Stan AF Posted June 7, 2019 Posted June 7, 2019 (edited) RBI says bank fraud touches unprecedented ₹71,500 crore in 2018-19 2 min read . Updated: 03 Jun 2019, 02:47 PM IST PTI The data assumes significance as banks are grappling with high-profile fraud cases involving Nirav Modi and Vijay Mallya among others A total of 5,916 such cases were reported by banks in 2017-18 involving ₹41,167.03 crore, RBI said Topics RBIBank Fraud New Delhi: Over 6,800 cases of bank fraud involving an unprecedented ₹71,500 crore have been reported in 2018-19, the Reserve Bank of India has said. A total of 5,916 such cases were reported by banks in 2017-18 involving ₹41,167.03 crore, it said. As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of ₹71,542.93 crore in the last fiscal (increase of over 73 per cent in the fraud amount), the Reserve Bank of India (RBI) said in reply to an RTI query filed by this PTI journalist. In the last 11 fiscal years, a total of 53,334 cases of fraud were reported by banks involving a massive amount of ₹2.05 lakh crore, the central bank's data said. During 2008-09, a total of 4,372 cases were reported involving an amount of ₹1,860.09 crore. In 2009-10, ₹1,998.94 crore worth fraud was reported in 4,669 cases. A total of 4,534 and 4,093 such cases were reported in 2010-11 and 2011-12 involving ₹3,815.76 crore and ₹4,501.15 crore, respectively. In the 2012-13 fiscal, 4,235 fraud cases involving ₹8,590.86 crore were reported by banks as against 4,306 cases (involving ₹10,170.81 crore) in 2013-14 and 4,639 cases (involving ₹19,455.07 crore) in 2014-15, the RBI said. As many as 4,693 and 5,076 cases of fraud were reported in 2015-16 and 2016-17 involving ₹18,698.82 crore and ₹23,933.85 crore, respectively, it said. "Cases of fraud reported to RBI are required to be filed by banks as criminal complaints with law enforcement agencies. The information in respect of action being taken or already taken is not available readily," the central bank said. The data assumes significance as banks are grappling with high-profile fraud cases involving absconding billionaire Nirav Modi and liquor baron Vijay Mallya among others. The large-scale fraud had prompted anti-corruption watchdog Central Vigilance Commission (CVC) to do an analysis and it came out with a report on top 100 frauds. The analysis focussed on the modus operandi, amount involved, type of lending (consortium or individual), anomalies observed, loopholes that facilitated perpetration of the fraud concerned and the systemic improvement required to plug the gaps in the system and procedures. The frauds were classified and analysed for 13 sectors, including gem and jewellery, manufacturing and industry, agriculture, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort. The measures suggested by the CVC included strengthening standard operating procedures (SOPs) and the monitoring system, among others. The CBI in 2018 booked top officials of two public sector banks, a former CMD of IDBI Bank, former Aircel promoter C Sivasankaran, his son and companies controlled by him in connection with a ₹600-crore loan fraud in the IDBI. The investigative agency named 15 bank officials who worked at senior levels at the IDBI in 2010 and 2014 when loans were sanctioned to companies controlled by Sivasankaran, in its FIR registered on a complaint from the CVC. Managing Director and CEO of Indian Bank, Kishor Kharat (who was then MD and CEO of IDBI Bank) and his counterpart in Syndicate Bank, Melwyn Rego (then deputy managing director in IDBI Bank) along with then Chairman-cum-Managing Director of IDBI Bank M S Raghavan, have been named in the latest FIR filed by the CBI. Central agencies like the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are also probing big-ticket bank fraud cases. https://www.livemint.com/industry/banking/rbi-says-bank-fraud-touches-unprecedented-rs-71-500-crore-in-2018-19-1559552056883.html Edited June 7, 2019 by Stan AF
Stan AF Posted June 7, 2019 Posted June 7, 2019 Unemployment in India highest among urban youth, says government data PRERNA SINDWANIJUN 3, 2019, 14:44 IST The Ministry of Statistics and Program Implementation has released employment data, projecting the unemployment rate at 6.1% in 2017-18. Joblessness among the educated urban workforce was higher that the uneducated among men and women. Unemployment rate among young urban jobseekers has been on the rise for three quarters now — which stood at 23.7% in the December quarter of 2018. As the Modi government enters its second term, unemployment remains the biggest challenge in India. The latest employment survey has highlighted worrying trends in the job market. The Periodic Labour Force Survey (PLFS) put out by the National Statistic Office(NSO) has shown that the unemployment rate among young urban jobseekers has been on the rise for three quarters now — which stood at 23.7% in the December quarter of 2018. According to the figures released by the Ministry of Statistics and Program Implementation (MoSPD), the unemployment rate in India hit 6.1% — proving the disputed NSSO survey to be statistically correct. On an average, Indian students spend nearly 11 years in formal education. However, the report noted that the country projected higher unemployment rate as the education level increases. While unemployment stood at 2.1% among the illiterate urban men, nearly 9.2% of the men with secondary education were unemployed, the report added. Moving to the female unemployment rate, the unemployment among the educated women — secondary or higher education — hit 20% in 2017-18. Overall, the unemployment among urban men stood at 7.8%, while the joblessness was recorded as 5.7% among women. The official release of the report has reopened the debate on India’s job crisis. The National Sample Survey Office(NSSO) job survey for 2017-18 revealed that the unemployment rate in India is on a 45-year high. The Finance Ministry released an official statement that said "There can be nothing farther away from the truth than saying that unemployment in India is at a 45 year low," India Today reported. https://www.businessinsider.in/unemployment-in-india-highest-among-urban-youth-says-government-data/articleshow/69631185.cms
G_B_ Posted June 7, 2019 Posted June 7, 2019 an industrial centre like Coimbatore will realise the futility of voting for CPM. They will bring nothing to the city. I can understand voting for the DMK. But seriously CPM a party which does not favour industry? Already there are rumours the chancellor of SRM university Pachamuthu is looking to mend fences with the BJP. A lot of these DMK MP's have major business interests. mishra and velu 1 1
Revolution Posted June 10, 2019 Posted June 10, 2019 Supported modi during 2014 elections. There is no difference between bjp and Congress. Both looted the country. Bjp looting without proof. Very disappointed with modi schemes and reforms. Would rate Man Mohan Singh has best PM in implementing Of reforms. Bjp work on in social media, buying media. Stan AF 1
Stan AF Posted June 11, 2019 Posted June 11, 2019 (edited) Maruti, Tata, Honda, Mahindra shut down production – Cars worth Rs 35k cr lying unsold Liquidity crunch, slow job growth and weak buyer sentiment has had an adverse effect on passenger vehicle sales over the past 7 months. By Pearl Daniels On Jun 10, 2019 Automakers in India are in the throes of deep despair. Two and four wheeler automakers are being faced with rising stocks and rising inventories due to a weak market sentiment which has been extending over the past 7 months. As per the latest census, at the start of June 2019, there are around half a million passenger vehicles worth $ 5 billion (Rs.35,000 crores) lying unsold in company dealerships. In the two wheeler segment, this figure stands at 3 million units valued at $2.5 billion (Rs.17,000 crores). To counter these rising stocks, both four and two wheeler makers in India had decided to shut plants for extended periods. These shut downs started in the month of May itself with Maruti Suzuki, Mahindra and Tata Motors suspending production in the past month. Image – Economic Times Maruti Suzuki plans a second round of shutdown from June 23-30 while Mahindra stated that its manufacturing unit, Mahindra Vehicle Manufacturers will have no production days from 5-13 days in the first quarter of 2019-20. The Tata Motors’ Sanand plant was shut from May 27 to June 3 while the production unit of Honda Cars India was shut down from June 5-8. Renault Nissan and Skoda Auto also plan another round of shut down from 4-10 days during June 2019 for scheduled maintenance. This shutdown will reduce industry output by 20-25 percent during the May-June period which will put less pressure on company stockyards and dealerships. The dealers have to contend with rising inventory as much as 50 percent over normal while they also have to pay GST on unsold stocks putting them under severe financial constraint. Maruti Suzuki, the country’s largest automaker has the capacity to manufacture 15.5 lakh units at its two facilities in Gurgaon and Manesar. The company is dealing with inventory of around 50,000 vehicles as compared to an average of 25,000-30,000 cars. Hyundai Motors on the other hand has managed to show off better results, buoyed by the recently launched Venue. Though the company’s domestic volumes dipped by 5.6 percent to 42,502 units in may 2019 as against 45,008 units sold in May 2018, the company made up in exports with volumes as high as 50.8 percent shipping 16,600 units in May 2019 as against 11,008 units in May 2019. https://www.rushlane.com/new-mahindra-thar-automatic-roxor-12313074.html Edited June 11, 2019 by Stan AF Straight Drive 1
Stan AF Posted June 11, 2019 Posted June 11, 2019 Same news ; Different source https://economictimes.indiatimes.com/industry/auto/auto-news/auto-companies-slam-brakes-on-production/articleshow/69718548.cms
Stan AF Posted June 11, 2019 Posted June 11, 2019 India’s GDP growth: New evidence for fresh beginnings Methodological changes have led to overestimating GDP growth by 2.5 percentage points per year between 2011-12 and 2016-17. Actual growth is around 4.5 per cent.
Stan AF Posted June 11, 2019 Posted June 11, 2019 (edited) My results indicate that methodological changes led to GDP growth being overstated by about 2.5 percentage points per year between 2011-12 and 2016-17, a period that spans both UPA and NDA governments. Official estimates place average annual growth for this period at about 7 per cent. Actual growth may have been about 4.5 per cent, with a 95 per cent confidence interval of 3.5 to 5.5 per cent. A few important clarifications. Much of the recent commentary has portrayed these changes as political, since they were announced late in 2014 after the NDA-2 government came into power, and because there have been other, more recent GDP controversies, such as the back-casting exercise, and puzzling upward revisions for the most recent years. But the methodological changes, which did not originate from the politicians, must be distinguished from these recent controversies. The substantive work was done by technocrats, and largely under the UPA-2 government. Moreover, the effort was desirable, both to expand the data for GDP estimation and to move to a methodology more suited for a technologically advancing, dynamic economy. The non-politicised nature of the changes can be seen from the fact that the new estimates bumped up growth for 2013-14, the last year of the UPA-2 government. The research paper provides a variety of evidence on mis-estimation, but here I discuss two strands. First, I compile 17 key indicators for the period 2001-02 to 2017-18 that are typically correlated with GDP growth: Electricity consumption, two-wheeler sales, commercial vehicle sales, tractor sales, airline passenger traffic, foreign tourist arrivals, railway freight traffic, index of industrial production (IIP), IIP (manufacturing), IIP (consumer goods), petroleum, cement, steel, overall real credit, real credit to industry, and exports and imports of goods and services. These indicators are also chosen because they are mostly produced independently of the CSO. https://indianexpress.com/article/opinion/columns/indias-gdp-growth-new-evidence-for-fresh-beginnings-5774138/ Edited June 11, 2019 by Stan AF Stuge 1
Stan AF Posted June 11, 2019 Posted June 11, 2019 Always knew that we cannot trust any government to release true data. Be it UPA or NDA. This should be more or less closer to the truth with respect to GDP/Jobs data and the overall slowdown.
rkt.india Posted June 11, 2019 Posted June 11, 2019 (edited) 1 hour ago, Stan AF said: Maruti, Tata, Honda, Mahindra shut down production – Cars worth Rs 35k cr lying unsold Liquidity crunch, slow job growth and weak buyer sentiment has had an adverse effect on passenger vehicle sales over the past 7 months. By Pearl Daniels On Jun 10, 2019 Automakers in India are in the throes of deep despair. Two and four wheeler automakers are being faced with rising stocks and rising inventories due to a weak market sentiment which has been extending over the past 7 months. As per the latest census, at the start of June 2019, there are around half a million passenger vehicles worth $ 5 billion (Rs.35,000 crores) lying unsold in company dealerships. In the two wheeler segment, this figure stands at 3 million units valued at $2.5 billion (Rs.17,000 crores). To counter these rising stocks, both four and two wheeler makers in India had decided to shut plants for extended periods. These shut downs started in the month of May itself with Maruti Suzuki, Mahindra and Tata Motors suspending production in the past month. Image – Economic Times Maruti Suzuki plans a second round of shutdown from June 23-30 while Mahindra stated that its manufacturing unit, Mahindra Vehicle Manufacturers will have no production days from 5-13 days in the first quarter of 2019-20. The Tata Motors’ Sanand plant was shut from May 27 to June 3 while the production unit of Honda Cars India was shut down from June 5-8. Renault Nissan and Skoda Auto also plan another round of shut down from 4-10 days during June 2019 for scheduled maintenance. This shutdown will reduce industry output by 20-25 percent during the May-June period which will put less pressure on company stockyards and dealerships. The dealers have to contend with rising inventory as much as 50 percent over normal while they also have to pay GST on unsold stocks putting them under severe financial constraint. Maruti Suzuki, the country’s largest automaker has the capacity to manufacture 15.5 lakh units at its two facilities in Gurgaon and Manesar. The company is dealing with inventory of around 50,000 vehicles as compared to an average of 25,000-30,000 cars. Hyundai Motors on the other hand has managed to show off better results, buoyed by the recently launched Venue. Though the company’s domestic volumes dipped by 5.6 percent to 42,502 units in may 2019 as against 45,008 units sold in May 2018, the company made up in exports with volumes as high as 50.8 percent shipping 16,600 units in May 2019 as against 11,008 units in May 2019. https://www.rushlane.com/new-mahindra-thar-automatic-roxor-12313074.html Good that people are not buying cars. Already far too many vehicles in India. It is a good sign. Edited June 11, 2019 by rkt.india
velu Posted June 11, 2019 Posted June 11, 2019 2 hours ago, rkt.india said: Good that people are not buying cars. Already far too many vehicles in India. It is a good sign. nah .. we have way too less cars/vehicles but our infrastructure/roads are pathetic
velu Posted June 11, 2019 Posted June 11, 2019 On 6/7/2019 at 3:05 PM, G_B_ said: an industrial centre like Coimbatore will realise the futility of voting for CPM. They will bring nothing to the city. I can understand voting for the DMK. But seriously CPM a party which does not favour industry? Already there are rumours the chancellor of SRM university Pachamuthu is looking to mend fences with the BJP. A lot of these DMK MP's have major business interests. BJP shot its own foot by the way of demonetization .. Stan AF 1
Stan AF Posted June 11, 2019 Posted June 11, 2019 (edited) On 6/1/2019 at 8:35 PM, velu said: i think if congress pitched development and demonitization gotcha , they might have won few more seats in the north .. but congee think tank decided to take bjp in their own game aka nationalism Congress after losing the election be like Olenna Tyrell looking at the economy, Let bjp handle this mess. Edited June 11, 2019 by Stan AF velu 1
rkt.india Posted June 11, 2019 Posted June 11, 2019 (edited) 2 hours ago, velu said: nah .. we have way too less cars/vehicles but our infrastructure/roads are pathetic 21 crore vehicles is less? https://community.data.gov.in/registered-motor-vehicles-in-india-as-on-31-03-2015/ Edited June 11, 2019 by rkt.india
velu Posted June 11, 2019 Posted June 11, 2019 36 minutes ago, rkt.india said: 21 crore vehicles is less? https://community.data.gov.in/registered-motor-vehicles-in-india-as-on-31-03-2015/ What percent of India owns car and compare it to the west ..
Straight Drive Posted June 11, 2019 Posted June 11, 2019 10 hours ago, Stan AF said: Maruti, Tata, Honda, Mahindra shut down production – Cars worth Rs 35k cr lying unsold Liquidity crunch, slow job growth and weak buyer sentiment has had an adverse effect on passenger vehicle sales over the past 7 months. By Pearl Daniels On Jun 10, 2019 Automakers in India are in the throes of deep despair. Two and four wheeler automakers are being faced with rising stocks and rising inventories due to a weak market sentiment which has been extending over the past 7 months. As per the latest census, at the start of June 2019, there are around half a million passenger vehicles worth $ 5 billion (Rs.35,000 crores) lying unsold in company dealerships. In the two wheeler segment, this figure stands at 3 million units valued at $2.5 billion (Rs.17,000 crores). To counter these rising stocks, both four and two wheeler makers in India had decided to shut plants for extended periods. These shut downs started in the month of May itself with Maruti Suzuki, Mahindra and Tata Motors suspending production in the past month. Image – Economic Times Maruti Suzuki plans a second round of shutdown from June 23-30 while Mahindra stated that its manufacturing unit, Mahindra Vehicle Manufacturers will have no production days from 5-13 days in the first quarter of 2019-20. The Tata Motors’ Sanand plant was shut from May 27 to June 3 while the production unit of Honda Cars India was shut down from June 5-8. Renault Nissan and Skoda Auto also plan another round of shut down from 4-10 days during June 2019 for scheduled maintenance. This shutdown will reduce industry output by 20-25 percent during the May-June period which will put less pressure on company stockyards and dealerships. The dealers have to contend with rising inventory as much as 50 percent over normal while they also have to pay GST on unsold stocks putting them under severe financial constraint. Maruti Suzuki, the country’s largest automaker has the capacity to manufacture 15.5 lakh units at its two facilities in Gurgaon and Manesar. The company is dealing with inventory of around 50,000 vehicles as compared to an average of 25,000-30,000 cars. Hyundai Motors on the other hand has managed to show off better results, buoyed by the recently launched Venue. Though the company’s domestic volumes dipped by 5.6 percent to 42,502 units in may 2019 as against 45,008 units sold in May 2018, the company made up in exports with volumes as high as 50.8 percent shipping 16,600 units in May 2019 as against 11,008 units in May 2019. https://www.rushlane.com/new-mahindra-thar-automatic-roxor-12313074.html Not good signs. Most of the companies are struggling having posted single digit profit margins across all sectors. To add to woes of auto segment, the Bharat stage 6 (BS 6) implementation will have a temporary impact on the auto makers. Once the incorporation of BS 6 is fully implemented with technological and plant changes by 2021, the auto segment will stabilize. Hero group is the first group to get BS 6 certification recently for motor cycles. Car makers will take some time to get the certification once models are ready for review by the Authorizing agency. The electric vehicles plan will also create some volatility. Now there are some power companies who have already started charging stations for electric vehicles.
Straight Drive Posted June 11, 2019 Posted June 11, 2019 (edited) The basics of our economy is that we are a very rural centric country. The rural people are about 60+ percent. 60 percent of Indian population is dependent on agriculture. Monsoon will be crucial this year. If agriculture does well then consumption will improve due to increase in purchasing power. Otherwise the slowdown will be more on insufficient monsoon. Imo monsoon as always will be a key driver for the economy this year as well. Niti Aayogs performance is also important. The policies and reforms have to be well decided and successfully implemented without corruption. MSP policy was announced before elections this year. More favorable factors are required to drive the growth if the monsoon is good. Edited June 12, 2019 by Straight Drive
Stan AF Posted June 24, 2019 Posted June 24, 2019 India's economy big worry for Modi, needs stimulus: Ficci 2 min read . Updated: 27 May 2019, 06:45 PM IST Reuters Bigger worry is that domestic consumption is not growing fast enough to offset a weakening global economic environment, says the trady body Ficci said new government should cut corporate and individual taxes, expand a programme of handing ₹6,000 a year to poor farmers to boost consumption demand New Delhi: India's slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy, a top industrial body said on Monday ahead of the inauguration of Prime Minister Narendra Modi's second term. The economy grew 6.6% in the three months to December - the slowest pace in five quarters - and the Federation of Indian Chambers of Commerce & Industry (Ficci) said the bigger worry was that domestic consumption was not growing fast enough to offset a weakening global economic environment. "The recent signs of slowdown in the economy stem not only from slow growth in investments and subdued exports but also from weakening growth in consumption demand," Ficci said in a statement suggesting various measures the government could adopt in the next budget expected in a month. "This is a matter of serious concern and if not addressed urgently, the repercussions would be long term." Modi - who won a thumping majority in the general election despite the agricultural sector's economic woes, a shortage of jobs and the stuttering economy - takes oath of office on Thursday and will need a finance minister who can help navigate through the challenges facing the economy. Some of the issues are slowing industrial output and manufacturing growth, slumping car and two-wheeler sales, and a drop in airline passenger traffic. Ficci said the new government should cut corporate and individual taxes, expand a programme of handing ₹6,000 ($86) a year to poor farmers to boost consumption demand and consider tax concessions for export-oriented manufacturers. The Confederation of Indian Industry, another industry body, said it was crucial to reduce the income tax burden and expand the scope of investment allowance to all sectors, while higher incentives should be given to exporters. The Ficci also called for an interest rate cut from the Reserve Bank of India (RBI), as real interest rates have remained high for a long time with commercial banks reluctant to pass on the benefits of recent cuts. When Modi took power for the first time in 2014, global oil prices slumped. But as he gets set for a second term, rising oil prices could push the current account deficit higher. The body also said the trade war between the United States and China could further slow down global trade and hurt India's already sluggish exports. "Amidst rising uncertainties and economic challenges on both the domestic and global front, there is an urgent need to re-energise the engines of growth and pump prime the economy," Ficci said. "The upcoming budget...is an opportunity for the government to boost consumption and investments through appropriate fiscal stimulus and policies." Government bureaucrats have started consultations with industry bodies, such as the Ficci, before the budget. https://www.livemint.com/news/india/india-s-economy-big-worry-for-modi-needs-stimulus-ficci-1558962598219.html
Stan AF Posted June 24, 2019 Posted June 24, 2019 Viral Acharya quits as RBI Deputy Governor six months before end of his term NEW DELHI:, June 24, 2019 10:26 IST Updated: June 24, 2019 10:31 IST Reserve Bank of India Deputy Governor Viral Acharya | Photo Credit: Reuters more-in Reserve Bank of India His move comes a little more than six months after the resignation of Urjit Patel as the bank’s Governor Reserve Bank of India Deputy Governor Viral Acharya has resigned from his position six months before the end of his term, according to sources in the central bank. Mr. Acharya, who was in charge of the monetary policy department of the RBI, reportedly resigned due to “personal reasons”. His departure is significant as it comes just a little more than six months after the resignation of Urjit Patel from the post of RBI Governor. It is also perhaps significant that Mr. Patel resigned shortly before the Bimal Jalan committee is to submit its report on whether RBI reserves could be transferred to the Centre or not. Mr. Acharya had in October last year created a controversy by strongly alluding to the encroachment on autonomy of the central bank by the government. One of the tension points he highlighted was the treatment of the RBI reserves. The RBI now has three Deputy Governors left — N.S. Vishwanathan, B.P. Kanungo and M.K. Jain. https://www.thehindu.com/news/national/viral-acharya-quits-as-rbi-deputy-governor-six-months-before-term-ends/article28123070.ece
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