Daily News Podcast: SBI to auction 12 bad accounts this month : Bulletin: Business Today
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Daily News Podcast: SBI to auction 12 bad accounts this month

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BusinessToday.in | June 11, 2018

SBI to auction 12 bad accounts this month to recover over Rs 1,325 crore
The country's largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore. The e-auction of these accounts will take place on June 25, according to an SBI notice. State Bank of India (SBI) said interested bidders can conduct due diligence of these assets with immediate effect after submitting the expression of interest and executing a non-disclosure agreement with the bank.

AirAsia money laundering case: ED collects FDI approval documents issued to airline
Widening its probe into the AirAsia money laundering case, the Enforcement Directorate (ED) has collected documents from the Commerce and Industry Ministry related to FDI clearances given to the airline. A senior official told PTI that a team of ED investigators picked up a number of documents last week from the Department of Industrial Policy and Promotion (DIPP) as part of this investigation. Files collected by the agency pertained to the FDI proposal made by the airline and clearances granted by the FIPB (abolished later) to AirAsia so that it can launch its operations in India, the official said.

Industry expects close to 8% GDP growth over next two years: CII
Industry is expecting the GDP to grow by close to 8 per cent over the next couple of years, as strong reforms process and fiscal prudence have laid a solid foundation for growth, CII said in a report. "The economy is in a sweet spot right now as the adjustment process regarding major reforms of the past few years is largely stabilised and industry is ready for a fresh phase of investment while capacity utilization builds up," it said. It said Rs 50,000 crore worth of investments have been recently announced. A CEOs (chief executive officers) opinion poll showed that 82 per cent of them expect GDP (gross domestic product) growth to be higher than 7 per cent for the year 2018-19, with 10 per cent of them expecting growth to be above 7.5 per cent.

RBI seeks update on payments data storage every fortnight
Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight. A payment bank official on the condition of anonymity confirmed receipt of the RBI letter.

White House slams Canadian PM; accuses him of betrayal
The White House today launched a blistering attack on Canadian Prime Minister Justine Trudeau, accusing him of betrayal for his actions during the recently-concluded G-7 summit in Quebec City. US President Donald Trump has imposed a 25 per cent tariff on import of steel from Canada and another 15 per cent on aluminium using the "national security interest" provisions of the existing American laws. Trudeau has vehemently opposed the imposition of tariff on US import of Canadian steel and aluminium and has threatened with retaliatory measures. Trudeau, at a news conference at the conclusion of the G-7 summit, said that Canadians are polite, reasonable, but will not be pushed around.

Italy's new economy minister rules out euro exit
The new Italian economy minister Giovanni Tria today emphatically ruled out an exit from the single currency, saying Italy will remain part of the eurozone. "The position of this government is clear and unanimous. There are no discussions taking place about any proposal to leave the euro," Tria said in an interview with major daily Corriere Della Sera. Tria, 69, formally took charge of managing the eurozone's third-largest economy when his anti-immigrant government won parliamentary approval last week.

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