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  • Speedy clean-up to hit banks’ profits | The Financial Express
    from SDR assets when the 18 month window expires We believe the RBI s recent view of clearing the banking system s bad assets by March 2017 should lead to higher provisions in the near term Deutsche Bank wrote in a recent report If RBI asks banks to improve their coverage ratios by say 70 it would lead to an increase in provisions of 0 5 2 of total advances across banks Private banks would see an increase in credit costs of 40 50bps while PSU banks are under provided and hence would see their credit cost increase by 100 200bps As such analysts estimate a proper clean up could cost the banking sector anywhere between R50 000 60 000 crore in provisions by March 2017 Even as the government has said it is committed to capitalising banks it has promised R70 000 crore in tranches by FY19 in the Indradhanush programme the amount could fall short of the required R1 8 lakh crore to meet Basel III guidelines While some part of the balance can be raised as bonds it s hard to see banks being able to raise capital from the capital market Given the increase in slippages reported by private players like ICICI Bank and Axis Bank for the October December quarter the deterioration in the asset portfolio of state owned banks is expected to be worse Axis Bank reported an increase in gross NPAs to R5 724 crore in Q3FY16 from R4 451 crore in the previous quarter Although both ICICI Bank and Axis Bank have seen a drop in their market values since their Q3 results by 14 and 3 respectively they currently trade at about one to two times their forward book values ICICI Bank s slippages in Q3FY16 nearly trebled to R6 544 q o q two thirds of which was on account of the asset reclassification directive of RBI Total provision stood at R2 844 crore compared to R942 crore in Q2FY16 The lender indicated a similar level of slippages might be seen in the three months to March 2016 In FY15 private banks in aggregate turned more profitable than public lenders in H1FY16 the collective profit of 25 state owned banks fell 20 y o y to R16 615 crore The gross non performing assets at the end of September were R3 1 lakh crore up 30 over September 2014 RBI has assured banks it is trying to identify non recognisable capital such as undervalued assets already on bank balance sheets and could allow some of these to count as capital under Basel norms RBI governor Raghuram Rajan recently said finance minister Arun Jaitley has indicated he will support the public sector banks PSBs with capital infusions as needed In sum we believe enough capital is available the governor observed First Published on February 8 2016 1 43 am Tags Reserve Bank Of India Please Wait while comments are loading More on this story Macro prudential policies may fall short RBI

    Original URL path: http://www.financialexpress.com/article/industry/banking-finance/speedy-clean-up-to-hit-banks-profits/208589/ (2016-02-07)
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  • PDS all set to reap digital dividend | The Financial Express
    devices According to sources Andhra Pradesh would save around R800 crore annually through steps like putting ePOS devices in its 28 000 odd public distribution system PDS outlets and seeding ration cards with Aadhaar numbers The objective of ePOS of course is to ensure that only genuine cardholders or his or her family members whose names are mentioned in the ration card can buy the subsidised commodities When the ration is taken the ePOS device captures the buyer s biometrics which is verified online with the Aadhaar database The device helps record all FPSs transactions electronically which enables real time accounts of opening stock daily sales and closing stock In turn this would facilitate monthly allotment of stocks to the FPSs based on the stock position and also facilitate monitoring and detection of fraudulent transactions However there is still a long way to go on this front as only 13 of the 5 3 lakh fair price shops FPSS in the country have installed ePOS devices so far The sources said the entire supply chain from the Food Corporation of India FCI to mandal levels in Andhra Pradesh has been completely linked Gujarat which has also completed the installation of ePOS device at most of its 17 000 PDS outlets is lagging in the seeding of digitised ration cards with Aadhaar Andhra Pradesh s achievement assumes significance given that the Centre has been seeking the state s cooperation in implementing the DBT scheme for kerosene and fertilisers Though the roll out of the National Food Security Act was deferred a couple of times all states with the exception of Tamil Nadu would implement the mega food security legislation by April 2016 First Published on February 8 2016 1 32 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea Know the top 10 richest clubs Earthquake in Taiwan Magnitude 6 4 quake kills 14 over 100 missing scores

    Original URL path: http://www.financialexpress.com/article/economy/pds-all-set-to-reap-digital-dividend/208587/ (2016-02-07)
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  • NHAI plans to borrow over Rs 1 lakh cr in next 2 fiscal years | The Financial Express
    tapped this fiscal Borrowings apart NHAI s major source of funds is the the highway cess the proceeds from which would go up from R9 566 crore in 2014 15 to R22 920 crore in the current fiscal and further to R24 107 crore in 2016 17 and R25 356 crore in 2017 18 It also hopes to plough back tolls collected from projects to the tune of R6 500 crore in the current fiscal R7 475 crore in 2015 16 and R8 596 crore in 2017 18 for building new highways During 2014 15 it had deployed R5 448 crore from toll revenue to fund new projects We have a lot of work to do in the days to come In the next two fiscal years we plan to award 5 000 km road projects annually There are many two lane highways to be converted into four lane ones There are several works in the progress as well NHAI chairman Raghav Chandra told FE NHAI expects its land acquisition costs to be R31 090 crore in the current fiscal up from R9 098 crore in the last fiscal This is set to increase to R38 912 crore in 2016 17 but is projected to decline to R15 637 crore in 2017 18 The civil construction cost is set to go up from R8 223 crore in 2014 15 to R26 285 crore in the current fiscal and further to R38 109 crore in 2016 17 and R40 017 crore in 2017 18 In sync with the increase in borrowings the NHAI has also estimated that its debt servicing and annuity payments obligations would escalate from R11 795 crore in the current fiscal to R17 203 crore in 2016 17 and R22 806 crore in 2017 18 NHAI s project awards had been at a lackadaisical pace in the past four years mainly because of the poor response from developers for the BOT projects Even though awards were higher in three years since 2009 10 most projects haven t taken off First Published on February 8 2016 1 21 am Tags NHAI Please Wait while comments are loading More on this story HUDCO s tax free bonds receive good response on first day Road awards hit a speed bump No solution yet for stuck road projects Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016

    Original URL path: http://www.financialexpress.com/article/economy/nhai-plans-to-borrow-over-rs-1-lakh-cr-in-next-2-fiscal-years/208585/ (2016-02-07)
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  • The Silver Realty Market: Opportunities arise as India gets older | The Financial Express
    by National Family Health Survey in 2005 06 NFHS 3 every three out of five households about 63 per cent in India are nuclear Increasing life expectancy decreasing fertility rate lower mortality rates and an overall enhancement of the standard of living across the world has contributed to people living longer than ever before In 2008 as per the National Institute of Aging USA it was estimated that the senior population above 60 years of age in the world was 506 million The population of seniors across the world is projected to become 1 3 billion by 2040 This increase in population in the segment will bring with it unique socio demographic situations which have not been experienced by society at large For the first time in human history in 2021 the total number of seniors will be greater than the number of kids below 5 years of age While developed nations will still have a large number of seniors the rate of growth in senior population in developing nations will be double that of developed nations The 80 plus age segment is actually the fastest growing segment amongst population cohorts in several nations China and India are projected to have almost 50 per cent of the 1 3 billion worldwide seniors by 2040 Seniors need specialised housing catering to their needs What started in early 19th century in the USA to cater to housing for seniors mainly through the interventions of religious groups and charitable bodies is now recognised in the USA as a prominent asset class Senior housing is a 60 billion industry worldwide In USA alone there are over 5 20 000 senior housing units with over 16 000 units under construction While the sector commands large numbers it is also important to get a sense that only about 12 per cent of seniors in the USA live in formal senior living projects Compare to this Australia has 4 per cent as seniors living in such projects In contrast to senior living in the west the concept of housing for seniors as a specific asset class in India continues to have social stigma associated with it which has restricted the growth of the sector at large There is however now a growing realisation amongst urban households who in the last 20 25 years have witnessed a marked increase in nuclear families that families are no longer equipped to take care of their aged family members In this changing social environment concepts such contemporary retirement resorts are becoming acceptable and popular While this has prompted developers to come up with projects targeting the independent seniors the country is yet to see an integrated continuing care retirement communities catering to end to end needs of senior citizens First Published on February 7 2016 11 34 pm Tags Real Estate Please Wait while comments are loading More on this story Housing sale down 4 in 8 cities in 2015 6 9L units unsold Real estate Higher unsold inventory fewer residential

    Original URL path: http://www.financialexpress.com/article/economy/the-silver-realty-market-opportunities-arise-as-india-gets-older/208547/ (2016-02-07)
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  • Maharashtra rent control act: Solution pending | The Financial Express
    and the party s ally Shiv Sena the government quickly changed stance saying it had no intentions of amending the Rent Control Act But the tenants are now demanding conversion of their tenancies to ownerships Politically the tenants body is crucial for all the major parties Areas like Girgaum Lalbaug Parel and Dadar having a number of small and mid sized tenanted properties have been Shiv Sena bastions Entrepreneurs from South Mumbai a number of who operate out of rented units are BJP voters The Congress too draws support from areas like Colaba Mumbadevi and Byculla which have a large number of rented buildings Laxmikant Biyani a tenant in Sonawala Building on Marine Drive said I don t remember any issue in the past many years where all political parties have struck the same chord It is clear The parties that support the tenants movement will get votes He added the landlords are very few with several owning about 700 800 houses each Dilution of the Rent Control Act against tenants will render several lakh people homeless and benefit a handful of landlords We are not against landlords We just want the government to find a solution that will benefit tenants while compensating landlords he added Premal Lokhandwala an affected tenant who lives in Kapur Mahal on Marine Drive said they are even ready to pay for conversion of their tenancy into ownerships but not at the prevailing market rates The market rates for our houses will be Rs 8 10 crore which is unreasonable The landlord had originally constructed the building for Rs 2 5 lakh My grandfather s salary was Rs 1 200 and he started living here for Rs 250 But we want to inform the government that we are not simply occupants Other than the rent my monthly costs are Rs 10 000 We have been taking the onus of all charges taxes water bills electricity parking security maintenance he said Landlords meanwhile are fighting two cases in the Supreme Court against the state government with regards to rent and ownership under the Rent Control Act with both cases underway for nearly 20 years now Moreover with all parties supporting tenants rights landlords feel alienated with their interests hurt due to political factors BR Bhattad executive president of Property Owners Association said They are simply politicising the issue for municipal elections in February 2017 But they are forgetting that property owners association is also a body of all landlords from different religions and communities We are the people who are a part and parcel of Mumbai s development We created housing in the city and created a rental market The association recently submitted a memorandum to the state government supporting its earlier move of amending the Rent Control Act and also pushing for a more effective policy to aid landlords in swift redevelopment of their older properties Affected population As per official figures from the state housing department 23 16 lakh tenanted homes mostly in island

    Original URL path: http://www.financialexpress.com/article/economy/maharashtra-rent-control-act-solution-pending/208516/ (2016-02-07)
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  • Discussions with government on MPC over: Raghuram Rajan | The Financial Express
    to discuss this outside Parliament with due respect for parliamentary procedures He however reiterated that all the discussions surrounding issues that have generated a lot of speculation are over As far as the discussion of the details goes I think we are all on board he clarified In a recent speech Rajan had said the central bank is looking forward to the amendments to the RBI Act before the migration to the inflation targeting framework We have absolutely no intent of departing from the inflation framework that has been agreed with the government We look forward to the government amending the RBI Act to usher in the monetary policy committee further strengthening the framework Rajan had said The representation of nominees from the government as well as RBI in the committee which will set the rates has been an issue of intense speculation after Rajan said in August that he does not want the veto on rates to be with the governor RBI believes that institutionalising the process of monetary policy formulation is vital given that the government has given RBI a clear inflation objective Rajan had said earlier hinting that he is completely fine with not having the veto power If we continue to retain the veto it does not change the situation it maintains the status quo he said referring to the current practice where the governor can overrule the advice of the technical advisory committee RBI joined a growing list of central banks in the world with inflation targeting as an explicit objective by signing an agreement with the government last February The agreement was signed after a committee headed by Deputy Governor Urjit Patel recommended a shift to this practice First Published on February 7 2016 4 56 pm Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea Know the top 10 richest clubs Earthquake in Taiwan Magnitude 6 4 quake kills 14 over

    Original URL path: http://www.financialexpress.com/article/industry/banking-finance/discussions-with-government-on-mpc-over-raghuram-rajan/208483/ (2016-02-07)
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  • Air our cars suck in Delhi dirtier than what they emit: Jaguar Land Rover | The Financial Express
    measure has to be taken including banning of old cars and controlling other sources of pollution and not just come up with a single solution exactly with wrong advice and wrong technology Expressing disappointment at the Supreme Court order Speth said I am an engineer It the order has nothing to with market and nothing to do with anything What triggered such a decision from a technology point of view From a technological point of view this kind of decision is unreasonable To overcome the ban JLR is looking at bringing in more petrol variants of its different models The company is already selling petrol variants of the Jaguar XJ Range Rover Sport It has also launched two petrol variants of the new Jaguar XE First Published on February 7 2016 4 13 pm Tags Jaguar Land Rover Please Wait while comments are loading More on this story Tata s JLR becomes UK s largest car maker Tata Motors global sales witness a 7 pct rise in December Tata Motors Jaguar Land Rover breaks global sales record Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil

    Original URL path: http://www.financialexpress.com/article/industry/companies/air-our-cars-suck-in-delhi-dirtier-than-what-they-emit-jaguar-land-rover/208477/ (2016-02-07)
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  • Maruti Suzuki India begins Baleno shipments to Japan; launch slated for March | The Financial Express
    the development of Baleno which is being manufactured at the company s Manesar plant Recently around 200 dealers from Japan visited the Manesar plant to closely look at the manufacturing process of the product In the domestic market the car has been well accepted and currently the company has over 80 000 bookings for the model It competes with the likes of Hyundai i20 Honda Jazz and Volkswagen Polo and is sold through the company s new premium network of showrooms Nexa First Published on February 7 2016 3 08 pm Tags Maruti Suzuki Maruti Suzuki Baleno Please Wait while comments are loading More on this story Buy rating on Maruti Suzuki Q3 results Bad miss New Maruti Baleno RS Concept and S Cross limited edition Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis crossover concept makes India debut Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections

    Original URL path: http://www.financialexpress.com/article/industry/automobiles/maruti-suzuki-india-begins-baleno-shipments-to-japan-launch-slated-for-march/208472/ (2016-02-07)
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