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PNB claims expected recovery of Rs 1,800 cr from “Mission Gandhigiri”

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Punjab National Bank
Punjab National Bank (PNB). (File Photo: IANS)

New Delhi, April 20 (IANS) State-run lender Punjab National Bank is expected to recover around Rs 1,800 crore from its non-performing assets (NPAs) recovery mechanism — “Mission Gandhigiri” — which will soon complete one year of operation.

A senior bank official told IANS the mission, was launched in May 2017, had consistently delivered positive results with an average recovery of Rs 150 crore from the initiative.

“The mission was born out of the need to name and shame defaulters to increase societal pressure and urge them to pay back. Mission Gandhigiri has a dedicated recovery team across all circles of the bank,” the official, who did not want to be named, told IANS.

Accordingly, the passive recovery mechanism entails the team members to “visit the borrowers’ office or residence and sit their silently with placards that have hard-hitting messages such as ‘It is public money, please repay the loans’.”

On the legal side of the operation, following the government’s directions regarding wilful defaulters, the bank has declared 1,084 wilful defaulters.

“Due to PNB’s aggressive stance towards wilful defaulters, 150 passports have been impounded over the past few months,” the official said. Additionally, over the last 9 months, the bank has also lodged 37 FIRs against defaulters.

The bank is also leveraging data analytics for loan recovery and risk management.

“We have tied up with a leading credit agency and with the help of a third-party expert analytics, we will now be able to get access to contact information of PNB defaulters who have good credit record with other lenders,” the official said.

“This partnership is a part of the larger strategy to deploy technology to strengthen internal systems. This partnership will not only help the bank with loan recovery but will also help identify and automate profitable lending strategies and minimise credit and fraud risk,” the official said.

The bank has also recently started works towards “improving internal systems by incorporating analytics and Artificial Intelligence for reconciliation of accounts”.

In addition, two special OTS (One-Time Settlement) schemes have helped the bank to accelerate NPA recovery.

“From an average of recovering loan amount from 70,000-80,000 NPA accounts in a year, this move has resulted in recovery in 225,000 NPA accounts over a span of 10 months,” the official added.

“These schemes apply to small NPA accounts helping defaulters come out of debt.”

IANS

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Reliance Jio posts Rs 681 crore profit in Q2

The subscriber base of Jio as on September 30, 2018 was 252.3 million, with an average revenue per user (ARPU) during the quarter at Rs 131.7 per month.

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Jio puts Mukesh Ambani on top of Forbes' Global Game Changers

Mumbai, Oct 17 : Reliance Jio, a subsidiary of Reliance Industries Limited, on Wednesday said it posted a standalone net profit of Rs 681 crore in the quarter through September on the back of (as yet) highest quarterly subscriber addition of 37 million.

It had posted a net loss of Rs 271 crore in the same quarter a year ago.

The company had recorded a net profit of Rs 612 crore in the first quarter of this fiscal year.

The standalone revenue from operations in the second quarter of this fiscal year ending March 2019 stood at Rs 9,240 crore, a massive on-year jump of 50.3 per cent, Reliance Jio Infocomm Ltd said in a statement.

The subscriber base of Jio as on September 30, 2018 was 252.3 million, with an average revenue per user (ARPU) during the quarter at Rs 131.7 per month.

The total wireless data traffic during the quarter was at a record 771 crore GB with per user average data consumption of 11 GB per month. The total voice traffic was 53,379 crore minutes in the quarter.

“Jio was conceived with a mission to connect everyone and everything, everywhere – always at the highest quality and the most affordable price… We have enabled our customers to adopt the digital life, with record consumption of data and use of digital services,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

“We are making rapid progress on the growth of our digital platforms, across new commerce, media and entertainment, agriculture, education, healthcare and financial services, which will further enhance the quality of life and productivity of the people of India,” he added.

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Honda Activa breaches 2 cr sales mark in India

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Honda Activa

New Delhi, Oct 17 : Hondas Activa scooter has breached the 2-crore sales mark in India, Honda Motorcycle and Scooter India said on Wednesday.

According to the company, while it took 15 years to achieve the first one crore sales, the recent addition has come in just three years.

“Over 18 years and 5 generations, Honda 2Wheelers India continuously added value to exceed customers’ expectations and making Activa the most preferred choice of Indian 2 wheeler buyers,” said Minoru Kato, President and CEO, Honda Motorcycle and Scooter India.

“We are delighted that Activa partnered over 2 crore Indian families on the move in realising their dreams.”

Honda Activa was launched in 2001.

IANS

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Sensex sheds 382 point over profit booking, crude oil prices

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Sensex equity Nifty

Mumbai, Oct 17: Profit booking, along with a slight rise in global crude oil prices and depreciation in the Indian rupee, pulled the key Indian equity indices lower on Wednesday after three consecutive days of gains.

Sector-wise, except for IT and FMCG stocks, all others witnessed heavy selling pressure led by auto, finance and banking counters.

Index-wise, the benchmark S&P BSE Sensex settled at 34,779.58 points, down 382.90 points or 1.09 per cent.

The NSE Nifty closed at 10,453.05 points, down 131.70 points, or 1.24 per cent.

The volatility during the trade session can be gauged by the 878.27 points swing in Sensex from an intra-day high of 35,605.43 points and a low of 34,727.16.

IANS

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