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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 ...
India’s bad debt pile eased by write-offs, underlying problem far from resolved

India’s bad debt pile eased by write-offs, underlying problem far from resolved

Finance
Indian banks wrote off more than $ 30 billion worth of bad debt in the year to June 30, helping to lower stressed loans on their books by 8.5%, according to central bank data reviewed by Reuters. The write-offs illustrate the urgent problem of bad loans as borrowers struggle to service, let alone pay-off, their debt in a stuttering economy. As of June 30, total stressed assets on the books of Indian banks were at $ 137.50 billion, down from $ 150.22 billion a year ago, according to central bank data reviewed by Reuters. A large part of this reduction reflected the write-off by banks of loans worth $ 30.64 billion in the last financial year, the data obtained by Reuters via a right to information filing showed. And in the period ending June 30 - the first quarter of the current financial ye...