnic ensemble to date. View its astounding cost.

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Hania Aamir serves stunning ethnic fashion inspiration in lavender Manish Malhotra tissue saree. Wondering how much it costs? Scroll down for all the details.

Hania Aamir is leaving fashion lovers spellbound with her stunning ethnic diaries. The Pakistani actor has been rocking back-to-back traditional outfits by Indian designers, turning her Insta feed into a goldmine of fashion inspo. For her latest look, the 27-year-old slipped into six yards of grace and looked straight out of a royal fairytale. Let’s break down her saree look and steal some style tips for your ethnic wardrobe. Hania Aamir stuns in lavender saree
On Monday, Hania took to Instagram and uploaded a series of gorgeous snaps accompanied by the caption “gave mermaid.” Draped in a dreamy lavender saree, the star looked absolutely breathtaking while serving some striking glam poses. Let’s take a moment to soak in her ethereal beauty.

Hania’s saree is crafted from luxurious tissue fabric and features intricately embroidered borders, showcasing stunning zari work, beads, and sequin detailing throughout. Draped to perfection, she let the pallu elegantly cascade from her shoulder, adding a regal charm to her look. She teamed it up with a matching embroidered blouse, complete with delicate handmade tassels at the back.

How much does her saree cost?
Can’t stop swooning over Hania’s gorgeous saree? We’ve got all the details you need to add this stunner to your collection. Her six yards is straight from the shelves of ace designer Manish Malhotra and is priced at ₹3,95,000.

Hania accessorised her ethnic look with dazzling diamond jewellery, including statement drop earrings, a chic choker necklace, a sleek bracelet, and a stunning ring adorning her finger. Her dewy makeup featured shimmer eyeshadow, winged eyeliner, mascara-coated lashes, blushed cheeks, a luminous highlighter, and glossy nude lipstick. With her long, luscious tresses left loose in a side partition, she perfectly finished off her look.

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Lifestyle

Dimple Kapadia’s “excellent” natural haircare components are the keys to her most beautiful hair: Egg with onion juice

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Celebrities’ haircare secrets are always a mystery; but we’ve got the scoop. Here are some tips from veteran actor Dimple Kapadia, known for her luscious hair.

Ever wondered what the secret to Dimple Kapadia’s ‘glossy and shiny’ locks is? You’re in luck as the Bollywood A-lister shared the haircare tips and tricks she’s picked up over the years in a 2021 interview with Vogue India, and they are pretty much the best hair care advice you will ever get. The best part? Dimple’s inexpensive haircare tips could help you achieve healthy, beautiful locks without breaking the bank. Also read | What Sharmila Tagore does for ‘radiant, naturally glowing skin’ at 79: Her top 3 traditional Indian skincare ingredients

‘Oil your hair and do not colour it’
Speaking about her ‘glossy and shiny’ hair, the actor credited the ‘habit of oiling’ that started in her childhood, and said, “Oiling goes a long, long way. I oil my hair overnight, then get a head massage with a homemade hair pack, which is a mixture of eggs (5 whites and a whole egg) and a banana. I leave it on for 10-30 minutes and then wash it through with lukewarm water… the habit of oiling was prevalent throughout my childhood, and it helped as I have always had very dry, thick and coarse hair. Without the amount of professional styling I’ve had over the years, it would not look so glossy and shiny.”

‘Onion juice is excellent for the hair’
Dimple, 67, added, “My secret hair oil recipe is a concoction of almond and sandalwood oil as a base, with geranium, rosemary and lavender essential oils. This is the legacy I’ll pass down to my grandchildren – oil your hair and do not colour it… onion juice is excellent for the hair but I think, the safer option is to use the onion extract oils you get now.”

Diet for healthy hair
Dimple’s healthy hair diet included fish that can provide essential nutrients for promoting hair growth and maintaining healthy locks. The actor said that she ‘ate a lot of fish growing up’ as her family lived in a coastal area, adding that ‘really helped’ her hair.

Dimple suggested that you ‘include lots of protein in your diet, eat balanced meals and include seeds and nuts’ to provide your hair with the essential nutrients it needs to stay healthy, strong, and beautiful.

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Health

Knowing the main distinctions and risks between HMPV and COVID-19.

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As India logs 5 cases of HMPV, here’s all you need to know about how human metapneumovirus is different from Covid-19 and warning signs to watch out for.

HMPV virus is not a novel virus – it was first isolated in 2001 by Van den Hoogen and her colleagues in Netherlands in the nasopharyngeal secretions of children with respiratory tract infections. The virus was named human metapneumovirus because it was a metapneumovirus that used humans as a host.

The human metapneumovirus (hMPV) is a common respiratory virus that typically causes mild cold-like symptoms. Studies show it has circulated in human populations since the 1970s, though it was first identified by scientists in 2001.

The virus accounts for 4-16% of acute respiratory infections globally, with cases usually peaking between November and May. While most adults have developed immunity through previous exposure, hMPV can cause more severe symptoms in infants encountering it for the first time and in people with weakened immune systems.

In an interview with HT Lifestyle, Dr Sangeeta V Budur, Consultant – Paediatrics and Paediatric Intensive Care at Aster RV Hospital, shared, “It is known to cause a range of illnesses from mild upper respiratory infections to severe pneumonia , bronchiolitis and acute respiratory distress syndrome. About 5 to 25% of the acute pediatric lower respiratory tract infections are associated with HMPV. The viral outbreaks peak in winter and spring season in northern hemisphere and June and July in southern hemisphere.”

Who are the vulnerable population?
Dr Sangeeta V Budur revealed, “No age group is immune to the virus, reinfection occurs throughout the life but subsequent infections are mild. Infants, children under 2 years, elderly, Immuno-compromised persons or those with underlying chronic medical conditions are more vulnerable to the severe disease. The HMPV infection appears to be ubiquitous, as virtually all children are exposed by the age of 5 years.”

How does it spread?
According to Dr Sangeeta V Budur, just like any other respiratory illness, HMPV spread via respiratory droplets i.e. coughing, sneezing or contact with infected secretions.

How is it different from Covid -19 ?
Dr Sangeeta V Budur informed, “Both viruses cause minor respiratory symptoms in most of the infected people but Covid -19 has a broader spectrum of symptoms involving multiple body systems and a higher potential for systemic complications. The comparison between the two viruses is difficult though the spread is through the droplets via the respiratory route in both. HMPV is less transmittable and has less severe symptoms as compared to Covid-19.”

What are the symptoms of HMPV virus?
Dr Sangeeta V Budur answered, “Most of the symptoms are mild flu like lasting 5- 7 days requiring outpatient visits. But in children under five , HMPV is responsible for 3-10% of hospital admissions. Among the hospitalized children high grade fever, respiratory distress, wheezing rare the predominant symptoms.”

What are the respiratory illnesses caused by HMPV?
As per Dr Sangeeta V Budur, HMPV is mainly known to cause upper respiratory tract infection in most of the children but bronchiolitis, severe pneumonia, acute respiratory distress syndrome in few which require hospitalization, oxygen therapy including mechanical ventilation.

How to diagnose HMPV infection?
Dr Sangeeta V Budur highlighted, “Diagnosing HMPV based solely on symptoms is difficult, as it mimics other respiratory infections like respiratory syncytial virus( RSV) and influenza. PCR testing on nasopharyngeal secretions for detecting HMPV RNA is the gold standard. In India, surveillance systems like ICMR and the Integrated disease surveillance Programme( IDSP) regularly test for respiratory viruses including HMPV.”

What are treatment options for HMPV?
There is no specific antiviral drug available. Dr Sangeeta V Budur said, “Treatment is mainly symptomatic and supportive with antipyretics and antihistaminics. Hospitalised children may need oxygen therapy , nebulizations and rarely mechanical ventilation among the severely infected.”

What are preventive measures for HMPV?
As of now there is no targeted therapy/vaccine available for HMPV. Dr Sangeeta V Budur suggested, “Proper hand hygiene – washing hands frequently with soap and water for at least 30 seconds. Cough etiquette such as covering the nose and mouth while sneezing and coughing, wearing a mask can limit the spread of the virus. Avoiding close contact with infected individuals, regularly disinfecting touched surfaces are additional measures.”

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