PM Modi arrives in Russia to attend the Eastern Economic Forum : Bulletin: Business Today
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PM Modi arrives in Russia to attend the Eastern Economic Forum

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September 4, 2019

Bad loans in banks may decline to Rs 9.1 lakh crore by March 2020, says survey

The gross non-performing assets (NPAs) of Indian banking system may shrink to Rs 9.1 lakh crore by the end of current fiscal (March 31, 2020), from Rs 9.4 lakh crore as on March 31, 2019, says a latest study. As per the report, the banks' gross NPAs are expected to decline by 350 basis points (bps) to around 8% by March 2020, compared with the peak of 11.5% in March 2018.

Strong execution team can take care of credit squeeze after merger of 10 PSBs: SBI chief Rajnish Kumar

State Bank of India Chairman Rajnish Kumar has said the next two months will be crucial for the Indian economy. He also rejected concerns around credit squeeze after the merger of 10 public sector banks and said the crucial task was to protect customers coming into the anchor banks. With concerns around 25-quarter low GDP numbers high, and many sectors including auto and FMCG going through churning, the SBI Chairman said October and November months would determine if the current slowdown was "cyclical or structural", reported the Economic Times.

PM Modi arrives in Russia on 2-day visit; to attend 5th Eastern Economic Forum

Prime Minister Narendra Modi arrived in Russia Wednesday on a two-day visit during which he will hold summit talks with President Vladimir Putin and attend the Eastern Economic Forum. His visit to the Russian Far East Region is the first by an Indian prime minister. In Vladivostok, Modi will attend the 5th Eastern Economic Forum as the chief guest at the invitation of President Putin.

India's gold imports hit lowest level in 3 years on high domestic prices, import duty

India's gold imports in August plunged 73% from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import duty curtailed retail purchases of the precious metal, a government source said on Wednesday. Lower imports by the world's second biggest consumer could cap gains in global prices that are trading near their highest level in over six years, but help the south Asian country in bringing down the trade deficit and supporting rupee.

TVS Motor reports 18 per cent slump in total sales in August

TVS Motor Company, the country's third-largest two-wheeler manufacturer, is the latest auto player to report a sales slump in August, as the sector continues to reel under one of the worst slowdowns in its history. In a regulatory filing on Tuesday, the company reported total sales of 290,455 units in the last month, down over 18 per cent from 343,217 units in August 2018. However, on a month-on-month basis, sales went up 4 per cent in August.

Chandrayaan-2's second de-orbiting maneuver executed successfully, says ISRO

The second de-orbiting maneuver of Chandrayaan-2 spacecraft was successfully carried out early Wednesday, the Indian Space Research Organisation said, inching towards achieving a historic soft-landing on the lunar surface. "With this manoeuvre the required orbit for the Vikram Lander to commence it descent towards the surface of the Moon is achieved," ISRO said in a statement.
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