PNB To Adopt Gandhi-Giri To Recover Its Bad Debt

New Delhi: The staff of Punjab National Bank hopes to ‘name and shame’ such borrowers to recover up to Rs 150 crore worth bad loans every month under its nearly one-year-old ‘Mission Gandhigiri’ by sitting silently with placards outside offices and residences of defaulters.
The state-owned lender, which has been at the receiving end of the over Rs 13,000 crore fraud involving diamond merchants NiravModi and MehulChoksi, on Friday said it is intensifying the initiative, amid rising concerns over non-performing assets in the banking system.
Under ‘Mission Gandhigiri’, a recovery mechanism launched by PNB in May 2017, a team visits the borrower’s office or residence and sits there silently. Currently, there are 1,144 field staff members who are driving the mission.


19 Crore Adults Still Without Bank Account In India Despite Jan Dhan success

New Delhi: As per the World Bank report, India has 19 crore adults without a bank account despite the success of the ambitious Jan Dhan Yojana. This makes them the world’s second largest unbanked population after that of China.

Besides, almost half of the bank accounts remained inactive in the past year, the multilateral financial institution said in a report, even as it lauded the Indian government’s financial inclusion scheme, the Jan Dhan Yojana, for bringing in additional 31 crore Indians into formal banking system by March 2018.

It also said the country’s adult population with a bank account has more than doubled to 80% since 2011. The Jan Dhan Yojana was launched by the Modi government in 2014.


Number Of Domestic Flyers Highest Ever In March 2018

New Delhi: Aviation Industry is witnessing a surge as Indians are flying like never before. March 2018 saw 1.16 crore domestic flyers, the highest ever monthly figure for domestic air travel, and 28% more than the 90.5 lakh who did so in corresponding month last year. In fact, each month of the January-March quarter this year has seen over a crore domestic flyers with so far almost 3.4 crore people travelling within India by air.

The crore plus domestic traffic of March is the sixth month in a row that the same has been recorded. This January had witnessed one-crore-fifteen-lakh domestic flyers, which is now the second highest monthly figure. These records could have been shattered by a long margin but for a severe airport infra crunch in India’s big airports with places like Delhi and Mumbai struggling to accommodate even one new flight as they are operating at capacity.


Statute Panel to Look Into Allegations Against Kochhar Over A Loan To Videocon Group

New Delhi: This is the first time in the recent cases that banking sector will come under the review of a parliamentary panel as parliamentary standing committee on finance will discuss allegations of quid pro quo against ICICI chief ChandaKochhar over a loan to Videocon Group, and recent bank frauds when it starts a debate on bad loans in Indian banks on Tuesday.

Close on the heels of the fraud at Punjab National Bank, where jewellersNiravModi and MehulChoksi are alleged to have conspired with venal bank officers to defraud the bank of close to ₹12,000 crore, allegations have cropped up about ICICI bank’s loans to Videocon, and the possibility that these may be linked to Videocon chairman VenugopalDhoot’s transfer of his private investment in a company to its co-promoter, Deepak Kochhar, ChandaKochhar’s husband.


Adverse Impacts Of Demonetisation and GST Over For India: WB

New Delhi: The World Bank has said that Indian economy has recovered from the adverse impacts of demonetisation and Goods and Services Tax. The World Bank projected growth for India by 7.3% in 2018 and 7.5% in 2019.
Indian recovery will lift South Asia as a region and make it the world’s fastest growing again, possibly even widening the lead over East Asia and the Pacific, said the World Bank’s bi-annual South Asia Economic Focus report released on Sunday. It will drive South Asia growth to 6.9% in 2018 and 7.1% in 2019.
“South Asia had lost the lead as India decelerated for about five quarters, and now it is clear that India is bouncing back,” the Bank’s chief economist for South Asia Martin Rama said in an interview.