US woman, who allegedly led all-female ISIS battalion in Syria, charged with planning attacks

Monday January 31, 2022

An American woman who allegedly led an all-female Islamic State battalion in Syria has been charged with providing material support to a foreign terrorist group, the US Ju Read More..

IMF advises El Salvador to drop Bitcoin as legal tender

Monday January 31, 2022

The International Monetary Fund on January 28, 2022, has said that the El Salvador should dissolve the $150 million trust fund it created when it made the cr Read More..

Bad bank to buy Rs 50,000 crore NPAs in first phase

Monday January 31, 2022

Nearly a year after Finance Minister Nirmala Sitharaman announced it in the 2021 Budget, India’s first bad bank is set to go live. All regulatory approvals have been secured to set up the National Asset Reconstruction Company (NARCL) and India Debt Resolution Compa Read More..

Bad bank to buy Rs 50,000 crore NPAs in first phase

Nearly a year after Finance Minister Nirmala Sitharaman announced it in the 2021 Budget, India’s first bad bank is set to go live. All regulatory approvals have been secured to set up the National Asset Reconstruction Company (NARCL) and India Debt Resolution Company (IDRCL)

SBI is one of the stakeholders in the bad bank. The announcement comes days before the 2022 Budget.

The bad bank has two legs — NARCL to identify, aggregate and acquire stressed assets from lenders, and IDRCL to handle the debt-resolution.

A total of 38 accounts worth Rs 82,845 crore have so far been identified for transfer to NARCL in a phased manner. In the first phase, banks will transfer 15 non-performing accounts aggregating Rs 50,000 crore to NARCL. This will be done within the current financial year, which ends on March 31. NARCL will transfer these bad loans to IDRCL, which will then scout for domestic or international buyers in an attempt to resolve them.

NARCL will try to acquire assets on a 15:85 cash and security receipts (SRs) ratio. It means the lenders will receive 15% upfront cash payment and the remaining in the form of SRs guaranteed by the Government of India for their face value.

The guarantee is for Rs 30,600 crore. If the bad bank can’t sell the loan or sells them for a loss, the SRs guaranteed by the government will be used to make good the difference between what the lender was supposed to receive and what NARCL was able to raise.

The government guarantee will be valid for five years from the SR’s date of issue. The SRs will enable release of capital from the banking system as the lenders will not be required to make any provisions for that capital. The risk weight would be zero and this capital could be deployed more productively. The NARCL-IDRCL structure will maximise the value for all stakeholders.

Anantha Nageswaran appointed India’s Chief Economic Advisor

The Centre has appointed Dr. V Anantha Nageswaran as the Chief Economic Advisor (CEA). Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group, succeeds K V Subramanian, who demitted office in December 2021 after the completion of his three-year term

India, ASEAN approve digital work plan to combat use of stolen mobile handsets

Monday January 31, 2022

India and ASEAN nations have jointly approved a work plan under which they will develop a system to combat use of stolen and counterfeit mobile handsets, among other things Read More..

Ranji Trophy: BCCI to host tournament in two phases, explores venues

Monday January 31, 2022

With pressure mounting from several quarters, the Board of Control for Cricket in India (BCCI) has decided to host the Ranji Trophy Read More..

Brendan Taylor banned by ICC for 3 and half years for delay in reporting spot-fixing approach

Monday January 31, 2022

Former Zimbabwe captain Brendan Taylor was on Jan 28 banned for three and a half years by the ICC for failing to report a 2019 spot-fixing approach by an Indian businessman on time and was also handed a one month suspension for failing a Read More..

Oman to host ICC Men's T20 World Cup Qualifier A from February 18

Monday January 31, 2022

ICC Men's T20 World Cup Qualifier A gets underway in Oman from February 18 with Nepal taking on the hosts in the opener Read More..

Ash Barty wins drought-breaking Australian Open women's title

Monday January 31, 2022

Ash Barty has won the Australian Open final 6-3, 7-6 (2) over Danielle Collins to end a 44-year drought for Australian women at their hom Read More..

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Trending Current Affairs

US woman, who allegedly led all-female ISIS battalion in Syria, charged with planning attacks

US woman, who allegedly led all-female ISIS battalion in Syria, charged with planning attacks

IMF advises El Salvador to drop Bitcoin as legal tender

IMF advises El Salvador to drop Bitcoin as legal tender

Bad bank to buy Rs 50,000 crore NPAs in first phase

Bad bank to buy Rs 50,000 crore NPAs in first phase

India, ASEAN approve digital work plan to combat use of stolen mobile handsets

India, ASEAN approve digital work plan to combat use of stolen mobile handsets

Ranji Trophy: BCCI to host tournament in two phases, explores venues

Ranji Trophy: BCCI to host tournament in two phases, explores venues

Brendan Taylor banned by ICC for 3 and half years for delay in reporting spot-fixing approach

Brendan Taylor banned by ICC for 3 and half years for delay in reporting spot-fixing approach

Oman to host ICC Men's T20 World Cup Qualifier A from February 18

Oman to host ICC Men's T20 World Cup Qualifier A from February 18

Ash Barty wins drought-breaking Australian Open women's title

Ash Barty wins drought-breaking Australian Open women's title

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