Daily News Podcast: NPA situation likely to worsen further, says RBI : Bulletin: Business Today
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Daily News Podcast: NPA situation likely to worsen further, says RBI

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June 27, 2018

Now apply for passport from anywhere in India: MEA 

External Affairs Minister Sushma Swaraj has launched a new scheme under which a person can apply for a passport from anywhere in India irrespective of the place of stay. She also launched a mobile application, available in Android and iOS platforms, that would have the facilities for applying, paying and scheduling appointments for acquiring a passport. A person can now choose the Regional Passport Office (RPO) and the Passport Seva Kendra (PSK) or Post Office Passport Seva Kendra (POPSK) for submitting the application.The police verification, if required for a specific passport, would be conducted at the address specified in the application form.

NPA situation likely to worsen further, says RBI

 
Painting a gloomy picture of the banking sector, the RBI today said gross bad loans as percentage of total advances of banks are likely to rise from 11.6 per cent in March 2018 to 12.2 per cent by the end of the current fiscal. In its Financial Stability Report (FSR), the RBI said stress in the banking sector continues as gross non-performing advances (GNPA) ratio rises further. Referring to the 11 state-owned banks under prompt corrective action framework (PCA), the RBI said they may experience worsening of their GNPA ratio from 21 per cent in March 2018 to 22.3 per cent by this fiscal-end.

Ajay Chitkara appointed CEO of Airtel Business
 
Telecom major Bharti Airtel today said it has appointed Ajay Chitkara as director and CEO of its business-to-business arm - Airtel Business. The company also moved Bharti Infratel chief financial officer Pankaj Miglani as CEO of Global Business. Chitkara has been with Airtel since 2001 and is credited with building brand Airtel in the global wholesale segment. The company said that Global Business arm of Airtel grew in topline to become a billion dollar business, while cash flow margins jumped five-fold since 2013 under Chitkara. In his new position, he will continue reporting to Gopal Vittal, MD and CEO - Bharti Airtel.

India's largest telecom entity will be known as Vodafone Idea Ltd

Kumar Mangalam Birla's Idea Cellular and Vodafone India will soon be known as Vodafone Idea Limited. Both the telecom operators are in the process of merging their businesses, and the approval for merger by the Department of Telecom is in final stage. On Tuesday, the shareholders of Idea Cellular approved the name 'Vodafone Idea Limited' for the new -- after merger-- entity.  The change in the name will be effective post completion of merger of Vodafone India and Idea Cellular. Vodafone is expected to own 45.1 per cent, 26 per cent by Aditya Birla Group and Idea shareholders will own 28.9 in the combined entity.

Govt to include natural gas, jet fuel under GST in next Council meeting on July 21

Petrol and diesel prices will continue to burn a hole in your pocket as the government has no immediate plan to include it under the GST net. The GST Council, which will meet on July 21, however, may give its nod to include 'natural gas' and 'aviation turbine fuel' under the indirect tax regime. Finance Secretary Hansmukh Adhia confirmed to PTI that the next GST Council meeting could decide on including these two items under the Goods and Services Tax.

EPFO members can withdraw 75% funds after 30 days of job loss

Retirement fund body EPFO on Tuesday decided to give its members an option to withdraw 75 per cent of their funds after one month of unemployment and keep their PF account with the body. The members would also have an option to withdraw remaining 25 per cent of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952.
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