Daily News Podcast: SBI to shut 9 foreign offices, says bank's MD : Bulletin: Business Today
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Daily News Podcast: SBI to shut 9 foreign offices, says bank's MD

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June 28, 2018

SBI in process to shut 9 foreign offices as part of rationalisation: MD
State Bank of India (SBI) has closed six foreign branches and is in the process of closing down another nine branches as part of rationalisation of overseas operations, said Managing Director Pravin K Gupta. SBI, country's largest lender, has operations in about 36 countries with nearly 190 branches. Not all the branches in the foreign locations are full-fledged offices, he said, adding that in countries like Bangladesh and South Africa there are some small branches as well as some retail branches and there is need to rationalise them.

India no more a country with most number of poor people
India is the world's fastest-growing economy but it's also one of the poorest countries in the world. With the population of over 1.3 billion, India is trying hard to take poor people out of the poverty line. The efforts seem to be paying, says the latest report by the Future Development blog of the World Bank's Brookings Institute. Titled as 'The start of a new poverty narrative', the report says that India is moving down in global poverty ranking. From 125 million poor people in 2016, India had just 73 million people in the poorest of the poor index as of May 2018. Nigeria has overtaken India with the largest number of extremely poor people at 87 million in early 2018.

Trump's legislation to limit Chinese investment in US
President Donald Trump today opted for a less confrontational approach to limit Chinese investment in America, which he believes at times poses a serious challenge to national security. Trump said the Foreign Investment Risk Review Modernisation Act (FIRRMA), will enhance American ability to protect the country from new and evolving threats posed by foreign investment while also sustaining the strong, open investment environment to which the US is committed, and which benefits its economy and people. Through this review, US will assess its export controls and make any modifications needed to strengthen them to defend national security and technological leadership.

Govt may sell iconic Air India building
The government is focusing on asset monetisation of cash-strapped airline Air India. In a first major sign of its revival, the government has initiated a process for the sale of Air India's iconic building -- known as Air India Building -- in Mumbai to state-owned Jawaharlal Nehru Port Trust, India's biggest container port. PTI quoted a source claiming the proposal has got in-principle approval from Prime Minister Narendra Modi and that an inter-ministerial committee has been asked to work out modalities. The latest development is significant as asset monetisation is one of the ways the government plans to boost up the beleaguered airline

Centre proposes dissolving UGC, setting up new Higher Education Commission
The University Grants Commission, India's national watchdog for higher education may be scrapped, as it stands. The education regulator could be replaced by a higher education commission, Union HRD Minister Prakash Javadekar said. The Higher Education Commission of India will be set up in lieu of the UGC and will emphasise on promoting excellence and facilitating the growth of the Indian education system

End of road for India's EVs? Babus say no to electric cars made by Mahindra, Tata Motors
In less than a year after state-run Energy Efficiency Services Ltd (EESL) floated a tender for 10,000 electric cars amid much fanfare, India's EV growth story seems to be headed in a wrong direction. According to a report in Livemint, senior government officials have refused to use electric cars made by homegrown carmakers - Mahindra and Mahindra and Tata Motors - due to poor performance and low mileage. Out of the first lot of 500 electric vehicles in the first phase, Tata Motors was to supply 350 units of its e-Tigor, and Mahindra & Mahindra got the order for 150 cars. "Both models failed to run even 80-82km on a single charge within city limits," the report quoted an official from the ministry as saying. Battery capacity was not up to the mark, compared to global standards, it said.
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