English हिन्दी
Connect with us

Latest business news

Banks’ exposure to Adani Group not very significant: RBI

The Indian banking system is too resilient and large to be impacted by a single case, the Reserve Bank of India (RBI) said on Wednesday, adding that the exposure of domestic banks to the Adani Group is “not very significant” and won’t have much of an impact.

Published

on

Reserve Bank of India

The Indian banking system is too resilient and large to be impacted by a single case, the Reserve Bank of India (RBI) said on Wednesday, adding that the exposure of domestic banks to the Adani Group is “not very significant” and won’t have much of an impact.

RBI Deputy Governor MK Jain, in response to a question on whether the central bank will issue any guidance to lenders on their exposures to the Adani group, given certain flags raised by rating agencies, said that domestic banks’ exposures are “not very significant” and termed the exposures against shares as “insignificant”.

MK Jain observed that domestic banks’ exposure is not based on market capitalization but is against the underlying assets, the operating cash flows and the projects under implementation.

RBI Governor Shaktikanta Das said that after reviewing their large exposure guidelines, which cap exposures to a single company or a group, are fully complied with by all the lenders, as per RBI’s internal assessments.

Das stressed that the strength, the size and the resilience of the Indian banking system now are much stronger and larger to be affected by an individual incident or a case like this.

Das clarified that a bank’s lending calls are not done on the market capitalisation of a company, but take into account the fundamentals of a company, the cash flows expected and other factors that come up in an appraisal process.

Read Also: Mehbooba Mufti detained during protest against Jammu and Kashmir anti-encroachment drive in Delhi | WATCH

The RBI chief assured that India’s banking system continues to be strong and stable.

Replying to a question if the RBI will ask banks to up the standard asset provisioning at the group, Shaktikanta Das said Indian banks are very prudent, and the individual bank management will take their own decisions on whether to set aside additional money.

Das pointed out that the loan appraisal process at banks has also undergone improvements over the last few years, and listed out the steps taken to improve the governance and resilience of banks.

These, he said, include guidelines on governance, audit committees, risk management committees and making it mandatory to appoint chief risk officers and chief compliance officers.

Adani Group has endured over $120 billion in market losses- nearly half of the conglomerate’s estimated value—since the damning report released by US short-seller Hindenburg Research last month.

Hindenburg Research published a report last month, accusing the Adani Group of indulging in improper use of offshore tax havens and stock manipulation while also raising concerns about high debt and the valuations of seven listed Adani companies.

Congress chief Mallikarjun Kharge questions PM Modi’s silence on spreading hatred in country, calls him mouni baba

Congress chief Mallikarjun Kharge questions PM Modi’s silence on spreading hatred in country, calls him mouni baba

India News

Pran Pratishtha: Money markets to open at 2.30 pm on Jan 22, says RBI

According to the notice, on January 22, the trading hours for the various markets regulated by the Reserve Bank of India have been extended in view of the half-day closing announced by the Government of India.

Published

on

The banker’s bank, Reserve Bank of India (RBI) on Friday, said money market will operate from 2:30 pm instead of 9 am on January 22 in view of the Ram Temple event in Ayodhya.

The order came after the announcement of a half-day holiday in all the Central government offices by the Centre on the Pran Pratishtha ceremony day.

According to the notice, on January 22, the trading hours for the various markets regulated by the Reserve Bank of India have been extended in view of the half-day closing announced by the Government of India.

The trading hours for the central bank-regulated markets will be from 2:30 pm to 5 pm on January 22, the notice released by the Reserve Bank of India (RBI) further said.

Following the Ram Mandir Pran Pratishtha occasion, which is scheduled to take place on January 22, the government of India on Thursday announced a half-day of work in all the government offices across the country.

The notice released by the Ministry of Personnel, Public Grievances and Pensions stated that the Ram Lala Pran Pratishtha at Ayodhya will be celebrated on January 22, 2024, across India. To enable employees to participate in the celebrations, it has been declared that all Central government offices, Central institutions and Central industrial establishments throughout India will be closed for half-day till 2:30 pm, the official notice read. 

Several personalities have been invited for the Pran Pratishtha including politicians, film celebrities, cricketers, and judges.

As many as 50 jurists, including former chief justices, judges and senior lawyers have been invited to the Ram Temple Pran Pratishtha ceremony in Uttar Pradesh’s Ayodhya.

The list also included the names of Solicitor General Tushar Mehta and former Attorney General KK Venugopal.

The preparation is in full swing before the Pran Pratishtha ceremony in Ayodhya. The chief guest of the Pran Pratishtha event, Prime Minister Narendra Modi, will inaugurate the Ram temple on January 22. 

Continue Reading

Latest business news

Adani Group to invest over Rs 12,400 crore in Telangana

Adani Enterprises Limited (AEL) to invest over Rs 5,000 crore in a 100-mw data centre campus, which will be powered by renewable energy, in the coming 5-7 years.

Published

on

The Adani Group has announced investments of over Rs 12,400 crore in Telangana across various sectors. The announcement came after Adani Group Chairman, Gautam Adani and Telangana Chief Minister A Revanth Reddy held a meeting at the World Economic Forum in Davos.

The Adanis have signed four agreements with the state government to collaborate for development in different sectors in the state.  

Adani Enterprises Limited (AEL) to invest over Rs 5,000 crore in a 100-mw data centre campus, which will be powered by renewable energy, in the coming 5-7 years.

According to the Adani Group statement released on January 17, AEL will work with micro, small and medium enterprises and new players in the market to develop an internationally competent supplier base for the project.

The statement further added saying this will generate jobs for 600 people, directly and indirectly.

To set up two pump storage projects (PSPs)-850MW at Koyabestagudem and 500 MW PSPs at Nacharam, Adani Green Energy Limited (AGEL) will invest over Rs 5,000 crore.

Ambuja Cement will invest Rs 1,400 crore to set up a 6 MTPA cement plant. According to reports, the unit would be set up across 70 acres and would significantly enhance Ambuja’s capability. The reports further suggest that the investment will give employment opportunities to over 4,000 people.

In a span of 10 years, the Adani Defence System and Technologies Limited will invest over Rs 1,000 crore, to set up a comprehensive ecosystem for the research, development, design manufacturing and integration of counter-drone and missiles systems at the Adani Aerospace Park in Telangana.

Such projects would enhance the defence capability of India and create huge employment to over 1,000 people.

The Chief Minister of Telangana has assured the Adani Group of the state’s commitment to provide the necessary amenities, infrastructure, and support for the successful execution of their projects.

In response to this development, Adani expressed optimism about the investor-friendly environment in Telangana and applauded the new government’s policies. He affirmed the Adani Group’s commitment to rapid growth in the state.

Continue Reading

India News

Vibrant Gujarat Global Summit 2024: Mukesh Ambani says Narendra Modi is India’s most successful Prime Minister, greatest global leader

The Reliance Ceo said PM Modi has laid a solid foundation for Viksit Bharat – India as a fully developed nation in Amrit Kaal. He said no power on earth can stop India from becoming a $35 trillion economy by 2047 (from under $3trillion dollars now). He said Gujarat alone will become a $3 trillion economy.

Published

on

Mukesh Ambani on Wednesday said Narendra Modi is India’s most successful Prime Minister and the greatest global leader of current generation. He flaunted his group Reliance Industries’ Gujarati heritage and is over $150 billion (Rs 12 lakh) investment in last 10 years.

Ambani said Vibrant Gujarat global Summit which was conceived when Modi was chief minister of the state 20 years back as the most prestigious investor summit in the world. He added our beloved leader who has emerged as the greatest global leader of our times. And he is Narendrabhai Modi, the most successful Prime Minister in India’s history.

Ambani stated when Modi speaks, the world not only listens but applauds. He said his friends in foreign countries ask him what is the meaning of the slogan that millions are chanting Modi hai toh mumkin hai? Ambani said it means India’s prime Minister makes the impossible possible with his vision, determination and execution!

He said he was a proud Gujarati and added Reliance was, is and will remain a Gujarati company. Ambani said when foreigners think of new India, they think of new Gujarat. He said this transformation had taken place because of one leader: Shri Narendrabhai Modiji. He said the coming generations will be thankful to Prime Minister Narendra Modi for being both a nationalist and an internationalist.

The Reliance Ceo said PM Modi has laid a solid foundation for Viksit Bharat – India as a fully developed nation in Amrit Kaal. He said no power on earth can stop India from becoming a $35 trillion economy by 2047 (from under $3trillion dollars now). He said Gujarat alone will become a $3 trillion economy. He said as chief minister of Gujarat, Modi used to say Bharat ke Vikas ke liye Gujarat Ka Vikas. Ambani said now as Prime Minister of India, his mission is – Duniya Ke Vikas ke liye Bharat ka Vikas  

Continue Reading

Trending

-->

© Copyright 2022 APNLIVE.com