Today's News in Media - 19--8-2016

[Ftapcci Hyd]

Dear all,

BANKING

FinMin confident of speedy solution to bad loan problem
The Finance Ministry is quite confident that the latest changes to the SARFAESI and other debt recovery laws would support banks and financial institutions in taking recovery actions, speed up NPA resolution and improve the quality of assets in the banking system.While cautioning that the latest legislative changes should not be seen as a “magic wand” or “doing wonders” overnight to resolving banking industry’s problems, the Ministry feels it would definitely facilitate improvements to the recovery regime.
http://www.thehindubusinessline.com/todays-paper/finmin-confident-of-speedy-solution-to-bad-loan-problem/article9004600.ece

SBI merger: Share swap aims to please
To win over the small shareholders opposing its proposed merger with six public sector banks, State Bank of India (SBI) on Thursday announced a share swap scheme that gives investors more value for their holdings.According to the plan approved by the board of India’s largest lender, investors in State Bank of Bikaner and Jaipur (SBBJ) holding 10 shares will get 28 shares of SBI.Investors in State Bank of Mysore (SBM) and State Bank of Travancore (SBT) holding 10 shares will get 22 SBI shares each.
http://www.thehindubusinessline.com/todays-paper/sbi-merger-share-swap-aims-to-please/article9004597.ece

India Post Payments Bank gets RoC nod
The India Post Payments Bank has received the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs, making it the first public sector unit under the Department of Posts (DoP).With the incorporation, the board of the India Post Payments Bank (IPPB) is likely to be constituted soon, the DoP said.“The incorporation of IPPB Ltd is a significant step forward as this also paves the way for it to begin hiring professionals to set up the bank and start its operations in 2017,” it said.The Department is expected to complete the roll-out of its branches throughout the country by September 2017. This could be the fastest roll-out of a bank anywhere in the world, it said.The Cabinet, on June 1, had cleared the proposal to set up the India Post Payments Bank with a corpus of Rs. 800 crore and 650 branches.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/india-post-payments-bank-gets-roc-nod/article9004580.ece

ICICI Bank unveils new ‘smart keys’ mobile app
To make mobile payments easier, ICICI Bank has launched a payment service using a smartphone keyboard named ‘iMobile SmartKeys’.Users will be able to make quick and secure payments on any mobile application, including chat, messenger, email, games or search browser, without having to exit their current application on their smartphone.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/icici-bank-unveils-new-smart-keys-mobile-app/article9004581.ece

SBI, associates merger scheme may bring little cheer for investors
The merger of State Bank of India with its five associates and Bharatiya Mahila Bank went a step further as the board of SBI approved the merger, detailing out the swap ratios for each of the banks.While the post-merger synergies have been discussed at length, for investors, the merger meant a possible boost to valuations of associate banks — SBBJ, SBM and SBT.This is because, at the time of the merger announcement three months back, the associate banks traded at about 0.4-0.5 times price to book (trailing 12-month) while SBI traded at a premium at about 0.8 times.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/sbi-associates-merger-scheme-may-bring-little-cheer-for-investors/article9004579.ece

Paying for performance
Reserve Bank of India Governor Raghuram Rajan’s comments on the pay structure in public sector banks at a recent banking conference are spot on and timely too. Rajan argued for better pay packets for top public sector bankers as part of a number of reforms needed in the banking sector. Rajan’s observation — that PSBs pay too much at the bottom and too little at the top — is borne out by the numbers. At the top, the gulf in pay between private sector bank chiefs and their public sector counterparts is yawning — the heads of the top three banks in the private sector draw around Rs. 20 crore between them per annum, which is twice what all the 26 PSB chiefs put together make. There is clearly more than just an anomaly here and it is not about the concept of equal pay for equal work. Compensation packages for the top brass must be commensurate with the experience and expertise they bring, and the kind of role and responsibilities they undertake. It must also be appreciated that banks are commercial entities and this means the top bankers have to take risks — with no guaranteed success —and frequently run the risk of failure. The idea of reward for risk-taking is alien to bureaucrats who by instinct and training are risk averse.
http://www.thehindubusinessline.com/todays-paper/tp-opinion/paying-for-performance/article9004641.ece

STEEL

Dumping duty on cold-rolled steel extended
Less than a fortnight after the anti-dumping duty on hot-rolled flat steel products was imposed, the Finance Ministry has extended a similar levy on another grade of steel — cold-rolled flat products. Continuing its protectionist approach towards the domestic steel industry, the Centre has imposed provisional anti-dumping duty on cold-rolled flat products of steel imported from China, South Korea, Japan and Ukraine, for six months.
http://www.thehindubusinessline.com/todays-paper/dumping-duty-on-coldrolled-steel-extended/article9004594.ece

INFORMATION TECHNOLOGY

BSNL, Microsoft to offer end-to-end solutions for enterprise customers
State-owned firm Bharat Sanchar Nigam Ltd and technology giant Microsoft signed a memorandum of understanding on Thursday wherein the latter will provide complete set of telecom and information technology solutions for enterprise business. BSNL has a large share in landline network including leased line connectivity to various enterprises.Enterprise customers including government organisations need end-to-end solutions that also involve many allied services in the field of IT/software as a service/ cloud computing/ servers/ transducers/ audio video solutions, it said.
http://www.thehindubusinessline.com/todays-paper/tp-info-tech/bsnl-microsoft-to-offer-endtoend-solutions-for-enterprise-customers/article9004603.ece

FAQs

FinMin issues fifth set of FAQs on Income Declaration Scheme
The Finance Ministry has come out with the fifth set of frequently asked questions providing clarifications for the Income Declaration Scheme on Thursday.The FAQs provide clarification that fictitious liabilities in an audited balance-sheet can be disclosed under the scheme without linking it to the investment in any specific asset. Further, income declared under the scheme for an earlier assessment year can be taken into account to explain related transactions.Adverse action will not be taken against the declarant by the Financial Intelligence Unit solely on the basis of cash deposits made in banks consequent to declarations made under the scheme.Finally, the period of holding of assets declared under the scheme will be taken on the basis of actual date of acquisition of the asset and not June 1, 2016, as was clarified earlier.
http://www.thehindubusinessline.com/todays-paper/tp-news/finmin-issues-fifth-set-of-faqs-on-income-declaration-scheme/article9004618.ece

GST

Special Assembly session on GST
A special one-day session of the Telangana Assembly is likely to be held sometime this month to ratify the Constitution Amendment Bill for Goods and Services Tax as half of the State Assemblies in the country have to ratify the amendment before the legislation which was passed by both the Houses of Parliament.Assam, Bihar and Jharkhand have already ratified the Bill and some other States were in the process of convening special sessions of their respective Assemblies to complete the formalities.An indication that Telangana will also have a special session to discuss the legislation was given by Information Technology Minister K.T. Rama Rao in an interview to a TV channel on Thursday. The Assembly will have to debate the finer nuances of the Bill before ratifying it.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/special-assembly-session-on-gst/article9005839.ece

Officials meet industry representatives on GST
With the recent passage of the GST Constitutional Amendment Bill in Parliament, the Centre is working on mission mode to ensure the rollout of the Goods and Services Tax by its self-imposed target of April 1, 2017.These efforts include holding meetings with industry representatives to address their concerns and apprise them of the new rules.Towards this, Revenue Secretary Hasmukh Adhia, along with senior officials of the Department of Revenue and Central Board of Excise and Customs (CBEC), began a three-day session from Wednesday comprising meetings with various industry representatives.Mr.Adhia held meetings with representatives of the IT and ITES and transport sectors on Wednesday, and representatives of e-commerce and communications sectors on Thursday.“The interactive sessions underline the endeavour of the Government in order to understand and address the apprehensions and concerns of the various stakeholders about GST and also provide a platform for business to express their views on important aspects of GST,” according to a release from the government .“The outcome of the interactions has been very fruitful and productive so far and will help the Government to fine tune and improve the GST law,” the release added. “More such sessions with trade and industry stakeholders are also being planned in near future.”
http://www.thehindu.com/todays-paper/tp-business/officials-meet-industry-representatives-on-gst/article9005171.ece

FPIs

Panel suggests corporate bond index, easier norms for FPIs
With an aim to develop corporate bond market in India, an expert panel today suggested easing of norms for foreign investors, a corporate bond index on the lines of Sensex or Nifty, and making it mandatory for large corporates to tap this market for funds beyond a threshold.The panel, comprising nominees from Reserve Bank, Finance Ministry, markets watchdog SEBI as also insurance and pension regulators IRDAI and PFRDA, also wanted tightening of norms for credit rating agencies by mandating them to strictly adhere to timely public disclosure of defaults.
http://www.thehindu.com/todays-paper/tp-business/panel-suggests-corporate-bond-index-easier-norms-for-fpis/article9005167.ece

INVESTMENT

Chinese firm to invest in Uttam Group ’s project
Uttam Group has signed an investment agreement of up to $150 million with Chinese firm Tidfore Heavy Equipment Group Co Ltd. The investment will be in the form of equity for Uttam Group’s Wardha Expansion Project undertaken in conjunction with POSCO. The pact was inked in the presence of Sun Yin Sheng, Secretary, Hunan State and senior officials from steel giant POSCO and SBI, according to a statement.
http://www.thehindu.com/todays-paper/tp-business/chinese-firm-to-invest-in-uttam-group-s-project/article9005177.ece

STATE

Centre offers special assistance of Rs. 1,976 cr to AP
The Centre has announced its decision to give special assistance of Rs.1,976.50 crore to Andhra Pradesh during 2016-17.This is part of its commitment to the people and to compensate the financial impact of the bifurcation of the State of Andhra Pradesh.The amount includes Rs. 1,176.50 for resource gap, Rs. 350 crore for the development of 7 backward districts covering Rayalaseema and North Coastal region and Rs. 450 crore as assistance for the capital city of Amaravati.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/centre-offers-special-assistance-of-rs-1976-cr-to-ap/article9004632.ece

Telenor unveils 4G pilot in Warangal
Subscribers will now experience high-speed wireless mobile internet on the company’s advance network, Shrinath Kotian, Circle Business Head – Andhra Pradesh and Telangana, has said.The Warangal pilot follows those in Varanasi, Visakhapatnam, Amaravati, Agra, Lucknow, Ranchi, Vijayawada, Tenali, Eluru, Bhimavaram and Dhanbad.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/telenor-unveils-4g-pilot-in-warangal/article9004634.ece

‘Bangalore World Trade Centre is a city in itself’
World Trade Centre buildings across the globe are seen as iconic structures which are home to some of the top multinational companies. In Bengaluru, the world’s largest e-commerce company Amazon and power equipment major ABB have their India headquarters at WTC.In an interview with BusinessLine , Scott D Ferguson, chief executive officer of the not-for-profit, non-political association World Trade Centres Association, who was recently in India to review licences in India, shares the organisation’s plans for the country.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/bangalore-world-trade-centre-is-a-city-in-itself/article9004654.ece

CM keen on industrial corridor in Hamsaladeevi area
Chief Minister N. Chandrababu Naidu on Thursday confirmed that the State government is planning to set up an industrial corridor in the district, covering the Krishna Wildlife Sanctuary (KWS). The sanctuary is home to endangered species of the ‘Fishing Cat.’Addressing the gathering after offering special puja here, Mr. Naidu said: “We will request to the Central government to allow industrial activity in the sanctuary area.”
http://www.thehindu.com/todays-paper/cm-keen-on-industrial-corridor-in-hamsaladeevi-area/article9005376.ece

Cauvery: CM writes to PM; T.N. to move apex court
There are signs of the Cauvery water sharing becoming contentious again, with Tamil Nadu Chief Minister Jayalalithaa on Thursday announcing in the Assembly that she had ordered filing of an interim petition in the Supreme Court on Karnataka’s decision not to release Cauvery water as per the tribunal award.Meanwhile, on the very day, Chief Minister Siddaramaiah wrote to Prime Minister Narendra Modi describing the dire water crisis in the State’s reservoirs following deficient rainfall, particularly in Cauvery and Krishna basin areas. With lower than expected rainfall, Karnataka has announced that it will not be able to release water for crops such as paddy and sugarcane in the Cauvery basin districts.
http://www.thehindu.com/todays-paper/cauvery-cm-writes-to-pm-tn-to-move-apex-court/article9005396.ece

Proposals for new districts in Telangana throw up surprises
The late night announcement of proposals by the State government on Wednesday to form 17 new districts has thrown up quite a few surprises that did not go down well with the local population.The sharpest criticism was reserved for Hanamkonda as a district, but a participant in the meeting chaired by Chief Minister K. Chandrasekhar Rao before the release of the list said the town will retain its character as either the Municipal Corporation, Police Commissionerate or the Kakatiya Urban Development Authority limits will change. Three mandals each from Huzurabad and Station Ghanpur Assembly constituencies, two from Husnabad and Narmetta, Hasanparthy and Palakurthi mandals elsewhere in Warangal district will add to make the district.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/proposals-for-new-districts-throw-up-surprises/article9005841.ece

Hanamkonda district comes as a surprise
The draft report on reorganisation of districts has come a cropper as Hanamkonda, which was never in the reckoning as a separate district, has made it to the list.Against the popular belief that Warangal would be reorganised into three districts, the Cabinet Sub-Committee also found favour with Hanamkonda being made another district. If the proposal gets approved, Warangal would be divided into four districts – Warangal, Hanamkonda, Mahabubabad and Bhupalpalli. However, it was sure to invite large scale protests as Jangaon and Mulug are left out, though people there demanded to give these two regions the district status.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/hanamkonda-district-comes-as-a-surprise/article9006282.ece

Gadkari unhappy over air, water pollution in city
Union Minister for Shipping, Road Transport and Highways Nitin Gadkari on Thursday expressed concern over water and air pollution in the city and directed Visakhapatnam Port Trust and Greater Visakhapatnam Municipal Corporation to take immediate steps to control it.After visit of various facilities during launching of certain developmental projects and a stakeholders’ meeting, Mr. Gadkari said VPT should appoint a consultant to take steps on a war-footing to check pollution due to handling of dusty cargo.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/gadkari-unhappy-over-air-water-pollution-in-city/article9006429.ece

Gadkari announces Rs. 8,400 cr. to State under Sagarmala
Union Minister for Shipping, Road Transport, and Highways Nitin Gadkari on Thursday announced allocation of Rs.8,400 crore to Andhra Pradesh under the Sagarmala project.After a whirlwind tour of projects being undertaken by the Visakhapatnam Port Trust and a meeting with the stakeholders, he told reporters that A.P. would be accorded top priority in encouraging port-led development and improvement in connectivity.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/gadkari-announces-rs-8400-cr-to-state-under-sagarmala/article9005378.ece

Gadkari all praise for Visakhapatnam port solar initiative
Union Minister for Road Transport, Highways, and Shipping Nitin Gadkari on Thursday lauded the initiative of the Visakhapatnam Port Trust to become the first major port to commission a solar power plant as per the focus areas identified by the Ministry of Shipping.Immediately after his arrival here by a special aircraft, Mr. Gadkari inaugurated the solar power plant set up by the port near Visakhapatnam International Airport. He patted Visakhapatnam Port Chairman M.T. Krishna Babu and his team for commissioning the plant on a fast-track basis.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/gadkari-all-praise-for-visakhapatnam-port-solar-initiative/article9006390.ece

Centre unveils Internet portal for online tracking of mines
The Ministry of Mines unveiled a web portal for the easy access to information regarding the mining sector in India, including a framework for rating mines.“The Ministry, through the Indian Bureau of Mines, has developed a template for the star rating of mines,” Mines Secretary Balvinder Kumar said at the launch function. “The web portal will have all the ratings of the mines and will also have information of the Sustainable Development Framework (SDF) for the mining sector.”
http://www.thehindu.com/todays-paper/tp-business/centre-unveils-internet-portal-for-online-tracking-of-mines/article9005164.ece

Russia keen to tap India as global aeronautics manufacturing base
Russia is ready to tap India as a global aeronautics manufacturing base and is willing to partner local firms in developing their technological and production capabilities in the aviation sector, an official representing a delegation from the country said during bilateral talks held here.India, on its part, expressed eagerness to jointly develop iron ore and coal mines in Russian territory and sought technical inputs on producing high-grade cold-rolled, grain-oriented steel, typically used in power transmission equipment.
http://www.thehindu.com/todays-paper/tp-business/russia-keen-to-tap-india-as-global-aeronautics-manufacturing-base/article9005179.ece

Centre imposes $380 million additional penalty on RIL
Government has slapped an additional penalty of $380 million (around Rs.2,500 crore) on Reliance Industries and its partners for producing less than targeted natural gas from eastern offshore KG-D6 fields.With this, the total penalty, which is in form of disallowing recovery of cost incurred, for missing the target in five fiscal years beginning April 1, 2010, now stands at a cumulative $2.76 billion.The Production Sharing Contract (PSC) allows RIL and its partners BP Plc of the U.K. and Canada’s Niko Resources to deduct all capital and operating expenses from the sale of gas before sharing profit with the government. Disallowing costs will result in government’s profit share rising.
http://www.thehindu.com/todays-paper/tp-business/centre-imposes-380-million-additional-penalty-on-ril/article9005169.ece

Bank unions decide to join national strike on September 2 
Nearly 5 lakh bank union workers and officers are set to join the strike called by trade unions on September 2 to protest against what they call anti-people policies of the Modi government and labour reforms. "There have been increasing attacks in the banking industry and the government has been taking steps which are anti-people. It's attempting to privatise state-run banks and merge associate banks with State Bank of India. It is also looting the public money in the name of bad lo .. 
http://economictimes.indiatimes.com/articleshow/53757645.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Sakshi takes bronze, Sindhu in the hunt for gold
India’s women power came to the fore in the Rio Olympics as P.V. Sindhu entered the final of the badminton tournament with a 21-19, 21-14 victory over the higher-ranked Nozomi Okuhara of Japan at the Riocentro Pavilion on Thursday.After an intense battle in which the short-built Japanese brought the best out of the tall Indian, Sindhu accelerated to the finish, producing some superb winners and racing away with the last 11 points.
http://www.thehindu.com/todays-paper/sakshi-takes-bronze-sindhu-in-the-hunt-for-gold/article9005448.ece

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R. KULKARNI
Joint Director