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Depositors staying put is now key to India’s biggest bank rescue

Depositors staying put is now key to India’s biggest bank rescue

Finance
By Suvashree GhoshDepositors will judge this week whether India has staved off another threat to banking sector stability when curbs on withdrawals from a recently-seized private lender are lifted. Yes Bank Ltd. was taken over by the regulator earlier this month and has since had eight state-backed and other lenders pledge capital infusions in a one-of-a-kind rescue aimed at restoring confidence in what till recently was India’s fourth-biggest private bank. Results over the weekend showed how dire the situation had become. Yes Bank reported nearly a fifth of its loan book had turned bad and deposits shrank 34% in just over five months. Provisioning for soured debt eroded the bank’s core capital ratio to 0.6% in the three months ended December, well below a regulatory minimum. Bloomberg No
Prayers at fire-bombed mosques as India’s riot toll grows

Prayers at fire-bombed mosques as India’s riot toll grows

World
NEW DELHI -- Muslims in a northeastern neighborhood of India's capital returned for weekly prayers at fire-bombed mosques on Friday, two days after a 72-hour clash between Hindus and Muslims that left at least 40 dead and hundreds injured. Five days after they started, authorities have not said what sparked the riots — the worst communal violence in New Delhi in decades — hospitals were still trying to identify all the dead, and the toll continued to rise. "If they burn our mosques, we will rebuild them again and pray. It’s our religious right and nobody can stop us from practicing our religion,” said Mohammad Sulaiman, who was among about 180 men who prayed on the rooftop of a mosque that was set on fire in the unrest. Tensions between Hindu hard-liners and Muslims protesting Prime Minis
India’s gold loan market to touch Rs 4,617 billion by 2022

India’s gold loan market to touch Rs 4,617 billion by 2022

Finance
New Delhi: India's gold loan market is expected to reach Rs 4,617 billion by 2022 at a five-year compounded annual growth rate of 13.4 per cent, a KPMG report said. The 2018-19 fiscal year saw gold loan companies aggressively expanding their branch network across the northern and eastern states in the country, it said. "Moving forward, these companies are expected to focus on optimising their asset utilisation and leveraging their existing branch infrastructure to maximize the branch-level AUM and customer outreach," KPMG India said in the report 'Return of gold financiers in India's organised lending market'. The emergency of the online and digital models in the gold loan space by NBFCs and new-age fintech players that offer gold loans at the customers' doorstep have opened up an untapped...
India’s Modi defends protest-hit citizenship bill

India’s Modi defends protest-hit citizenship bill

World
Indian Prime Minister Narendra Modi has defended the government's new citizenship law, despite the major ongoing protests against it."We passed this bill to help the persecuted," he said at a rally in Delhi. "We need to respect India's MPs and its parliament".More than 20 people have died in ten days of clashes sparked by the bill, which critics see as anti-Muslim.Protesters have continued to take to the streets in spite of police bans.Several thousand people have also been detained and internet services have been suspended as the authorities battle to restore order. The bill offers amnesty to non-Muslim illegal immigrants from three neighbouring countries.Mr Modi defended the legislation at a rally in the capital at the start ...
India’s Tata Steel to slash 3,000 jobs in Europe – report

India’s Tata Steel to slash 3,000 jobs in Europe – report

Business
Tata Steel is planning to cut around 3,000 jobs in Europe, with over half in the Netherlands, a source has told Reuters. According to the agency, Tata said on Monday that the job cuts are necessary as it wrestles with excess supply and high costs. But the report said the company insisted there will be no plant closures.In a statement to Reuters, Tata Steel said that challenging market conditions had been "made worse by the use of Europe as a dumping ground for the world's excess capacity".The move comes 10 weeks after the steel giant announced plans to close two UK operations with the loss of 400 jobs, blaming a failure to sell off its loss-making Orb Electrical Steels business in Newport, South Wales. Advertisement ...