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More banks could disclose divergence, 3 PSU banks report

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Reserve Bank of India RBI

New Delhi, Nov 2 () Within days of market regulator asking the listed PSU banks to report divergence in NPAs as estimated by them and RBI immediately to the bourses, three banks — Indian Bank, Union Bank and Uco Bank have done so and more could follow suit.

SBI had on Thursday directed all listed lenders to make disclosures on divergences and provisioning within a day of receipt of the RBI’s final risk assessment report (RAR).

Indian Bank in a disclosure to BSE said “in compliance to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular of 31.10.2019, we enclose the report of divergence in asset classification and provisioning for NPAs as per Risk Assessment Report (RAR) of RBI for the year 2018-19.”

The Gross NPAs as on March , 2019 as reported by Indian Bank was Rs 13,353 crore while RBI assessed it as Rs 13,537 crore leading to a divergence of Rs 184 crore. There was divergence in Net NPA also but it was higher reported by the bank at RS 6,793 crore while RBI estimated it as Rs 5,973 crore resulting in a higher net NPA of Rs 820 crore by the Bank on books.

There was provisioning divergence naturally where RBI said provisioning is Rs 7,135 crore will bank put Rs 6,131 crore resulting in divergence of Rs 1,004 crore. Divergence in provisioning led to adjusted notional net loss for the the year ended March 31, 2019 is now at Rs 333 crore as per RBI against the net profit of Rs 321 crore as reported by Bank after the deferred tax assest or DTA.

Uco Bank reported a divergence in provisions for FY 19 at Rs 1390 crore. Its gross NPA divergence at Rs 1,217 crore and Net NPA divergence at Rs 165 crore where the bank has estimated higher net NPA than RBI. There was naturally divergence in provisions for FY 19 at Rs 1,390 crore.

The fiscal 2019 actual loss was Rs 4,321 crore by Bank estimates while with changes in provisioning the loss came to Rs 5,225 crore as per RBI. Union Bank of India has too reported a divergence in the reporting of net NPAs at Rs 998.70 crore for FY19. Its divergence in the reporting of gross NPAs stood at Rs 589 crore.

Private sector Lakshmi Vilas Bank (LVB) has also reported its net NPA divergence to the tune of Rs 54.9 crore in the last fiscal.

Business

JioMeet takes on Zoom, can support up to 100 participants

JioMeet offers unlimited meetings per day and each meeting can go uninterrupted up to 24 hours.

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JioMeet

New Delhi, July 2 : Amid growing calls for ”Made in India” digital tools, Reliance Jio has launched a free video-conferencing application called JioMeet, taking on US-based Zoom platform.

According to the JioMeet description on Google Play Store, the application can be used for 1:1 video calls and hosting meetings with up to 100 participants with enterprise-grade host controls.

Other highlights include easy sign up with either mobile number or email ID, meeting in HD audio and video quality.

The application can be used for creating instant meetings to chat with friends and also to schedule a meeting in advance and share meeting details with invitees.

JioMeet offers unlimited meetings per day and each meeting can go uninterrupted up to 24 hours.

The application can be used on Android, Windows, iOS, Mac, SIP/H.323 systems.

JioMeet has already been downloaded for over 10,000 times from Google Play Store.

Each meeting is password protected and the host can enable a “Waiting Room” to ensure no participant joins without permission, JioMeet said.

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Tesla delivers over 90K vehicles in Q2 2020, stock up 9%

Tesla’s revenue in Q1 2020 reached $5.9 billion, an increase of nearly $1.5 billion a year ago. The company ended the quarter with $8.1 billion of cash.

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Tesla CEO Elon Musk

San Francisco, July 2 : Tesla stocks were up 9 per cent on Thursday after the electric car maker posted stronger-than-expected quarterly deliveries.

The Palo Alto-based company said it delivered 90,650 vehicles in the June quarter. It achieved the feat despite its Fremont, California based factory was out of action owing to Covid-19 lockdown for most part of the quarter.

Tesla delivered 80,050 Model 3s and Model Ys in the quarter and 10,600 of its Model S luxury sedan and Model X SUVs.

“In the second quarter, we produced over 82,000 vehicles and delivered approximately 90,650 vehicles,” Tesla said in a statement.

Tesla market cap was over $200 billion and its stock closed at a record $1,133.36 on Wednesday.

“While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels,” it added.

Tesla reopened its Fremont, California-based factory after a long fight with the local authorities as sheltering-at-home rules were in place in May.

The company posted a surprise profit of $16 million in the first quarter of 2020 despite temporary disruptions in productions due to COVID-19 restrictions.

Tesla’s revenue in Q1 2020 reached $5.9 billion, an increase of nearly $1.5 billion a year ago. The company ended the quarter with $8.1 billion of cash.

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Zuckerberg refuses to bow down, expects advertisers to return ”soon”

American food company Chobani, drug maker Pfizer and software major SAP were among the latest brands pulling who joined Coca Cola, adidas, cleaning supply firm Clorox, Conagra (the maker of Slim Jim, Duncan Hines and Pam), fast food chain Denny’s, Ford and Starbucks to pull their ads from the platform.

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Facebook CEO Mark Zuckerberg

San Francisco, July 2 : As hundreds of companies halt advertising on Facebook and Instagram, Its CEO Mark Zuckerberg is confident the brands would soon return on the platform.

According to a report in The Information, Zuckerberg told employees he was reluctant to bow to the threats of a growing ad boycott, saying “my guess is that all these advertisers will be back on the platform soon enough.”

“We”re not gonna change our policies or approach on anything because of a threat to a small percent of our revenue, or to any percent of our revenue,” he apparently told the employees, according to the report on Wednesday.

Of the 25 largest spenders on Facebook ads, only three companies Microsoft, Starbucks and Pfizer have confirmed pause ads on Facebook.

As Facebook ad boycott by more than 400 brands officially began on Wednesday, the social networking giant said it was getting better at removing harmful content and that the platform does not in any way profit from hate speech.

Writing an open letter to address concerns of advertisers, Nick Clegg, Facebook’s Vice President of Global Affairs and Communications on Wednesday said that “platforms like Facebook hold up a mirror to society”.

“I want to be unambiguous: Facebook does not profit from hate,” said Clegg, who is a former Deputy Prime Minister of the United Kingdom.

The call to boycott ads on Facebook started after the social networking giant decided to allow controversial posts by US President Donald Trump to stay up.

Facebook said that when it finds hateful posts on Facebook and Instagram, it takes a zero tolerance approach and removes them.

Facebook saw its market cap eroded in billions as more big brands boycotted its platform against the unchecked spread of hateful and disinformation on its platforms.

American food company Chobani, drug maker Pfizer and software major SAP were among the latest brands pulling who joined Coca Cola, adidas, cleaning supply firm Clorox, Conagra (the maker of Slim Jim, Duncan Hines and Pam), fast food chain Denny’s, Ford and Starbucks to pull their ads from the platform.

Facebook’s digital advertising accounted for more than 98 per cent of the company’s nearly $70 billion in revenue last year.

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