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RBI cautions government over NPA spike in MUDRA loans

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New Delhi, Jan 13 The Reserve Bank of India (RBI) has raised a red-flag on the spike in non-performing assets (NPAs) under the government’s flagship scheme to support micro enterprises in the country — the Pradhan Mantri Mudra Yojana.

According to Finance Ministry sources, RBI has cautioned the ministry that the scheme might turn-out to be the next big source of NPAs, which have plagued the banking system.

The central bank has flagged that bad loans under PMMY have risen to Rs 11,000 crore.

As per the annual report of PMMY, 2017-18, total disbursements under the scheme stood at Rs 2.46 trillion in FY 18.

Out of this, 40 per cent were disbursed to women entrepreneurs and 33 per cent to social categories. More than 4.81 crore micro borrowers have benefited through PMMY during the year FY2017-18.

The PMMY was launched on April 8, 2015. Under the scheme, banks are required to finance micro and small entrepreneurs for up to Rs 10 lakh. Loans can be granted under three categories – up to Rs 50,000 under ‘Shishu’; Rs 50,001-Rs 5 lakh under ‘Kishore’ and between Rs 5,00,001 and Rs 10 lakh under ‘Tarun’ category.

In addition, RBI’s caution comes at a time when the country’s financial system in reeling under sevier stress due to the IL&FS crisis which continues to hurt banks with impairments, the most recent case being IndusInd Bank.

On January 9, IndusInd Bank in its latest quarterly earnings result statement without naming the IL&FS Group, said: “Advances granted to various companies and SPVs belonging to a Group in the infrastructure sector against certain identified cash flows and pertaining to specific assets are ‘Standard’ as at December 31, 2018 on the basis of the conduct of the accounts till date.

“Since October 1, 2018, certain governance and management changes have taken place in the Group and measures to turn it around through a Resolution Plan are underway.”

The bank said it was monitoring the developments and implications of the ‘Resolution Plan’.

“In the interim, as a prudential measure, the bank has made a contingent provision of Rs 255 crore on these ‘Standard’ assets during the quarter ended on December 31, 2018, in addition to an amount of Rs 275 crore made during the quarter ended on September 30, 2018. Total provisions attributable to this exposure is Rs 600 crore,” the statement added.

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Michael Jackson cheated death on 9/11 attack

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Michael Jackson 9/11 attack

London, Feb 15: Late pop legend Michael Jackson escaped death during the terrorist attack in the US in 2001.

Jackson could have been one of the victims of the 9/11 attack in which almost 3,000 people were killed when terrorists crashed planes into the Twin Towers. The singer overslept that day and missed his appointment which was scheduled to take place in the Towers, reports mirror.co.uk.

“Thankfully, none of us had had a clue that Michael was due at a meeting that morning at the top of one of the Twin Towers,” the “Billie Jean” singer’s brother Jermaine Jackson wrote in his biography titled “You Are Not Alone: Michael: Through a Brother’s Eyes”.

It is also written in the biography that on the night of the attack, the King of Pop overslept after staying up late to talk to his mother Katherine.

“‘Mother, I’m okay, thanks to you,’ he told her. ‘You kept me up talking so late that I overslept and missed my appointment.'”

Despite surviving one of the world’s biggest terrorist attacks, Jackson died eight years later after suffering a cardiac arrest. He was 50.

IANS

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Michelle Obama makes surprise appearance at Grammy Awards

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MICHELLE OBAMA GRAMMY AWARD

Los Angeles, Feb 11: Former US First Lady Michelle Obama joined artistes Lady Gaga, Jada Pinkett Smith and Jennifer Lopez on the Grammy stage here to talk about the impact of music on her life.

After singer Alicia Keys, the host of the ceremony on February 10, welcomed the guests and spoke about the “shared global language” — music — she called Gaga, Smith, Lopez and Obama to join her on stage.

“From the Motown records I wore out on the South Side to the ‘who run the world’ songs that fuelled me through this last decade, music has always helped me tell my story,” Obama said to the audience that wildly cheered for her throughout her speech.

“Music helps us share ourselves. Our dignity and sorrows, our hopes and joys. It allows us to hear each other and to invite each other in. Music shows us that all of it matters.”

Prior to the strong speech, singer Camila Cabello’s opening performance made a political statement.

The “Havana” singer performed alongside Ricky Martin, Young Thug, J. Balvin, and Cuban-American jazz trumpeter Arturo Sandoval.

Balvin, a Colombian singer, held up a prop newspaper with the headline: “Build bridges, not walls”. He performed his famous “Mi Gente” song with Camila.

Here’s the complete list of GRAMMY winners:

IANS

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Trump expresses desire to meet Imran Khan: Pakistani Official

“There are no dates, as of now, for this meeting. A lot of preparation and homework is required before such high-level engagements are materialized,”

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Trump meet Imran Khan

Islamabad, Jan 25 (IANS) US President Donald Trump has expressed his desire to meet Pakistani Prime Minister Imran Khan, spokesperson of Pakistan’s foreign ministry said on Thursday.

Addressing the weekly briefing here, the spokesperson Mohammad Faisal said that during his recent visit to Pakistan, US Senator Lindsey Graham, discussed about Trump’s interest in meeting with Khan, however, date and venue have not been finalized yet.

“There are no dates, as of now, for this meeting. A lot of preparation and homework is required before such high-level engagements are materialized,” he said, Xinhua news agency reported.

He said that Senator Graham also met with the prime minster and foreign minister, which were useful in understanding each other’s perspective and reviewing the regional security situation. Matters of bilateral and regional interest, including Afghan situation were discussed.

Earlier in December, Trump wrote a letter to Khan, seeking Pakistan’s support and facilitation in negotiated settlement of the conflict in Afghanistan.

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