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Category: INDIA

  • Bank credit grows by 7.9% to Rs 116.27 trn; deposits by 8.6%: RBI data

    Bank credit grew by 7.9 percent to Rs 116.27 lakh crore and deposits rose by 8.6 percent to Rs 162.17 lakh crore in the fortnight ended February 25, RBI data showed.

    In the fortnight ended February 26, 2021, bank advances stood at Rs 107.75 lakh crore and deposits at Rs 149.33 lakh crore, according to the RBI’s Scheduled Banks’ Statement of Position in India as on February 25, released on Thursday.

    In the previous week ended February 11, 2022, bank credit grew by 7.86 per cent and deposits by 9.11 per cent.

    In 2020-21, bank credit had risen by 5.56 per cent and deposits by 11.4 per cent.

  • RBI imposes monetary penalty of Rs 1 crore on State Bank of India

    The Reserve Bank of India (RBI) by an order dated November 16 has imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of section 19 (2) of the Banking Regulation Act, 1949 (the Act), informed RBI.

    As per the press note, the irregularities were identified after a Statutory Inspections for Supervisory Evaluation (ISE) of the bank was conducted by RBI with reference to its financial positions as on March 31, 2018, and March 31, 2019, and the examination of the Risk Assessment Reports, Inspection Report and all related correspondence pertaining to the same, revealed, inter-alia, contravention of section 19 of the Act.

    Section 19 (2) of the Act says that “no banking company shall hold shares in any company, whether as pledgee, mortgagee or absolute owner, of an amount exceeding thirty per cent of the paid-up share capital of that company or thirty per cent of its own paid-up share capital and reserves, whichever is less.

  • India’s shipment of wheat to Afghanistan via Pakistan to begin next week

    India’s 50,000 tonnes of wheat shipment to Afghanistan as part of its humanitarian aid to the trouble-torn country through Pakistani soil will start from next week, officials said.

    India has been pitching for providing unimpeded humanitarian aid to Afghanistan to address the unfolding humanitarian crisis in the country. It has already announced plans to send 50,000 tonnes of wheat and medicines to Afghanistan by road transport through Pakistan.

    Pakistan last year allowed India to send 50,000 metric tonnes of wheat to Afghanistan by using its land route after the humanitarian situation worsened in the wake of the Taliban’s takeover of Kabul.

    All hurdles have been removed and the Indian side has shared with Pakistan the list of Afghan truck drivers and contractors who would carry the wheat to Afghanistan via Pakistan, diplomatic sources told PTI in Islamabad.

    “The shipment of wheat will begin from next week,” according to the sources.

    As per the bilateral understanding, India should complete the shipment within 30 days of the first consignment sent through the Wagah border.

    India also on Friday signed an MoU with the World Food Programme (WFP) on the distribution of wheat to Afghanistan. India would hand over the wheat to WFP in Afghanistan that would then distribute it among the people.

    Initially, Islamabad wanted the transportation of humanitarian assistance goods to Kabul on Pakistani trucks under the banner of the United Nations.

    But India made a counter proposal and wanted the food grain to be shipped to Afghanistan either in Indian or Afghan trucks. The two sides then agreed that wheat would be carried by Afghan trucks and a list of Afghan contractors was shared with Pakistan.

    India had sent a proposal to Pakistan on October 7 seeking the transit facility to send 50,000 tonnes of wheat to the people of Afghanistan via Pakistani soil and it received a positive response from Islamabad on November 24.

    Following the Pakistani response, both sides were in touch to finalise the modalities for the transportation of the shipments.

    The food grains provided by India are expected to help Afghanistan deal with shortages. According to international aid agencies, about 23 million Afghans are in need of urgent support.

    Afghanistan has been under Taliban rule since August 15 last year, when the Afghan hardline militant group ousted the elected government of president Ashraf Ghani and forced him to flee the country and take refuge in the UAE.

    India has not recognised the new regime in Afghanistan and has been pitching for the formation of a truly inclusive government in Kabul, besides insisting that Afghan soil must not be used for any terrorist activities against any country.

  • India, Australia vow to work together for inclusive growth in Indo-Pacific: EAM S Jaishankar

    India and Australia have pledged to work together for building more trusted and resilient supply chains and ensuring broad and inclusive growth in the strategic Indo-Pacific region, External Affairs Minister S Jaishankar said in Melbourne on February 12. Speaking at a joint press conference with his Australian counterpart Marise Payne after their bilateral meeting and attending a crucial meeting of Quad foreign ministers on February 11, Jaishankar said he spoke at length with Payne about regional, multilateral and global issues, besides discussing developments in South Asia, Southeast Asia and in the strategically vital Indo-Pacific region.

    “We shared our experiences responding to the COVID challenge itself, but also in assisting other friendly countries in particular with vaccines, and we have committed ourselves today to building more trusted and resilient supply chains and ensuring broad, inclusive growth in the Indo-Pacific, he said.

    Jaishankar said that as liberal democracies, India and Australia would continue to work towards a rule-based international order, freedom of navigation in international waters, promoting connectivity, growth and security for all while respecting the territorial integrity and sovereignty of all states, in an apparent reference to China, which has been behaving aggressively in the region.

    The ministers also talked about the progression in defence and security cooperation, reflecting the two countries’ growing strategic convergence.

    “Minister Payne and I also have shared concerns about terrorism and extremism. We have serious concerns about continuing cross-border terrorism, and it’s our shared endeavour to deepen counterterrorism cooperation, including in the multilateral forum, he said.

    “I think we’ve had very productive, very useful and very wide-ranging discussions and discussions, in fact, reflect the real profound transformation in our ties, which has happened in this very difficult period, he said.Jaishankar thanked the Australian government for enhancing engagement in the North East Indian Ocean region and on the Maitri scholarship, fellowship and cultural partnership programmes.

  • Alka Mittal becomes first woman to head ONGC as CMD

    Alka Mittal, director of human resources at energy major Oil and Natural Gas Company (ONGC), has been given the additional charge of chairman and managing director, the company announced on January 3.

    With this appointment, Mittal has become the first woman ever to head ONGC as its CMD. She will hold the post for six months or until a regular appointment for the position is announced, whichever is earlier.

    ONGC has not had a full-time chairman and managing director since former chief Shashi Shanker retired on March 31, 2021. Typically, the government select a future CMD at least a few months before the retirement of the incumbent but instead, after Shanker’s retirement, the then senior-most director was given the additional charge. Subhash Kumar, former director (finance) was given the additional charge of the post from April 1, 2021. Kumar too retired end-December, leaving the top position vacant for a couple of days.

    Given that Mittal is currently the senior most on the board of directors, it was speculated that she would be given the CMD’s position but the formal orders came late on January 3.