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Business & Economy

Cabinet approves monetization of 3.7 acres of land at Delhi's Pragati Maidan

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The Union Cabinet on Wednesday approved the monetization of 3.70 acres of land at PragatiMaidan by India Trade Promotion Organisation (ITPO) on long-term leasehold basis for 99 years for construction and running of a hotel by a third party, including private sector, through a transparent competitive bidding process.
 
This measure is part of Phase I of the redevelopment project of Pragati Maidan -- Integrated Exhibition-cum-Convention Centre (IECC) Project, which  was approved by the Cabinet Committee on Economic Affairs (CCEA) in January 2017 at an estimated cost of Rs. 2254 crore.
 
The IECC project envisages construction of a world class state-of-the-art Exhibition-cum-Convention Centre with a seating capacity for 7,000 people, exhibition space of over 1,00,000 sq.mtr. and a basement parking for 4,800 vehicles. 
 
Traffic decongestion measures in and around the Pragati Maidan will also lead to decongestion of the area, the release said.
 
Funds raised through monetization of land will be one of the means of financing the IECC project which is essential for Central Government and State Governments to hold summit-level meetings and exhibitions and events for trade promotion.
 
The work for IECC project as well as the traffic decongestion solutions is in full swing. ITPO has stated that the entire project is expected to be completed by September 2019.
 
"IECC project will benefit Indian trade and industry, and help increase India’s foreign trade," the release added.
 
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Key Indian equity market indices open flat

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The key Indian equity market indices on Thursday opened flat after the Federal Reserve raised interest rates.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 35,739.16 points on Wednesday, opened higher at 35,743.10 points.
 
Minutes into trading, it was quoting at 35,657.82 points, down by 81.34 points, or 0.23 per cent.
 
At the National Stock Exchange (NSE), the broader 50-scrip Nifty, which had closed at 10,856.70 points on Wednesday, was quoting at 10,819.50 points, down by 37.20 points or 0.34 per cent.
 
On the back of healthy industrial production data, the key Indian equity indices on Wednesday traded in the green with boosted investor sentiments and significant buying was witnessed in healthcare, consumer durables and banking stocks.
 
However, weakness in the global markets arrested the gains.
 
The Sensex was up by 46.64 points or 0.13 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 35,877.41 points and a low of 35,715.96 points. The Nifty, too, was up by 13.85 points or 0.13 per cent.
 
On Thursday, Asian indices were showing a negative trend. Japan's Nikkei 225 was quoting in red, down by 0.52 per cent while Hang Seng was down by 0.58 per cent, South Korea's Kospi was also down by 1.54 per cent. 
 
China's Shanghai Composite index was trading in red, down by 0.27 per cent.
 
Overnight, Nasdaq closed in red, down by 0.11 per cent while FTSE 100 was also down marginally at the closing on Wednesday.
 
IANS
 
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FY18 current account deficit widens as trade deficit rises

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India's current account deficit (CAD) for 2017-18 widened on the back of a higher trade deficit, Reserve Bank of India's (RBI) data showed on Wednesday.
 
According to the RBI data, the CAD for last fiscal widened to 1.9 per cent of the GDP (Gross Domestic Product) from 0.6 per cent in 2016-17.
 
The current account deficit is the net difference between inflows and outflows of foreign currencies.
 
Accordingly, the country's trade deficit increased to $160 billion in 2017-18 from $112.4 billion in 2016-17.
 
"Net invisible receipts were higher in 2017-18 mainly due to increase in net services earnings and private transfer receipts," the RBI said in a statement on "Developments in India's Balance of Payments". 
 
In terms of inflows, gross FDI (Foreign Direct Investment) into India increased to $61 billion in 2017-18 from $60.2 billion in 2016-17.
 
However, net FDI inflows in 2017-18 fell to $30.3 billion from $35.6 billion in 2016-17.
 
As per the RBI data, portfolio investment recorded a net inflow of $22.1 billion in 2017-18 as compared with $7.6 billion a year ago.
 
"In 2017-18, there was an accretion of US$ 43.6 billion to the foreign exchange reserves (on a BoP basis)," RBI said.
 
On the quarterly basis, the data showed that the country's CAD rose to $13 billion during the fourth quarter (January-March) of 2017-18 from $2.6 billion in the like quarter of 2016-17.
 
"The widening of the CAD on a year-on-year (y-o-y) basis was primarily on account of a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise imports relative to exports," the statement said.
 
The Q4 CAD accounted for 1.9 per cent of the GDP as against 0.4 per cent of the GDP in the like quarter of 2016-17.
 
"Net services receipts increased by 8.8 per cent on a y-o-y basis mainly on the back of a rise in net earnings from software services and other business services," the statement said.
 
"Private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to $18.1 billion, increasing by 15.1 per cent from their level a year ago."
 
In the financial account, net FDI stood at $6.4 billion in Q4 of 2017-18 higher than $5 billion in Q4 of 2016-17.
 
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The data disclosed that net inflow of portfolio investment was just $2.3 billion as against net inflow of $10.8 billion during Q4 2016-17; on account of moderation in net purchases in both the debt and equity markets.
 
"Net receipts on account of non-resident deposits amounted to US$ 4.6 billion in Q4 of 2017-18 as compared with US$ 2.7 billion a year ago," the statement said.
 
In Q4 of 2016-17, foreign exchange reserves (on BoP basis) increased by $13.2 billion as against an accretion of $7.3 billion during the like period of 2016-17.
 
ICRA's Principal Economist Aditi Nayar said: "The deterioration in India's current account deficit to $13.0 billion in Q4 FY2018, is in line with our forecast of around $12-14 billion." 
 
"The size of the current account deficit in Q4 FY2018 nearly rivalled the full year deficit recorded in FY2017, underscoring the impact that rising commodity prices have on the external balances of net importers such as India."
 
Nayar pointed out that despite the contraction in gold imports, the merchandise trade deficit worsened in Q4 FY2018. 
 
"Around half of the magnitude of this deterioration is attributable to the larger oil import bill, following the rise in crude oil prices," Nayar said.
 
IANS
 
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Cabinet okays additional FDI of up to Rs. 24,000 crore in HDFC Bank

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The Union Cabinet today approved a proposal for grant of permission to private sector lender HDFC Bank to raise additional share capital in the form of foreign direct investment (FDI), up to a maximum of Rs. 24,000 crore, including premium.
 
This will be done in such a manner that the composite foreign shareholding in the bank shall not exceed 74% of the enhanced paid-up equity share capital of the bank, Finance Minister Piyush Goyal told journalists.
 
Foreign shareholding in HDFC Bank is currently at the level of 72.62 percent, he said.
 
"The decision would ensure that the composite foreign shareholding in the bank inclusive of all types of foreign investments, both direct and indirect, will not exceed 74% of the enhanced paid-up equity share capital of the bank. It will be subject to Foreign Direct Investment Policy conditionalities and other sectoral regulations / guidelines," an official press release said.
 
The proposed investment is expected to strengthen the capital adequacy ratio of the bank, it said.
 
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Global cues, profit taking subdue equity indices to end flat

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Broadly negative global markets ahead of the US Federal Reserve's rate setting meet and profit booking led the key domestic equity indices to close on a flat-to-positive note on Wednesday.
 
According to market analysts, domestic indices rose during the day's trade on the back of higher April industrial production. However, a late hour burst of profit booking eroded most of their gains.
 
Besides, the day's trade saw healthy buying in IT, consumer durables and banking counters, whereas heavy selling prevailed in capital goods, metal and FMCG stocks.
 
The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,856.70 points -- inching-up by 13.85 points or 0.13 per cent -- from its previous close of 10,842.85 points.
 
The barometer 30-scrip Sensitive Index (Sensex), which had opened at 35,835.44 points, closed at 35,739.16 points -- higher by just 46.64 points or 0.13 per cent -- from its previous session's close of 35,692.52 points.
 
Sensex touched a high of 35,877.41 points and a low of 35,715.96 points during the intra-day trade. The BSE market breadth was tilted towards the bears with 1,414 declines against 1,272 advances.
 
"Markets ended with marginal gains on Wednesday after a sell-off seen in the last hour of trade wiped out most of the intraday gains," said Deepak Jasani, Head, Retail Research, HDFC Securities.
 
The markets had initially rallied in the first half of the trade session on the back of healthy industrial production data for April and positive European cues, he said.
 
On the currency front, the Indian rupee weakened by 16 paise against the US dollar to 67.65, from its previous close at 67.49 per greenback. 
 
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Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 70.77 crore while the domestic institutional investors bought stocks worth Rs 486.78 crore.
 
Sector-wise, the S&P BSE IT index gained 176.36 points, the consumer durables index rose by 117.26 points and the banking index ended 81.08 points higher. 
 
On the other hand, S&P BSE capital goods index was fell by 124.19 points, the metal index was down 52.41 points and the FMCG index ended lower by 48.02 points.
 
The major gainers on the Sensex were Dr Reddy's Lab, up 2.82 per cent at Rs 2,252; Tata Consultancy Services, up 2.43 per cent at Rs 1,824.20; State Bank of India, up 1.70 per cent at Rs 287.65; Power Grid, up 1.43 per cent at Rs 198.50; and Infosys, up 1.41 per cent at Rs 1,276.10 per share.
 
The top losers were Tata Steel, down 2.12 per cent at Rs 567.50; Adani Ports, down 1.48 per cent at Rs 382.15; Hindustan Unilever, down 1.31 per cent at Rs 1,619, Bharti Airtel, down 1.30 per cent at Rs 376.10 and ONGC, down 0.79 per cent at Rs 170 per share. 
 
IANS
 
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Finale of first hardware edition of Smart India Hackathon 2018 from June 18-22

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The finale of the first hardware edition of Smart India Hackathon (SIH) 2018 will be held from June 18-22 with the winning team in each theme to get a cash prize of Rs 1 lakh.
 
The Hackathon is hosted by the HRD Ministry along with AICTE, Persistent Systems, i4C and IIT Kharagpur.
 
HRD Minister Prakash Javadekar said at a media briefing here on Monday that the Smart India Hackathon 2018 was in line with the ‘Make in India’ initiative of the Prime Minister Narendra Modi. It was proving to be an important vehicle for scouting new ideas and in converting them into products and businesses, he said.
 
SIH2018 – Hardware edition is the first of its kind innovative initiative by the Ministry to provide a national platform to young technical minds of India to showcase their disruptive innovations and creative products which can bring out revolutionary changes in crucial sectors like agriculture, health, clean water, waste management, automotive, smart communication and education.
 
The Hardware edition is the sub-edition of SIH2018. Mr Javadekar said for Hardware Hackathon, 4362 team ideas were received with participation from 50000+ students across 752+ technical institutions.
 
After two internal rounds of evaluation with support from industry experts, 106 teams have been shortlisted to compete under the 10 themes in the SIH2018 Hardware edition Grand Finale.
 
The finale will be a 5-day event that will take place simultaneously at 10 prestigious institutions (Nodal centres) across India - IIT Kanpur (Drones theme), IIT Kharagpur (Agriculture), IIT Guwahati (Rural Technology), CEERI Pilani (Smart Communication), CSIO Chandigarh (Healthcare), IISc Bengaluru (Smart Vehicles), IIT Roorkee (Clean water), NIT Trichy (Waste Management), COEP Pune (Security), and Forge Coimbatore (Import Substitution).
 
Industry experts and angel investors will be the judges. The top 3 winning teams under each theme stand to win cash prizes – Rs 1,00,000 for the Winning team, Rs 75,000 to First Runner-up team and Rs 50,000 to the Second Runner-up team.
 
They may also get support from investors willing to invest in the products to make them market ready. The HRD Ministry was working closely with the Department of Science and Technology to explore the possibility of handholding the winning teams for creating startups with the support from various Technology Business Incubators (TBIs) across India.
 
Attempts were also being made to explore new avenues of additional funding post Grand Finale for some of the most promising innovations.
 
Secretary, Department of Higher Education, R. Subrahmanyam said, “Through the hackathon, we hope to give the technical students from our nation a chance to convert their innovative ideas into products with help of industry mentors, exhibit them to investors and get a chance to be one of the upcoming Startup initiatives.”
 
The Grand Finale for Software edition has already been completed on March 30-31 at 28 nodal centres. The winning teams have started working on further enhancing their projects, an official press release added.
 
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Markets open on a higher note on Wednesday

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
 
The Sensex of the BSE, after opening at 35, 835.44 points, touched a high of 35,877.41 points and a low of 35,775.49 points.
 
On Tuesday, the Sensex closed at 35,692.52 points.
 
The Sensex was trading at 35,823.07 points up by 130.55 points or 0.37 per cent in the morning.
 
On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 10,887.50 points after closing at 10,852.85 points.
 
The Nifty was trading at 10,867.35 points in the morning.
 
IANS
 
 
 
 
 
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SEBI sets up committee to consider allowing Indian companies to directly list abroad

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The Securities and Exchange Board of India (SEBI) has constituted an Expert Committee to consider facilitating companies incorporated in India to directly list their equity share capital abroad and vice-versa.
 
Companies incorporated in India can today list their debt securities on international exchanges (Masala Bonds) but their equity share capital can be listed abroad only through the ADR / GDR route. 
 
Similarly, companies incorporated outside India can access the Indian capital markets only through the IDR route. 
 
"Thus, presently, direct listing of equity share capital of companies incorporated in India is not permitted on foreign exchanges and vice versa. Considering the evolution and internationalization of the Capital Markets, it would be worthwhile to consider facilitating companies incorporated in India to directly list their equity share capital abroad and vice versa. In this regard, it has been decided to constitute an Expert Committee to look into this aspect in detail," a press release from SEBI said.
 
According to the release, the broad Terms of Reference of the Committee would be to: 
 
--Examine in detail the economic case for permitting direct listing of Indian companies overseas and vice versa;
--Examine various legal, operational and regulatory constraints in facilitating companies incorporated in India to directly list their equity share capital abroad and vice versa; and 
--Make recommendations for a suitable framework in which to facilitate such direct listing.
 
The member of the committee are: Ranu Vohra, Co-founder, Managing Director & CEO; Avendus Capital Pvt. Ltd.; Cyril S. Shroff, Managing Partner; Amarchand Mangaldas; Kamal Yadav, Managing Director, Morgan Stanley’s Technology,Media and Telecom Banking; S. Ramesh, Managing Director & CEO, Kotak Investment Banking; Neeraj Bhargava, Senior Managing Director &  CEO, Zodius Capital Advisors; Deep Kalra, Chairman & Group CEO, MakeMyTrip.com; Rajiv Gupta, Partner, Singapore Latham & Watkins LLP; Jamil Khatri, Global Head of Accounting Advisory Services, KPMG, LLP; and Sujit Prasad, Executive Director, Securities and Exchange Board of India (Convener).
 
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Yes Bank's shareholders re-appoint Rana Kapoor as MD and CEO

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Private sector lender Yes Bank on Tuesday said that its shareholders have approved re-appointment of Rana Kapoor as the bank's MD and CEO for a further period of three years, effective from September 1.
 
According to the bank, the general body of its shareholders have approved all 13 resolutions at the 14th Annual General Meeting (AGM) of the company held on Tuesday. 
 
The company said that Kapoor's re-appointment is subject to final approval by the Reserve Bank of India (RBI).
 
"The shareholders have approved through special resolution to raise capital aggregating up to $1 billion by way of issue of shares," the company said in a statement.
 
"The shareholders also approved through special resolution the proposal to borrow/raise funds in Indian/foreign currency by issue of Debt Securities including but not limited to Non-Convertible Debentures, Medium Term Notes and Bonds up to a total amount of Rs 30,000 crore."
 
The company added that its shareholders also approved through special resolutions to raise the total borrowing limit of the bank to Rs 110,000 crore.
 
IANS
 
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Sun Pharma receives EIR for Halol facility

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Sun Pharmaceutical Industries Ltd. has said that it has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (FDA) for the inspection conducted at its Halol facility in Gujarat during the period February 12-23, 2018.
 
"The agency concluded that the inspection is now closed and the issues contained in the Warning Letter issued in December 2015 have been addressed," a press release from the company said.
  
Dilip Shanghvi, Managing Director, Sun Pharma said, “This is an important development for Sun Pharma. We remain committed to following the highest levels of quality and 24x7 cGMP compliance at all our manufacturing facilities globally.” 
 
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Urjit Patel grilled by Parliamentary panel, seeks more powers for RBI

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RBI Governor Urjit Patel, who was on Tuesday grilled by parliamentarians over challenges being faced by the banking sector including the huge number and size of bad loans and frauds like the one in Punjab National Bank, sought more powers for the central bank to oversee Public Sector Banks (PSBs).
 
Patel, summoned by the Parliamentary Standing Committee on Finance for questioning in relation to these issues, said that the situation has improved and the Reserve Bank of India (RBI) has taken some measures to strengthen the banking system.
 
He appeared along with the Deputy Governors and deposed under the topic "Banking Sector in India issues, challenges and the way forward including Non-Performing Assets in banks and financial institutions". 
 
The meeting was chaired by Congress leader Veerappa Moily and attended by former Prime Minister Manmohan Singh, among others.
 
Answering questions for over three hours, Patel said that the RBI "needs more powers to oversee PSBs", sources present in the meeting said.
 
A source told IANS that Patel briefed about the current situation and said it has improved with regard to the issue of the Non-Performing Assets (or bad loans).
 
The central bank has taken some measures to strengthen the banking system, Patel said but pointed out that the RBI did not have "sufficient powers" to discipline Chairmen of banks or change members of their Boards.
 
During the meeting, sources said, the Governor faced tough questions from lawmakers on bad loans, bank frauds, cash crunch and other issues.
 
Some members of the committee also sought to know about the reasons for recent instances of ATMs running out of cash and NPA crisis and bank frauds (Nirav Modi).
 
Patel had earlier given a written submission about the corrective measures that have been taken.
 
Sources said that Patel informed the committee that measures adopted by the RBI to tackle the crisis include prompt corrective action framework, implementation of Insolvency and Bankruptcy Code and a new resolution framework.
 
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An MP said that Patel did not give any reply to some questions on demonetisation. 
 
Citing reports of experts on the notes in circulation, which was earlier stated to be around Rs 17 lakh crore and has now increased to Rs 18.5 lakh crore, a member said that this was contradicting the purpose of demonetisation.
 
About the latest situation on the notes in circulation, Patel is reported to have said said that the RBI would give the answer later.
 
Another member said people have lost trust in the banking system and everybody is withdrawing cash while ATMs are depleted. "People are putting the money somewhere else which is going to be a run on the bank," he is believed to have said.
 
In response, the RBI Governor said, "everything is fine".
 
He was also asked about Punjab National Bank and told that LoUs were going from "Nirav Modi to Nirav Modi" which the banks are supposed to inspect.
 
Another member told the Governor that RBI was not fulfilling its obligations to the people to which Patel said he will reply to these questions later.
 
He also said the International Monetary Fund and World Bank have praised its regulatory role.
 
The next meeting of the committee will be held on June 19.
 
IANS
 
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India's industrial output grows by 4.9% in April 2018

 
India's industrial output grew by 4.9 percent in April 2018 as compared to the level in the same month of the previous year, thanks to higher production in the manufacturing sector, official data released here today said.
 
Industrial production had grown by 4.4 percent in the previous month.
 
The Quick Estimates of Index of Industrial Production (IIP) and Use-Based Index for April, 2018 (Base 2011-12=100), released here today said the General Index for the month stood at 123.0. The cumulative growth for the period April-March 2017-18 over the corresponding period of the previous year stood at 4.3 percent.
 
An official press release said the Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for April 2018 stood at 103.8, 123.4 and 153.7, respectively, with corresponding growth rates of 5.1 percent, 5.2 percent and 2.1 percent as compared to April 2017.
 
The cumulative growth in these three sectors during April-March 2017-18 over the corresponding period of 2016-17 was 2.3 percent, 4.5 percent and 5.4 percent, respectively.
 
The release said 16 of the 23 industry groups in the manufacturing sector had shown growth during April 2018 as compared to the corresponding month of the previous year.
 
According to it, the industry group ‘Manufacture of computer, electronic and optical products’ had shown the highest growth of 27.5 percent followed by 21.9 percent in ‘Manufacture of motor vehicles, trailers and semi-trailers’ and 15.7 percent in ‘Manufacture of food products’. 
 
On the other hand, the industry group ‘Other manufacturing’ has shown the highest negative growth of (-) 30.7 percent followed by (-) 13.4 percent in ‘Manufacture of wearing apparel’ and (-) 10.3 percent in ‘Printing and reproduction of recorded media’.
 
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Growth rates in April 2018 over April 2017 were 3.1 percent in Primary goods, 13.0 percent in Capital goods, 1.6 percent in Intermediate goods and 7.5 percent in Infrastructure/ Construction Goods. Consumer durables and Consumer non-durables have recorded growth of 4.3 percent and 7.0 percent, respectively.
 
Item groups which showed high positive growth during the current month over the same month in the previous year include ‘Sugar’ (156.5%), ‘Construction machine/ equipment (incl. bull-dozers and road rollers)’ (110.4%), ‘Stainless steel utensils’ (101.7%), ‘Commercial Vehicles’ (94.3%), ‘Printed Circuit Boards (whether or not mounted with IC chips /components)’ (69.3%), ‘Steroids and hormonal preparations (including anti-fungal preparations)’ (45.8%), ‘Transformers (Small)’ (45.1%) and ‘Polymers (incl. Polyethylene, PVC, Poly propylene)’ (26.2%).
 
Item groups that have registered high negative growth include ‘Jewellery of gold (studded with stones or not)’ [(-) 75.1%], ‘Anti-malarial drugs’ [(-) 65.9%], ‘Air filters’ [(-) 52.2%], ‘Copper bars, rods & wire rods’ [(-) 40.9%], ‘Telephones and mobile instruments’ [(-) 38.4%], ‘Paper of all kinds excluding newsprint’ [(-) 37.8%], ‘Bags/ pouches of HDPE/ LDPE (plastic)’ [(-) 37.6%], ‘Copper electrodes’ [(-) 34.1%], ‘Plastic components of packing/ closing/ bottling articles & of electrical fittings’ [(-) 30.0%], ‘Separators including decanter centrifuge’ [(-)25.8%], ‘Pesticides-technical grade’ [(-) 24.9%] and ‘Readymade Garments, knitted’ [(-) 20.6%].
 
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ISRO releases RFQ for technology transfer for Lithium-ion cell to Indian industries

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The Vikram Sarabhai Space Centre (VSSC), one of the major centres of Indian Space Research Organisation (ISRO), has offered to transfer the in-house developed Lithium-ion cell technology to competent Indian industries on a non-exclusive basis to establish Li-ion cell production facilities in the country.
 
"This initiative is expected to enable Zero Emission Policy of India and accelerate the development of indigenous electric vehicle industry.
 
"Towards the transfer of Li-ion cell technology, an RFQ (request for quotation) to qualify and shortlist suitable industries in India is available in VSSC, ISRO and NITI Aayog websites," an official press release said.
 
Interested parties may please visit any of these websites for more details, it added.
 
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Global cues, hopes of healthy macro data lift equity indices

Global cues and expectations of a healthy macro-economic industrial production data aided the key Indian equity indices to close Tuesday's trade session on a positive note.
 
In terms of global cues, market analysts cited the historic meet between US President Donald Trump and North Korean leader Kim Jong-un as a major sentiment booster for investors. 
 
In addition, expectations of a healthy industrial production data for April also enhanced investors' risk-taking appetite and led to a pick-up in healthcare, capital goods and banking stocks.
 
However, caution over a possible rise in retail inflation levels due to higher crude oil prices capped gains.
 
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,842.85 points -- up by 55.90 points or 0.52 per cent -- from its previous close of 10,786.95 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex), which had opened at 35,525.30 points, ended in the green. It settled at 35,692.52 points -- higher by 209.05 points or 0.59 per cent -- from its previous session's close of 35,483.47 points.
 
The Sensex touched a high of 35,743.08 points and a low of 35,479.07 points during the intra-day trade. The BSE market breadth was bullish with 1,440 advances and 1,224 declines.
 
"Markets rallied strongly on Tuesday on buying in index heavyweights. Sentiments were boosted after Trump and Kim Jong Un signed an unspecified document in Singapore," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
Geojit Financial Services' Head of Research Vinod Nair said: "Market edged higher supported by positive outcome from US-N.Korea summit which may lead to an end of conflicts in Korean peninsula.
 
"However, global market remains mixed ahead of US Fed, ECB (European Central Bank) and BoJ (Bank of Japan) policy meeting during the week."
 
On the currency front, the Indian rupee weakened by seven paise against the US dollar to 67.49, from its previous close at 67.42.
 
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 1,168.88 crore while the domestic institutional investors bought stocks worth Rs 1,327.45 crore.
 
Sector-wise, the S&P BSE healthcare index gained 262.17 points, the capital goods index rose by 220.78 points and the banking index ended 204.94 points higher. 
 
On the other hand, S&P BSE metal index was down by 76.85 points, followed by the basic materials and the telecom indices which were marginally down, by 9.24 points and 3.75 points respectively.
 
The major gainers on the Sensex were Dr Reddy's Lab, up 5.23 per cent at Rs 2,190.25; State Bank of India, up 3.36 per cent at Rs 282.85; Hindustan Unilever, up 2.41 per cent at Rs 1,640.45; IndusInd Bank, up 2.41 per cent at Rs 1,950.45; and Hero MotoCorp, up 2.11 per cent at Rs 3,688.75 per share.
 
The top losers were Bharti Airtel, down 1.98 per cent at Rs 381.05; Tata Steel, down 1.52 per cent at Rs 579.80; Coal India, down 1.49 per cent at Rs 283.50, ONGC, down 1.10 per cent at Rs 171.35 and Yes Bank, down 0.98 per cent at Rs 332.40 per share. 
 
IANS
 
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Hopes of healthy macro data, global cues lift equity indices

Global cues and expectations of a healthy macro-economic industrial production data aided the key Indian equity indices to provisionally close Tuesday's trade session on a positive note.
 
Market analysts pointed out a buying pick-up in healthcare, banking and capital goods counters, whereas metals stocks bore the brunt of profit booking. 
 
At 3.30 p.m., the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,842.85 points -- up by 55.90 points or 0.52 per cent -- from its previous close of 10,786.95 points.
 
Similarly, the barometer 30-scrip Sensitive Index (Sensex) which had opened at 35,525.30 points ended higher. It settled at 35,692.52 points (3.30 p.m.) -- higher by 209.05 points or 0.59 per cent -- from its previous session's close of 35,483.47 points.
 
The Sensex touched a high of 35,743.08 points and a low of 35,479.07 points during the intra-day trade. The BSE market breadth was bullish with 1,440 advances and 1,224 declines.
 
The top gainers on the Sensex were Dr Reddy's Lab, State Bank of India (SBI), IndusInd Bank, Hindustan Unilever and Hero MotoCorp and whereas Bharti Airtel, Tata Steel, Coal India, ONGC and Yes Bank were the major losers.
 
On the NSE, Lupin, Dr Reddy's Lab and SBI were the highest gainers while Bharti Airtel, Hindalco Industries and Tata Steel lost the most.
 
IANS
 
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BHEL wins orders of over Rs. 125 crore for setting up solar photovoltaic plants

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The public sector Bharat Heavy Electricals Limited (BHEL) today said it had won two orders, cumulatively valued at more than Rs. 125 crore, for setting up solar photovoltaic (SPV) power plants, on engineering, procurement and construction (EPC) basis,  in Gujarat.
 
The first order for setting up a 20 MW SPV power plant has been placed on BHEL by Gujarat Alkalies and Chemicals Limited (GACL), while the other for setting up a 10 MW SPV power plant has been received from Gujarat State Fertilizers and Chemicals Limited (GSFC). 
 
Both the solar power plants will be set up at Gujarat Solar Park, Charanka, Gujarat, a press release from the company said.
 
With these orders, BHEL’s solar capacity under execution at Gujarat Solar Park has reached 120 MW while the company’s solar portfolio has risen to 580 MW, the release said.
 
The company is presently executing over 210 MW of ground-mounted and rooftop solar PV projects across the country, it said.
 
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Firm global cues lift Indian equity indices

Positive global cues including strong Asian markets and the historic meet between US President Donald Trump and North Korean leader Kim Jong-un lifted the key Indian equity indices on Tuesday afternoon.
 
According to market analysts, healthy buying was witnessed in healthcare, banking and capital goods stocks.
 
However, caution ahead of the release of key inflation data later in the day limited the gains, they said.
 
At 12.27 p.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,847.50 points -- up by 60.55 points or 0.56 per cent -- from its previous close of 10,786.95 points.
 
The barometer 30-scrip Sensitive Index (Sensex), which had opened at 35,525.30 points, traded at 35,708.66 points (12.30 p.m.) -- higher by 225.19 points or 0.63 per cent -- from its previous session's close of 35,483.47 points.
 
Sensex has so far touched a high of 35,713.76 points and a low of 35,479.07 points during the intra-day trade. The BSE market breadth was bullish with 1,361 advances and 1,038 declines so far.
 
The top gainers on the Sensex were Dr Reddy's Lab, ITC, State Bank of India (SBI), Tata Consultancy Services (TCS) and Sun Pharma whereas Power Grid, Coal India, Bharti Airtel, Tata Steel and NTPC were the major losers.
 
On the NSE, Dr Reddy's Lab, Lupin and Cipla were the highest gainers while Coal India, Power Grid and Grasim Industries lost the most
 
IANS
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OPIC provides $5 million in financing to Grameen Impact Investments India

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The Overseas Private Investment Corporation (OPIC), a U.S. Government agency that helps American businesses invest in emerging markets, has announced that $ 5 million in local currency financing has been mobilized to Grameen Impact under an OPIC loan guarantee agreement with India’s private sector lender IndusInd Bank. 
 
The financing was deployed through IndusInd Bank’s Impact Investing division, which will support Grameen Impact’s lending to local small and medium enterprises, a press release from IndusInd said here today.
 
The OPIC guarantee enabled IndusInd Bank to disburse an equivalent of Rs. 335 million loan to Grameen Impact.  
 
"This is significant as it eliminates foreign exchange rate fluctuation risk from the balance sheet of Grameen Impact, a major challenge faced by borrowers in emerging markets," the release said.
 
Grameen Impact is a non-banking financial institution backed by Grameen Capital India, whose shareholders include Acumen and other leading impact investors. Grameen Impact will use the financing to make loans to high impact social enterprises in India in sectors including financial services, affordable healthcare, affordable education, renewable energy and sustainable agriculture, the release said.
 
“OPIC has a strong commitment to impact investing. By supporting lending to high-impact businesses in local currency, this project will help businesses in India overcome one of the main challenges to obtaining financing,” said Ray W. Washburne, OPIC President and CEO.
 
"Specialized financial institutions like Grameen Impact bring an in-depth understanding of the impact investing ecosystem, and IndusInd Bank provides liquidity support and helps them build scale. Together, partnerships like these create the most meaningful impact on the social enterprise landscape in India," said Roopa Satish, Head Corporate and Investment Banking, IndusInd Bank. 
 
"India has rapidly become a global leader in impact investing, with over $5 billion of investments in this space. However, the bulk of this is equity; even today social enterprises struggle to raise debt financing, which is critical for scale. Grameen Impact India is delighted to partner with OPIC and IndusInd Bank in furthering our commitment to build a ‘capital-with-a-conscience’ ecosystem,” said Royston Braganza, CEO of Grameen Impact Investments.
 
Grameen Impact’s support for microfinance institutions, social enterprises and small business lenders helps create local jobs and promote economic growth in India, where an estimated 30 percent of the population lives below the official poverty line and most adults lack access to formal financial services.
 
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Caution over macro-data, global cues subdue equity indices

Caution ahead of macro-economic industrial production and inflation data points subdued the key indices of the Indian equity market to trade on a flat-to-positive note during the early morning session on Tuesday.
 
According to market observers, "event risks" associated with the meeting between US President Donald Trump and North Korean leader Kim Jong-un also eroded investors' risk-taking appetite.
 
However, healthy buying was witnessed in consumer durable, healthcare and oil and gas stocks.
 
Around 9.30 a.m., the broader Nifty50 of the National Stock Exchange (NSE) traded at 10,804.30 points -- up by just 17.35 points or 0.16 per cent -- from its previous close.
 
The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,525.30 points, traded at 35,514.55 points -- higher by 31.08 points or 0.09 per cent -- from its previous session's close of 35,483.47 points.
 
Sensex has so far touched a high of 35,567.82 points and a low of 35,506.19 points during the intra-day trade.
 
On Monday -- the previous trade session -- both the indices closed on a flat-to-positive note on the back of profit booking and weak global cues.
 
Consequently, the NSE Nifty50 ended the day's trade at 10,786.95 points, up only 19.30 points or 0.18 per cent from its previous close of 10,767.65 points.
 
Similarly, the benchmark S&P BSE Sensex inched-up. It closed at 35,483.47 points -- up 39.80 points or 0.11 per cent -- from the previous closing level of 35,443.67 points.
 
IANS
 
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Profit taking, global cues subdue equity indices to end flat

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Profit booking and weak global markets subdued the key Indian equity indices to close Monday's volatile trade session on a flat-to-positive note.
 
According to market observers, the key indices ceded most of their gains during the last hour of Monday's trade session, as metal, oil and gas and realty counters came under heavy selling pressure. 
 
In the afternoon trade session, both the NSE Nifty50 and the S&P BSE Sensex made significant gains, with the barometer Sensex rising over 200 points, on the back of buying support in the consumer durables, banking and capital goods stocks.
 
Index-wise, the wider NSE Nifty50 ended the day's trade at 10,786.95 points, up 19.30 points or 0.18 per cent from its previous close of 10,767.65 points.
 
Similarly, the benchmark S&P BSE Sensex, which had opened at 35,472.59 points settled a tad higher. It closed at 35,483.47 points -- up 39.80 points or 0.11 per cent -- from the previous closing level of 35,443.67 points.
 
Besides, the intra-day trade saw high volatility as the Sensex swung from a high of 35,704.84 points to a low of 35,444.49 points. 
 
The BSE market breadth was slightly tilted towards the bulls with 1,529 advances against 1,147 declines.
 
"Markets ended with modest gains after a sharp sell-off in the late afternoon session wiped out most of the morning gains," said Deepak Jasani, Head of Retail Research at HDFC Securities.
 
"Traders and investors seemed to be cautious as they are awaiting a series of domestic and global events this week." 
 
According to Tradebulls' Director and Chief Operating Officer Dhruv Desai: "Sensex and Nifty closed flat as investors await the landmark meeting between US President Donald Trump and North Korean leader Kim Jong Un scheduled tomorrow."
 
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On the currency front, the Indian rupee appreciated by nine paise against the US dollar to 67.42, from its previous close at 67.51 per greenback.
 
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 1,156.77 crore, while the domestic institutional investors bought stocks worth Rs 1,062.82 crore.
 
Sector-wise, the S&P BSE consumer durable index gained 210.82 points, the healthcare index was higher by 68.74 points and the FMCG index ended 41.50 points higher. 
 
On the other hand, S&P BSE metal index was down by 48.23 points, followed by the oil and gas index which fell 31.88 points and the realty index was down 15.64 points.
 
The major gainers on the Sensex were Bharti Airtel, up 3.19 per cent at Rs 388.75; Sun Pharma, up 1.29 per cent at Rs 535; Dr Reddy's Lab, up 0.90 per cent at Rs 2,081.45; Maruti Suzuki, up 0.84 per cent at Rs 9,021.05; and IndusInd Bank, up 0.76 per cent at Rs 1,904.50 per share.
 
The top losers were Tata Steel, down 1.79 per cent at Rs 588.75; Power Grid, down 1.21 per cent at Rs 196.10; Coal India, down 0.72 per cent at Rs 287.80, Hero MotoCorp, down 0.60 per cent at Rs 3,612.55 and Yes Bank, down 0.56 per cent at Rs 335.70 per share. 
 
IANS
 
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Profit taking subdues equity indices to end flat; metal stocks fall

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Profit booking and weak global markets subdued the key Indian equity indices to provisionally close Monday's volatile trade session on a flat-to-positive note.
 
According to market observers, the key indices ceded most of their gains during the last hour of Monday's trade session. 
 
In the late-afternoon trade session, both the NSE Nifty50 and the S&P BSE Sensex made significant gains, with the barometer Sensex rising over 200 points, supported by healthy buying in the consumer durables, banking and capital goods stocks.
 
At 3.30 p.m., the wider NSE Nifty50 provisionally ended the day's trade at 10,786.95 points, up 19.30 points or 0.18 per cent from its previous close of 10,767.65 points.
 
The benchmark S&P BSE Sensex, which had opened at 35,472.59 points, closed at 35,483.47 points (3.30 p.m.) -- up 39.80 points or 0.11 per cent -- from the previous closing level of 35,443.67 points.
 
The volatility in the market could be gauged by the fact that the Sensex touched an intra-day high of 35,704.84 points against the intra-day low of 35,444.49 points. 
 
The BSE market breadth was slightly tilted towards the bulls with 1,516 advances against 1,158 declines.
 
The top gainers on the Sensex were Bharti Airtel, Sun Pharma, IndusInd Bank, Maruti Suzuki and Dr Reddy's Lab whereas Tata Steel, Power Grid, Coal India, Yes Bank and Tata Motors (DVR) were the major losers.
 
On the NSE, Bharti Airtel, Grasim Industries and UltraTech Cement were the highest gainers while Tata Steel, UPL and HCL Technologies lost the most.
 
IANS
 
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Key Indian equity indices open higher

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The key Indian equity indices opened on a higher note on Monday.
 
The 30-scrip Sensitive Index (Sensex), was trading 61.94 points or 0.17 per cent higher soon after opening.
 
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 21.45 points or 0.20 per cent higher at 10,789.10 points.
 
The Sensex of the BSE, which opened at 35,472.59 points, was trading at 35,505.61 points (at 9.16 a.m.), higher 61.94 points or 0.17 per cent from the previous day's close at 35,443.67 points.
 
The Sensex touched a high of 35,532.89 points and a low of 35,471.07 points in the trade so far.
 
IANS
 
 
 
 
 
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GDP growth rate at sobering 6.7%, banking system bankrupt: Chidambaram

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Senior Congress leader P.Chidambaram on Sunday slammed the Narendra Modi government for its poor showing on economic indicators after four years of rule, noting that the GDP growth rate was at a "sobering" 6.7 per cent and the "banking system bankrupt" with gross NPAs rising from Rs 2,63,015 crore to Rs 10,30,000 crore.
 
"On the day after the Central Statistics Office (CSO) released the growth numbers for 2017-18, the media played up just one number: 7.7 per cent," he said, in a series of tweets.
 
"At first blush it appeared to be the GDP growth number for the whole year 2017-18, and was certainly impressive. Actually, it was the growth number for just one quarter, Q4, and the uptick was also because of the low base effect. For the whole year, however, the GDP growth rate was a sobering 6.7 per cent," he said.
 
"At the end of four years, the government has switched over to a modest Saaf Niyat, Sahi Vikas (Clean intention, right progress)!.
 
"At the end of four of the five years allowed to a government, the people cannot be expected to judge a government by its intent. The correct test is outcomes. Look at the boxes with the graphs. And every line, after showing promise in the first year, has dipped.
 
"From 8.2 per cent to 6.7 per cent in two years, it is a fall of 1.5 per cent - exactly what I had predicted after demonetisation," he noted.
 
"Gross NPAs have risen from Rs 2,63,015 crore to Rs 10,30,000 crore and will rise more. The banking system is practically bankrupt. I have not come across a banker who will willingly sanction a loan; nor an investor who will confidently borrow money," he added.
 
Chidambaram also said credit growth dipped drastically from 13.8 per cent to 5.4 per cent before recovering somewhat in 2017-18.
 
"Within credit growth, it is credit to industry that is important. In the last four years, annual credit growth rates to industry were 5.6, 2.7, - 1.9 and 0.7 per cent," he said.
 
IANS
 
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CSIR lab to transfer technology for indigenous Lithium Ion Battery project

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Central Electro Chemical Research Institute (CECRI), Karaikudi, Tamil Nadu, a laboratory under Council of Scientific & Industrial Research (CSIR), and Raasi Solar Power Pvt Ltd have signed a memorandum of agreement for transfer of technology for India’s first Lithium Ion (Li-Ion) battery project. 
 
The agreement was signed in Bengaluru on June 9 by Dr Vijayamohan K. Pillai, Director, CECRI and C. Narasimhan, Chairman-cum-Managing Director of Raasi Group in the presence of  Union minister for Science & Technology Harsh Vardhan.
 
A group at CSIR-CECRI headed by Dr Gopu Kumar has developed an indigenous technology of Lithium-Ion cells in partnership with CSIR-National Physical Laboratory (CSIR-NPL) New Delhi, CSIR- Central Glass and Ceramic Research Institute (CSIR-CGCRI) Kolkata and Indian Institute of Chemical Technology (CSIR-IICT) Hyderabad. 
 
CSIR-CECRI has set up a demonstration facility in Chennai to manufacture prototype Lithium-Ion cells. It has secured global IPRs with potential to enable cost reduction, coupled with appropriate supply chain and manufacturing technology for mass production.
 
Currently, Indian manufacturers source Lithium Ion batteries from China, Japan and South Korea among some other countries. India is one of the largest importers and in 2017, it imported nearly Li-Ion batteries worth $ 150 million.
 
“Today’s development is a validation of the capabilities of CSIR and its laboratories to meet technology in critical areas to support our industry, besides other sectors,” said Dr Harsh Vardhan after the signing ceremony. “It will give tremendous boost to two flagship programmes of Prime Minister Narendra Modi – increasing the share of Clean Energy in the energy basket by generating 175 Giga Watts by 2022, of which 100 Giga Watts will be Solar and the second, National Electric Mobility Mission, to switch completely to electric vehicles by 2030.”
 
Dr Harsh Vardhan said, the project is in tune with Prime Minister’s vision of “Make in India”, to turn India into a manufacturing hub and to cut down outflow of foreign exchange.
 
Raasi Group will set up the manufacturing facility in Krishnagiri district of Tamil Nadu close to Bangalore. “We want to bring down the cost of cell manufacturing below Rs. 15,000 per KW to replace Lead Acid Battery,” said Narasimhan. “We also have plans to make Lithium Ion battery for solar roof top with life span of 25 years to make it affordable enough to drive the photo voltaic segment.”
 
Li-Ion batteries have applications in Energy Storage System – from hearing aid to container sized batteries to power a cluster of villages, Electric Vehicles (2-wheeler, 3-wheeler, 4-wheeler and Bus), portable electronic sector, Grid Storage, Telecom and Telecommunication Towers, Medical Devices, Household and Office Power Back (UPS), Powering Robots in Processing Industry. Lithium-ion batteries can power any electrical application without the need of physical wires.
 
Dr Jitendra Yadav, Director, CSIR-National Aerospace Laboratories, Bengaluru, Dr Vidyadhar Mudkavi, Director, CSIR-4PI, Dr. M. Annadurai, Director, ISRO Satellite Centre, Bengaluru were also present on the occasion. Dr Annadurai stressed, the Li-Ion cells developed by ISRO is primarily for space applications and there is room for convergence.
 
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Centre sets up panel to consider banks' stressed asset management: Goyal

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The government has set up a committee to examine the establishment of an Asset Reconstruction Company (ARC) or an Asset Management Company (AMC) for faster resolution of stressed assets involving multiple public sector banks, Finance Minister Piyush Goyal announced here on Friday.
 
The committee is chaired by Sunil Mehta, the non-executive Chairman of Punjab National Bank, and would examine whether such an arrangement would be good for the banking system.
 
If found advisable, the committee will work out the modalities to set up the ARC or AMC, Goyal he told mediapersons here.
 
He was speaking after meeting with the PSB heads of western and southern regions to resolve various issues affecting them, including improving credit flow, while mitigating risks, to further strengthen the growing Indian economy and achieving global standards for Indian banks.
 
Goyal also announced that Bank of Baroda chief P.S. Jayakumar will formulate a strategy regarding a consortium of PSBs taking over good loans of banks under Prompt Corrective Action.
 
Speaking about State Bank Of India (SBI), Goyal said it had a very robust mechanism by which fast credit decisions are taken in a very transparent and speedy manner.
 
Goyal said he believed that all bankers are now desiring to set up a similar mechanism to enable faster resolution of stressed accounts in a transparent and speedy manner.
 
In this regard, he discussed a proposal for oversight committees which would bring in external expertise to effect faster decision-making in Indian banks.
 
The minister added that many suggestions were received to strengthen the governance process and improved performance of PSBs which have boosted the government's confidence in the future functioning of the banks.
 
Goyal assured that as owner of 21 PSBs, the government was committed to support each and every one of them as they play a very important role in India's socio-economic development.
 
Besides, he said the government was committed to strengthen the PSBs' operations, protect the interests of depositors, customers, employees and all other stakeholders.
 
He urged the Indian PSBs to come together and work in a more cohesive fashion to resolve the credit needs of MSMEs, exporters and other small and medium borrowers.
 
Goyal informed that clauses have been devised by the bankers to ensure that credit flow to good borrowers and healthy accounts happens smoothly and the every-growing needs of the common man and other borrowers are met.
 
The minister said that honest recognition of Non-Performing Assetes and the resolution framework under the Insolvency and Bankruptcy Code has brought to light large amounts of indiscriminate loans during the 2008-2014 period.
 
IANS
 
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