DAILY SUMMARY AND ANALYSIS OF hat conidence n The billionsire Mr Bentusconl whe boastad earlier yetealay that markets trast hitm because he sa tyeiont, told trowth nade in New withtheonwetct igitot 2'N D SEPTEMBER 2 17 AMIT BAGHE
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Sept 2, 2017 NEWS Centre tells PSBs to begin merger process The Centre late dashed off a letter to public sector banks asking them to start the merger process immediately and their respective boards to take up the issue. . Approval requirement of Competition Commission to expedite mergers among PSBs had been done away with . The government cited the Narasimham committee report and highlighted the need for large-sized bank that could fund the huge infrastructure need of the country. Report recommended a three tier banking structure in India through establishment of three large banks with international presence, eight to ten national banks and a large number of regional and local banks. .According to the framework, once the board approves the merger plan, it has to be sent to the 'alternative mechanism' approved by the Union Cabinet. Banks have also been asked to seek the banking regulator's view regarding their proposal. Current situation The move comes at a time when banks, mainly public sector that controls 70% of the market, are reeling under the pressure of asset quality which has depleted capital. -Gross non-performing asset ratio in the banking system was 9.6% and stressed asset ratio at 12%, as on March end.
contd.. The Stressed assets NPAsRestructured loans +Written Off Assets . All the NPAs are part of stressed assets. Stressed assets are super set while NPAs are subset. . NPA alone doesn't tell the whole story of bad asset quality of loans given by banks. Some of the loans are restructured by banks by giving a further opportunity to the borrower if they default Significance of PSB meters . This, in turn, will help NPA burdened PSBs stand up to competition from global banks, which will eventually have to be allowed to enter India, either as part of a WTO deal on services, or as part of a bilateral or regional free trade pact. . This process will enable PSBs to raise private capital from the market, and not rely on government largesse. Precaution . The Government has to be vigilant during the consolidation process, so as to not merge a weak bank with a larger one in a manner which would adversely impact the profitability of the latter. Further, we need to ensure that the creation of bigger players should not adversely impact service delivery, especially to MSMEs and micro customers.
Sept 2, 2017 NEWS SC to hear Rohingya plea for help The Supreme Court agreed to hear an urgent plea made by two Rohingya Muslim immigrants against the government's proposed move to deport their 40,000-strong refugee community back to their native Myanmar, where discrimination and possibly summary executions await them. Petitioner's side . Petitioner's advocate said the Centre's move to deport them violated the constitutional guarantee that the Indian state should "protect the life and liberty of every human being, whether citizen or not." . The proposed deportation is contrary to the constitutional protections of Article 14 (equality), Article 21 (right to life) and Article 51(c) (respect for international law and treaty obligations) of the Constitution . Recently, the National Human Rights Commission issued notice to the government on the proposed deportation plan.
contd.. Children of refugees will get UNHCR cards in Bengal . The West Bengal government will distribute identity cards issued by the United Nations High Commissioner for Refugees (UNHCR) to Rohigya children lodged in the juvenile justice homes of the State. . The UNHCR says some 16,500 Rohingya from Myanmar are registered with it in India. . While there are no fixed settlement of Rohingyas in West Bengal, most of them are in prisons. The data available for the period till August 2015 show that 83 Rohingyas, including women and children, are lodged in prisons and 27 had completed their term. Significance of UNHCR Card . The government issues long-term visas to refugees which ease their access to public services and . Because of some recent changes to the documentation processes, some refugees have reportedly been . It is important for refugees to have access to employment and basic services. Therefore, refugee cards help employment in the private sector. facing challenges in accessing public services and opening bank accounts. in facilitating their access to these services.
Sept 2, 2017 NEWS Concern in Colombo over delay in Indian projects . New Delhi appreciated the domestic political challenges facing Sri Lankan government, we urged Colombo to expedite decision-making on Indian projects POINT PEDRO O MAJOR PORTS Background MNOR PORTS . Sri Lanka's offered India port development to balance out China as decision to jointly develop the Trincomalee port with India is being seen as a good sign by the government and independent strategic affairs experts THE PORT OF TRINCOMALEE India's plans to invest in a strategic port in Sri Lanka as a counterbalance to China's massive infrastructure investments in Sri Lanka COLOMBO India's concern OLUVIL China's military power in the Indian Ocean, posing a threat to its national security Apart from port of Colombo and Hambantota ,Sri Lanka has now allowed China to further expand the Mattala airport. THE PORT OF GALLE THE PORT OF HAMBANTOTA
Sept 2, 2017 NEWS Adani, SAAB tie up to build fighter jets . The Indian Air Force (IAF) gears up to issue a India's growth will rebound to 7%-7.5% The new Vice-Chairman of NITI Aayog Rajiv Kumar said he was confident that India's growth would rebound to 7%-75% in the current quarter after declining for five consecutive quarters multibillion dollar tender for over a 100 single engine fighter jets, the Adani group announced a collaboration with Swedish defence major SAAB to manufacture Gripen fighter jets in India, if selected. Sweetening the offer on the Gripen, SAAB would do complete technology transfer including the "source codes" to India. Possible benifits . He also categorically dismissed any link between the slowdown in growth and demonetisation. Reasons Re-stocking has started, there is more clarity on the GST and there is prediction for a good monsoon . This is changing already as a large number of IPOs . The partnership in aerospace and defence sectors will help establish new production lines in India, generate employment and build sustainable skills. are now lined up, it has been because there has been a demand deflation. There are excess capacities in the system and a large number of corporate houses are stuck with weak balance sheets.
Sept 2, 2017 NEWS Switzerland for early India-EFTA pact . India and the European Free Trade Association (EFTA) are WORLD planning to shortly conclude their long pending negotiations on FTA. So far, 16 rounds of negotiations have taken place, talks for which started in 2008. Switzerland side ICELAND . The early conclusion of the proposed Free Trade Agreement(FTA) UECMIENSIEIN Investment protection framework to be the base cooperation Data security issues formally announced by the United Nations 2006, multi- , . issue of intellectual property rights (IPR) stakeholder forum India side INDIAN OCEAN Greater participation at the Internet Governance Forum (IGF) to be held in Geneva in December. . India-EFTA trade fell to $19 bilin 2016-17 from $21.5 billion in 2015-16. The trade balance was in favour of EFTA members.
Sept 2, 2017 NEWS Kenya's presidential vote annulled . Kenya's Supreme Court nullified President Uhuru Kenyatta's election win citing irregularities and ordered a new poll within 60 days, a rare move in Africa where judicial power is often seen as an extension of government. Kenya, a trade gateway to East Africa, has a history of disputed votes. India - kenya relation Earlier India has announced a $100 million Line of Credit to Kenya for agricultural mechanisation. The Horn of Africa Sudan Dijibouti Ethiopia Kenya Rwanda Burundi Tanzania Count-ies making up tha Horn of Africa . The two sides has full range of bilateral relationship encouraging industry and business in both countries to take lead in exploiting opportunities in healthcare, tourism, information technology, agriculture, blue economy and energy
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